Columbia REIT Makes Deal for Normandy Platform

Columbia Property Trust has signed a definitive agreement to acquire owner-developer Normandy Real Estate Management. Columbia will acquire Normandy’s operating platform and its general partner interests in three active management funds in a cash-and-stock transaction valued at approximately $100 million.

Founded in 2002, Normandy has acquired or developed more than 30 million square feet of office space across New York, New Jersey, Boston, and Washington, D.C.

The firm has also completed many value-adding repositioning projects. Current projects in Manhattan include the Terminal Warehouse, a 1.2–million‑square‑foot, brick-and-beam property in the West Chelsea Historic District; and 888 Broadway in the Flatiron District. It has also partnered with Columbia in Manhattan.

“By joining forces, we will be able to provide fully-integrated construction, development, leasing and property management services, as well as a complementary fund management platform to augment our core portfolio operations,” said Columbia CEO Nelson Mills.

Pictured: Terminal Warehouse.

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