Columbia Property Trust Secures Initial Lease at 799 Broadway, its Ground-Up Development in Union Square / Greenwich Village

Rhea-AI Summary

Columbia Property Trust (NYSE: CXP) has secured a lease for two full floors at its new office development, 799 Broadway, located in Manhattan's Greenwich Village and Union Square. The 25,000-square-foot lease marks the first to be signed at the building, which prioritizes employee wellness with features like touchless systems, extensive outdoor spaces, and a luxury fitness center. The building aims for WELL Building certification, enhancing its appeal to high-growth companies. Columbia reports strong leasing interest, indicating a healthy demand for modern office spaces.

Positive

• Secured a 25,000-square-foot lease with Newrez, the first for the new office development at 799 Broadway.
• Building designed with a focus on employee health and wellness, including touchless systems and outdoor spaces.
• Strong interest in leasing from additional prospective tenants, indicating healthy demand.

Negative

• None.

Newrez, a national mortgage lending and servicing organization, takes two full floors ahead of construction completion this October

NEW YORK--(BUSINESS WIRE)-- Columbia Property Trust, Inc. (NYSE: CXP) announced today that it has secured a lease for two full floors at 799 Broadway, its highly anticipated new ground-up office development at the convergence of Manhattan’s Greenwich Village and Union Square neighborhoods. The approximately 25,000-square-foot lease, the first to be secured at the trendsetting 12-story building, was signed with Newrez LLC (“Newrez”), a technology-centric national mortgage lending and servicing organization owned by investment manager New Residential Investment Corp.

Columbia Property Trust has secured a lease for two full floors at 799 Broadway in Union Square/Greenwich Village in Manhattan. The lease, with Newrez LLC, a technology-centric national mortgage lending and servicing organization owned by investment manager New Residential Investment Corp, is the first to be signed at the ground-up development project, which will be completed in October. (Rendering by Binyan Studios)

Columbia has designed 799 Broadway to be the premier modern Midtown South office building. The 182,000-square-foot building prioritizes and emphasizes employee health and wellness and talent retention, featuring a street-to-desk touchless experience, luxury fitness center, outdoor space for fresh air, spa-inspired locker rooms, and a well-appointed bike room. The building’s unique design allows for more than 17,000 square feet of outdoor space, including access to private outdoor terraces on almost every floor and a courtyard garden off the main lobby.

Moreover, with UV light sanitation and bipolar ionization systems installed throughout the building and in elevator cabs, 799 Broadway exceeds the highest standards of indoor air quality and air purification. The building has been designed to meet the rigorous health and wellness criteria of the highly respected WELL Building certification program, which verifies that the building has followed best practices for facility operations and management to reduce the risk of contracting COVID-19 and other viruses. Also, earlier this month, 799 Broadway was awarded a coveted Fitwel® 2-Star Rating for its incorporation of evidence-based design and operations strategies to support the physical, mental, and social health of occupants.

Adding to the attractive wellness benefits, the building provides abundant light with 15’ ceiling heights and floor-to-ceiling glass windows, which offer striking views of Greenwich Village and across Broadway to the Gothic beauty of New York’s historic Grace Church.

“We are very pleased to commence leasing at this exceptional building and begin our relationship with Newrez,” said Paul Teti, Executive Vice President of National Real Estate Operations for Columbia. “In every respect, this lease affirms our expectations for 799 Broadway. The building is ideally positioned and designed to attract high-growth, forward-looking and industry-leading companies that are seeking out modern, efficiently designed space with convenient transit access, high-end amenities, and a multitude of health and wellness benefits needed to recruit and retain top talent in today’s environment.”

In addition to Newrez, Columbia has been fielding strong interest in 799 Broadway as the building nears completion, with multiple proposals in process with several other prospective tenants and a continued healthy pace of tour activity. To lead leasing efforts, Columbia has partnered with Mitchell Konsker, Benjamin Bass, Sam Seiler, and Steven Rotter of JLL.

Newrez was represented by Josh Kuriloff and Drew Braver from Cushman and Wakefield.

For availability and additional information, please visit 799broadwaynyc.com.

About Columbia Property Trust

Columbia Property Trust (NYSE: CXP) creates storied properties for legendary companies in New York, San Francisco, Washington D.C., and Boston. The Columbia team is deeply experienced in asset management and repositioning, transactions, leasing, development, and property management. It employs these competencies to grow value across its high-quality, well-leased office portfolio of 15 properties that contain more than six million rentable square feet, as well as four properties under development, and also has approximately eight million square feet under management for private investors and third parties. Columbia has investment-grade ratings from both Moody’s and S&P Global Ratings and has been named one of Fortune’s “Best Workplaces in New York 2021” among Small and Medium-sized employers, as well as one of the "Best Places to Work in NYC 2021" by Crain’s New York. For more information, please visit www.columbia.reit.

Forward-Looking Statements:

Certain statements in this press release, including statements regarding future business operations, may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties. Our actual results may differ materially from projections. For a discussion of some of the risks and uncertainties that could cause actual results to differ materially from those presented in our forward-looking statements, see Columbia Property Trust’s filings with the Securities and Exchange Commission, including the most recent annual report on Form 10-K. We caution readers not to place undue reliance on these forward-looking statements, which are based on current expectations and speak as of the date of such statements. We make no representations or warranties (express or implied) about the accuracy of, nor do we intend to publicly update or revise any such forward-looking statements contained herein, whether as a result of new information, future events, or otherwise.

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Public Relations Contact:

Bud Perrone

T 212 843 8068

E bperrone@rubenstein.com

Investor Relations Inquires:

ir@columbia.reit

Source: Columbia Property Trust, Inc.