Commerz Real buys 222 East 41st Street for $332m

Commerz Real bought 222 East 41st Street in Midtown Manhattan for $332.5m from Columbia Property Trust. The buyer paid just over $852 per sq ft for the 25-story, 390,000 sq ft property. Originally constructed in 2001, the entire building is leased for 28 years to NYU Langone Medical Center. Commerz Real is the real assets investment manager of Commerzbank. CBRE’s capital markets team represented Columbia in the marketing effort and transaction.

“We were very pleased to secure an esteemed tenant on a long-term lease, which significantly increased the value of the property,” said Nelson Mills, president and chief executive officer of Columbia. “Proceeds will further strengthen our balance sheet in the near term and will eventually be recycled into higher growth investment opportunities.”