Tishman is selling its newly renovated trophy property to Columbia Property Trust, sources tell us. (We thought the only people who sold trophies were cash-strapped former football players.)
Our sources tell us the likely sales price for the 33-story Financial District office tower is $675/SF but it could actually be as low as $625/SF. Last year Tishman spruced up the 1960s-era building with a big lobby makeover, clearly prepping the property for sale. In Q1, rent jumped more than 5% over the year to $59.23 (tenants include Credit Suisse and Littler Mendelson). Eastdil marketed the 585k SF building. Tishman didn't respond to a request for comment. Columbia already made a big move nearby this year, scooping up 221 Main for $228M in April.
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