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CXP, Normandy Will Reposition 250 Church for Tribeca Office Market
Columbia Property Trust (CXP) and Normandy Real Estate Partners LLC have agreed to purchase 250 Church St., a 235,000-square-foot, 16-story office building in Tribeca, for an undisclosed sum. Its sole occupant for the past 30 years has been municipal government, which plans to fully vacate the property this summer.
At that time, CXP and Normandy—which recently partnered on 799 Broadway in Midtown South—will launch a complete repositioning of the property. Tribeca has seen considerably less office development and redevelopment than comparable Midtown South and Downtown submarkets.
This lack of new product creates “limited supply for employers who want to be in this highly- desirable area of Manhattan,” said Normandy’s Gavin Evans. “Columbia has been a wonderful partner and we’re excited to team up again and deliver a truly unique asset to market.”
250 Church will be CXP’s eighth Manhattan office property when the acquisition closes later this year.
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