David Welsh and Finn Wentworth (Credit: Normandy Real Estate Partners)
Columbia Property Trust has acquired Normandy Real Estate Partners in a cash and stock transaction with a total value of approximately $100 million. The deal consists of $13.5 million in cash and $86.5 million in preferred stock, according to a company press release.
Worth Noting: The deal includes Normandy’s operating platform, its interest in several funds, and the equity stakes in its portfolio of properties in New York, D.C., and Boston.
Good partnerships lead to bigger deals: Columbia and Normandy have previously collaborated, and are joint partners in a $300 million redevelopment of 799 Broadway in Midtown South, and the $205 million acquisition of 250 Church Street in Tribeca. Prior to the acquisition, Columbia had a portfolio of 8.2 million SF, concentrated in San Francisco, D.C. and New York.