Deals
Ares Stake in NY Broadway Building Might Be Sold to REIT
- Ares may sell building stake to Atlanta-based REIT Columbia
- Normandy planning to demolish, rebuild New York’s 799 Broadway
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Columbia Property Trust Inc. is in talks on a joint venture with Normandy Real Estate Partners LLC to buy into an office project in Manhattan’s Greenwich Village, people with knowledge of the matter said.
A deal would see Atlanta-based Columbia, a real estate investment trust with a market value of $2.7 billion, assuming ownership of Ares Management LP’s 50 percent stake in 799 Broadway, said one of the people, who asked not to be identified because the information is private.