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Columbia Property Trust Inks 2nd Lease Deal at 799 Broadway

| Commercial Real Estate News, Featured, Leasing, Office| Views: 0

Columbia Property Trust signed its second tenant at its ongoing development at 799 Broadway, just one a month after securing its first lease for the building. Bain Venture Capital will occupy the entire 10th floor – roughly 8,756 square feet – of the 10-story Manhattan office space on a 10-year contract. Asking rent was between $150 and $200 per square foot.

Benjamin Bass, Mitchell Konsker, Steven Rotter and Sam Seiler of JLL conducted the negotiations on behalf of the landlord, while Bryan Boisi of Cushman & Wakefield represented the tenant.

The new tenant is part of the venture capital arm of investment firm Bain Capital, which is currently located at the nearby 632 Broadway. Its move into the new location is scheduled for the second quarter of 2022.

Manhattan office building

Image courtesy of Binyan Studios

Bain Capital’s signing follows online mortgage lender Newrez’s deal in October. Owned by New Residential Investment Corp., Newrez relocated from 1345 Sixth Ave. to 799 Broadway, where it leased a total of 25,000 square feet across two floors. As part of the agreement, the firm also has access to four outdoor terraces totaling 2,700 square feet, a communal garden, gym, lounge and bike room.

The site on which 799 Broadway is currently being built previously housed a Civil War-era commercial property. In 2018, Columbia Property Trust bought a 50% stake in the building from Normandy Real Estate Partners for $70 million, eventually deciding to demolish the existing structure and replace it with an 180,000-square-foot boutique glass office building.

In 2019, Columbia acquired Normandy Real Estate Partners, assuming ownership of all of Normandy’s assets across the United States. Columbia Property Trust itself is currently set to be acquired by PIMCO in a deal valued around $2.2 billion, or $3.9 billion with assumed debts factored in.

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