NEW YORK–(BUSINESS WIRE)–Columbia Property Trust, Inc. (“Columbia”) introduced at this time that it has accomplished the disposition of sure personal actual property funds to Cannon Hill Capital Partners, LLC (“Cannon Hill”), a newly-formed funding supervisor led by Jeffrey Gronning, Eric Rubin, and Melissa Cosgrove Donohoe, all former senior executives of Columbia.
By the transaction, Cannon Hill has acquired from Columbia the overall companion pursuits and administration rights for the Normandy Actual Property Fund III, LP; Normandy Actual Property Fund IV, LP; and Normandy Alternative Zone Fund, LP; in addition to two separate accounts and associated third-party property administration contracts. Per the phrases of the transaction, Cannon Hill will assume the employment of a crew of roughly 50 actual property professionals from Columbia, together with Gronning, Rubin, and Cosgrove Donohoe, offering a seamless transition of property and portfolio administration on behalf of its traders. Cannon Hill’s portfolio below administration contains properties in Boston, New York, and Washington, D.C.
The transaction has no influence on Columbia’s straight owned and managed actual property property. Moreover, Columbia will proceed to behave as developer and supervisor for 3 New York Metropolis improvement initiatives owned in partnership with Normandy Actual Property Fund IV, together with 799 Broadway, Terminal Warehouse, and 101 Franklin.
“The Columbia and Cannon Hill groups have lengthy histories of serving our respective traders and companions by managing actual property property for optimum worth,” mentioned Nelson Mills, President and CEO of Columbia. “This transaction permits every crew to concentrate on our respective portfolios and alternatives for development, additional enhancing our capacity to drive worth for our stakeholders.”
“We’re excited for the chance to ascertain Cannon Hill as an impartial actual property funding administration agency with an skilled management crew supported by a extremely devoted crew of actual property professionals,” mentioned Gronning, Chief Govt Officer of Cannon Hill. “We stay up for persevering with to serve our longstanding consumer relationships and to figuring out alternatives for development going ahead.”
About Columbia Property Belief
Columbia Property Belief creates storied properties for legendary corporations in New York, San Francisco, Washington D.C., and Boston. Columbia makes use of its expertise in leasing, improvement, transactions, property administration, asset administration and repositioning to develop worth throughout its high-quality, eight million sq. foot portfolio of owned and managed property. Columbia has been named a 2022 ENERGY STAR “Accomplice of the Yr” by the E.P.A. and a “Inexperienced Lease Chief” by the U.S. Division of Power, in addition to one among Fortune’s “Greatest Workplaces in New York 2021” amongst Small and Medium-sized employers. For extra data, please go to www.columbia.reit.
About Cannon Hill Capital Companions
Cannon Hill is a vertically-integrated actual property operator, developer and funding supervisor pursuing development by way of a value-added funding technique primarily centered on repositioning and growing best-in-class workplace, multi-family, industrial and life sciences properties in metropolitan New York, New Jersey, Boston, and Washington, D.C. Its portfolio below administration contains 42 properties aggregating roughly 11.0 million sq. toes in its core markets. For extra data, please go to www.cannonhillcap.com.