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(Istock illustration by Kevin Rebong)
Alex Sapir, whose family famously sold 11 Madison Avenue in New York for a record $2.6 billion, recently went shopping for real estate. But instead of buying a trophy asset or two, he decided to buy a whole company’s worth of them.
In March, Sapir and an investment team he helped pull together made an offer to buy the publicly traded office REIT Columbia Property Trust for $2.4 billion with plans to take the company private.
Columbia Property’s portfolio of high-quality office buildings in cities like New York, San Francisco, Washington, D.C. and Boston is full of question marks as major tenants decide whether they need as much office space post-pandemic. That creates a window of opportunity for Sapir and his partners and could embolden other investors who have long thought that certain sectors of the REIT industry make good targets for privatization.