Columbia Property secures second tenant at 799 Broadway
Columbia Property Trust has signed its second tenant in its ongoing development at 799 Broadway, just one per month after securing its first lease for the building. Bain Venture Capital will occupy the entire 10th floor – approximately 8,756 square feet – of the 10-story office in Manhattan under a 10-year contract. The rent asked was between $ 150 and $ 200 per square foot.
Benjamin Bass, Mitchell Konsker, Steven Rotter and Sam Seiler of JLL led the negotiations on behalf of the owner, while Bryan Boisi of Cushman & Wakefield represented the tenant.
The new tenant is in the venture capital arm of investment firm Bain Capital, which is currently located at 632 Broadway, nearby. Its move to the new location is scheduled for the second quarter of 2022.
Bain Capital signing follows online mortgage lender The Newrez agreement in October. Owned by New Residential Investment Corp., Newrez moved from 1345 Sixth Ave. at 799 Broadway, where he leased a total of 25,000 square feet over two floors. As part of the agreement, the firm also has access to four outdoor terraces totaling 2,700 square feet, a communal garden, a gymnasium, a lounge and a bicycle storage room.
The site on which 799 Broadway is being built was previously home to Civil War-era commercial property. In 2018, Columbia Property Trust purchased a 50% stake in the building from Normandy Real Estate Partners for $ 70 million, ultimately deciding to demolish the existing structure and replace it with a 180,000 square foot glass office building. .
In 2019, Columbia acquired Normandy Real Estate Partners, becoming the owner of all Norman assets in the United States. Columbia Property Trust itself is currently expected to be acquired by PIMCO in a transaction valued at around $ 2.2 billion, or $ 3.9 billion with debts assumed.