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Columbia Property Trust Sells Tribeca Vacant Building for $100M
TPG, Cannon Hill, and Skylight have acquired 101 Franklin Street in Tribeca from Columbia Property Trust for $100 million, according to an industry source familiar with the transaction.
The 205,000-square-foot vacant building will undergo an office-to-residential conversion. The property, without commercial leases, offers redevelopment opportunities. Situated on a through-block lot along Church Street, it offers over 13,600 square feet of lot area zoned for commercial, hotel, and residential use.
The 17-story building with entirely demolished interiors promises new ownership a shovel-ready project with three sides of uninterrupted light and air for the first 90 feet and four sides thereafter. Adam Spies, Adam Doneger, Douglas Harmon, Marcella Fasulo, Josh King, and Michael Collins of Newmark brokered the sale, the source said.
- ◦Sale/Acquisition
