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.