Columbia Property Trust and Normandy Real Estate Partners have signed an agreement to form a joint venture (JV) to develop a $300m 799 Broadway boutique office building in Manhattan, New York, US.
In the ground-up project, which is slated for completion in the second half of 2020, Columbia will own a 50% stake.
Designed by Perkins+Will, the new 12-storey, loft-style 799 Broadway building will be located at the convergence of Union Square and Greenwich Village featuring 182,000ft² of boutique office space.
Floor plates of the building will range from 3,600ft² to 22,000ft².
799 Broadway will also feature floor-to-ceiling glass, private terraces and 15ft-high ceilings.
Columbia Property Trust CEO Nelson Mills said: “We are seeking selective development opportunities in our target markets to provide value and growth to our high-quality, well-leased portfolio.
“Combined with Columbia’s repositioning and leasing track record in Midtown South, we believe this is a perfect partnership to develop 799 Broadway into a best-in-class office destination.”
Upon completion, the new office building is set to complement Columbia’s growing portfolio of differentiated assets in Midtown South.
It would be characterised by smaller floor plates, distinctive architecture, in addition to modern finishes and amenities.
Normandy Real Estate Partners founder and partner Jeffrey Gronning said: “We look forward to working with Columbia to jointly develop a Class A, loft-style, creative building in this ideal location.
“With its high-end amenities and features, this unique building will be ideally suited for tenants seeking a creative and collaborative environment and should benefit from the limited supply of newly developed properties in this highly desirable neighbourhood.”