National CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
German Investor Takes Down Manhattan Tower for $333M
Atlanta-based Columbia Property Trust, Inc. divested 222 East 41st Street in Midtown Manhattan to Commerz Real, real assets investment manager of German Commerzbank, for a gross sales price of $332.5 million. The 390,000-square-foot Midtown East tower had been essentially fully occupied by one tenant since 2007, in a lease that was set to expire in 2016.
Columbia secured a 30-year lease with NYU Langone Medical Center for t
he entire building, with almost no downtime in occupancy. Originally constructed in 2001, the 25-story office tower has been converted by NYU Langone over the past two years into a multispecialty ambulatory care facility that began accepting patients last month.
CBRE’s Capital Markets team, including Darcy Stacom and Bill Shanahan, represented Columbia in the marketing effort and transaction.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition

