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NYRT Divests Trio of NY Buildings for $514M

New York REIT, Inc. (NYRT) sold three properties in New York’s Silicon Alley to Columbia Property Trust for $514.1 million. The move is part of NYRT’s portfolio liquidation, and includes the Twitter Building at 245-249 West 17th St. (pictured above on right), as well as the Red Bull building at 218 West 18th St (on left).

Columbia’s Nelson Mills says, “Our acquisition of these prime Midtown South buildings allows us to expand within New York, where we already held the largest concentration in our portfolio (2.6 million square feet), and will further establish Columbia as a significant player in Manhattan’s most dynamic office district.”

The 281,294-square-foot 17th street asset (12-story and six-story buildings), in Chelsea’s Midtown South Manhattan submarket, underwent a $60-million renovation and is currently 99% leased to three tenants: Twitter, Room & Board and Flywheel. While the 165,670-square-foot 18th street property (12 stories) is home to credit tenants Red Bull and Microsoft.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Sale/Acquisition
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