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Columbia Property Trust is shopping its NYU Langone building in Midtown

Asian investor made unsolicited offer of nearly $400M: sources

222 East 41st Street, Nelson Mills and Darcy Stacom (Credit: Columbia Property Trust and Getty Images)
222 East 41st Street, Nelson Mills and Darcy Stacom (Credit: Columbia Property Trust and Getty Images)

Columbia Property Trust is looking to sell a nearly 400,000-square-foot Midtown building entirely leased to NYU Langone Medical Center, The Real Deal has learned.

The Atlanta-based real estate investment trust hired CBRE to market the 25-story property at 222 East 41st Street, which in 2016 saw one of the bigger long-term medical-use lease deals in recent years.

NYU Langone signed a 30-year, triple-net-lease agreement to occupy the full 389,500-square-foot building in 2016. The hospital took possession in late 2016, after law firm Jones Day vacated the property.

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Sources said an unidentified Asian investor approached the REIT with an unsolicited offer of just shy of $400 million, or nearly $1,000 per square foot, for the building. The offer led the REIT to hire a brokerage and launch a wider marketing effort.

A CBRE team led by Darcy Stacom and Bill Shanahan are marketing the property for sale. The brokers and the REIT declined to comment.

The property, located between Second and Third avenues, was built in 2001. Columbia Realty Trust, led by Nelson Mills, acquired it for $320 million in 2007.

Columbia made several acquisitions in the city last year, including two New York REIT buildings in Chelsea for $515 million, a stake in 114 Fifth Avenue valuing the building at $220 million, and the land beneath 149 Madison Avenue for $88 million.

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