Germans pay top dollar on Columbus Circle
Price is $13.6 million more than Cerberus Capital Management paid for the 135,000-square-foot property in 2006. The building is 86.5% leased.
Crains New York • Real Estate
By Amanda Fung
4 Columbus Circle has been sold to German investors.
Photo by CoStar Group.
A German-based real estate investment firm has snapped up 4 Columbus Circle for $96.5 million.
GLL Real Estate Partners bought the 135,000-square-foot office building last month from Cerberus Capital Management, a private investment firm, according to public city records. Cerberus had owned the building on the corner of West 58th Street and Eighth Avenue since 2006, when it bought it for $82.9 million.
A spokeswoman for Cerberus Capital Management said the firm could not comment immediately, while a woman answering the phone at GLL’s Orlando, Fla., office declined to comment.
Built in 1989, the eight-story limestone office building is currently 86.5% leased, according to CoStar Group Inc.. The building is home to Steelcase Inc., a global office furniture manufacturer, which owned the entire building at one time, but now just leases roughly 76,000 square feet there.
The deal offers further confirmation that property sales are continuing to improve—or that at least they were before the latest meltdown in the stock market. During the first half of this year, 28 office buildings were bought in Manhattan, up 47% from the same period a year ago, according to recent data from brokerage Massey Knakal Realty Services. There were $5.4 billion worth of office building sales during the first six months of this year.
According to GLL’s website, this would be the firm’s first property in New York City and its third in the United States. Founded in 2000, the company owns 199 Fremont in San Francisco.