The firm will partner with Columbia Property Trust on an office and retail redevelopment
Normandy Real Estate Partners and Columbia Property Trust have entered into contract to acquire 250 Church Street from Norvin Properties for $205 million. The Tribeca office building spans 237,422 square feet of rentable space.
Worth Noting: The property is leased to the city’s Human Resources Administration who will vacate the building by August 2019, according to the CO. With 200 feet of frontage on Church, 76 feet on Leonard, and 60 feet along Franklin, the future retail component will be significant.
Be Smart: Rents for Class A office buildings in the area averaged $140 per foot in the past year. With solid floor plates and excellent light and air, expect an office redevelopment.