Columbia Property Trust is set to close Thursday on the purchase of a 49 percent stake in the leasehold for Allianz SE and L&L Holding Company's 114 Fifth Avenue, sources told The Real Deal . The recapitalization values the 18-story, 352,000-square-foot Flatiron District office building, located at the corner of West 17th Street, at $220 million, sources said.
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