Columbia Property Trust, Inc. (“Columbia”) announced today that it has completed the sale of certain private real estate funds to Cannon Hill Capital Partners, LLC (“Cannon Hill”), a new investment manager led by Jeffrey Gronning, Eric Rubin and Melissa Cosgrove Donohoe, all former senior Columbia executives.
Through the transaction, Cannon Hill acquired from Columbia the general partner interests and management rights of Normandy Real Estate Fund III, LP; Normandy IV Real Estate Fund, LP; and Normandy Opportunity Zone Fund, LP; as well as two separate accounts and related third-party property management contracts. Under the terms of the transaction, Cannon Hill will assume the employment of a team of approximately 50 Columbia real estate professionals, including Gronning, Rubin and Cosgrove Donohoe, ensuring a seamless transition from property and portfolio management to name of its investors. Cannon Hill’s portfolio under management includes properties in Boston, New York and Washington, D.C.
The transaction has no impact on real estate assets owned and managed directly by Columbia. Additionally, Columbia will continue to act as developer and manager of three New York City development projects held in partnership with Normandy Real Estate Fund IV, including 799 Broadway, Terminal Warehouse and 101 Franklin.
“Columbia and Cannon Hill’s teams have a long history of serving our respective investors and partners by managing real estate assets for maximum value,” said Nelson Mills, President and CEO of Columbia. “This transaction allows each team to focus on our respective portfolios and growth opportunities, strengthening our ability to create value for our stakeholders.”
“We are delighted to have the opportunity to establish Cannon Hill as an independent real estate investment management company with an experienced management team supported by a highly dedicated team of real estate professionals,” said Gronning, CEO of Cannon Hill. “We look forward to continuing to serve our longstanding customer relationships and identifying growth opportunities in the future.”
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