TIAA To Purchase Commercial Condo In Tribeca For $67M
TIAA's real estate arm is under contract to purchase a commercial condo in Tribeca for $67M.
Tower 270, which has addresses at 270 Broadway to 86 Chambers St., is a 28-story, 300K SF mixed-use building of mostly residential units, but the first seven floors make up a 115K SF condominium with a combination of office space and retail. TH Real Estate, a subsidiary of TIAA Global Asset Management, will close on its purchase from Aion Partners in the coming months, The Real Deal reports.
Aion Partners itself bought the condo in 2004, and it will reportedly be getting about $582 per SF when the deal closes. Colliers International's new investment sales team of Yoron Cohen, Scott Latham and Richard Baxter repped Aion.
Ninety-seven percent of the condo's office space is leased, with the majority taken by the New York State Attorney General's office until 2023. A branch of JP Morgan anchors the ground-floor retail.
Office condos have not been quite as popular a commodity as full buildings recently, with MRP Realty and Long Wharf Realty Partners recently putting up a Midtown property that they bought in 2015 and could not fill.
