Columbia Property Trust secures $270 million loan at 799 Broadway
With construction complete and major tenants on board, Columbia Property Trust has refinanced its landmark office building in Greenwich Village.
The owner secured a $270 million refinance of the 12-story property at 799 Broadway, the Commercial Observer reported. Blackstone Mortgage Trust provided the financing, which was arranged by Eastdil Secured.
Columbia completed construction of the 182,000 square foot building in April. The property is already 70% leased – Columbia has found occupants for nine of the building’s floors.
The largest tenant signed last month. Boston-based investment management firm Wellington Management has leased 71,000 square feet over four floors, occupying 40% of the building. Wellington agreed to a 16.5-year lease with the complex, which sits on the corner of East 11th Street and Broadway where Union Square, Greenwich Village and East Village meet.
Three other tenants are on board in the REIT’s new building. National mortgage lending and servicing organization New Residential Investment Corporation has leased 25,000 square feet over two floors, which includes four outdoor terraces. Investment firm Bain Capital Ventures took 9,000 square feet for 10 years.
A tenant whose identity has not been revealed also took possession of two floors earlier this year.
Asking rents in the building reportedly ranged from $150 to $200 per square foot. Perkins & Will designed the building, which includes a communal garden, gym, lounge and bike storage.
Columbia and Normandy Real Estate Partners completed a $300 million joint venture in 2018 to develop the building, securing a $187 million construction loan from Apollo Commercial Real Estate Finance. Columbia closed its 50% stake in Ares Management at a valuation of $142.5 million.
Earlier this year, Blackstone Mortgage Trust provided a $228 million loan to Tishman Speyer for the developer to build 620 apartments on eight sites in Santa Monica, California.
[CO] —Holden Walter-Warner