Columbia, Normandy Form JV on Midtown South Development
Columbia Property Trust and Normandy Real Estate Partners have entered a 50/50 joint venture to develop 799 Broadway in Midtown South. The $300-million boutique office property is scheduled for completion in the second half of 2020.
Designed by Perkins+Will, the loft-style property will offer floorplates ranging from 3,600 to 22,000 square feet over 12 floors. It will complement Columbia’s other Midtown South assets.
Columbia CEO Nelson Mills noted that Normandy brings “deep development expertise and success in Manhattan and elsewhere” to the JV. “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.”
Normandy’s Jeffrey Gronning said that with “high-end amenities and features,” 799 Broadway “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 neighborhood.”
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