Newmark Capital Markets is pleased to announce that it has successfully raised $187 million of construction financing from Apollo for Normandy Real Estate Partners and Columbia Property Trust’s development of 799 Broadway. The Newmark Capital Markets team was led by Co-Chairmen Dustin Stolly and Jordan Roeschlaub, accompanied by Managing Directors Nick Scribani and Chris Kramer. Adam Spies, Adam Doneger, Kevin Donner, and Josh King of Cushman & Wakefield advised Normandy and its former partner Ares Management on the partial sale to Columbia. Gavin Evans and Travis Feehan were the project leads for Normandy while Kevin Hoover represented Columbia Property Trust.
The planned 12-story, Class A office tower, totaling 182,000 square feet, will feature 147,688 square feet of office space, 12,688 square feet of community space and 21,929 square feet of retail, as well as a gym. Designed by Perkins+Will, the boutique office building will include expansive terraces on each floor, oversized glass windows and ceiling heights of 15 to 17 feet.
“The state of the art development will be a trophy boutique office building, certain to attract New York’s most prominent tenants,” said Mr. Stolly.
799 Broadway is located at the corner of 11th Street and Broadway at the junction of Union Square and Greenwich Village. 799 Broadway will be the closest new creative office development to Union Square, the cultural and transportation hub of Midtown South.
New boutique office product has been met with significant demand from tenants willing to pay premium rents. Nearby neighbors include Edward Minskoff’s 51 Astor Place (occupied by IBM and St. John’s University), Vornado’s 770 Broadway (leased to Facebook) and Normandy’s project at 888 Broadway, which has made headlines by landing leases for Australian software company Atlassian and, most recently, Netflix.
About Normandy Real Estate Partners
Normandy Real Estate Partners is a leading real estate investment management firm and operator with offices in New York City, Boston, Washington, D.C. and New Jersey, with a track record spanning 20 years. The firm is a vertically-integrated investment and operating platform with broad real estate experience in areas such as acquisitions, investment management, leasing, property management and construction/development. Its focus is primarily on acquiring office and mixed-use investments located in the Northeast and Mid-Atlantic CBD and transit-oriented submarkets where the firm owns and operates one of the largest private real estate portfolios in the region, totaling over 14 million square feet and a development pipeline of four million square feet. Normandy’s deep local relationships, vertically-integrated capabilities, and diversely-experienced team give it a distinct advantage, which enables it to consistently turn under-achieving real estate into exceptional high-yielding investments. For more information visit www.normandyrealty.com.
About Columbia Property Trust
Columbia Property Trust owns and operates Class-A office buildings concentrated in New York, San Francisco, and Washington, D.C. Its portfolio includes 19 properties with approximately nine million rentable square feet and one property under contract. Columbia is a publicly traded real estate investment trust (REIT) that trades on the New York Stock Exchange under the ticker symbol “CXP,” and it carries an investment-grade rating from both Moody’s and Standard & Poor’s. For more information, please visit www.columbia.reit.
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 16,000 professionals operate from approximately 430 offices in established and emerging property markets on six continents.
We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
Discussion of Forward-Looking Statements about Newmark Group
Statements in this document regarding Newmark Group that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark Group undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark Group’s and BGC’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.