ATLANTA--(BUSINESS WIRE)--
Columbia Property Trust, Inc. (NYSE:CXP) announced that it completed
502,000 square feet of leasing for the fourth quarter of 2013, bringing
total leasing by the Company for 2013 to 1.8 million square feet. The
Company’s portfolio was 92.3% leased overall as of December 31, 2013.
“One of our primary objectives for creating value and driving growth is
the proactive management of the portfolio through strategic leasing,”
noted Nelson Mills, President, CEO and Director of Columbia Property
Trust. “Over the past three years, we have signed a total of
approximately 7.1 million square feet of new and renewal leases, while
increasing the portfolio’s average lease term and maintaining average
credit ratings above BBB+. We are pleased to have sustained this
momentum through 2013, and we’re making good progress already in 2014
with leading tenants such as T. Rowe Price at our 100 East Pratt
building in Baltimore.”
“With this significant leasing volume completed, we were also able to
support the narrowing of our market focus through an 18-property
disposition and the recycling of capital to maximize portfolio value.”
Some of the Company’s leasing and portfolio management highlights for
2013 included:
-
Key Tower in Cleveland, OH – New and renewal leases for almost
half of the building include a 15-year renewal of the anchor tenant,
Key Bank, and a new lease with BakerHostetler for 115,615 square feet.
-
9 Technology Drive in Westborough, MA – Bose Corporation signed
a 12-year renewal for the entire building.
-
University Circle in Palo Alto, CA – New deals brought this
property from 68% to 96% leased, including new tenant Amazon Web
Services.
-
515 Post Oak in Houston, TX – Following the completion of a
full renovation at the building in late spring, new deals have brought
it to 39% leased, with significant activity ongoing.
-
Market Square in Washington, D.C. – The substantial majority of
the retail vacancies at this complex were leased, significantly
enhancing the property’s amenity offerings.
About Columbia Property Trust
One of the nation’s largest office REITs, Columbia Property Trust
invests in high-quality commercial office properties in primary U.S.
markets and has achieved an investment-grade rating from both Moody’s
and Standard & Poor’s rating services. Currently, the REIT’s $5 billion
portfolio consists of 59 operational buildings in 13 states and the
District of Columbia, totaling 16.8 million square feet. For information
about Columbia Property Trust, visit www.ColumbiaPropertyTrust.com.
Forward-Looking Statements
Certain statements contained in this press release other than historical
facts may be considered forward-looking statements. Such statements
include, in particular, statements about our plans, strategies and
prospects, and are subject to certain risks and uncertainties, including
known and unknown risks, which could cause actual results to differ
materially from those projected or anticipated. Therefore, such
statements are not intended to be a guarantee of our performance in
future periods. Such forward-looking statements can generally be
identified by our use of forward-looking terminology such as “may,”
“will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,”
“continue,” or other similar words. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak only as
of the date this report is filed with the U.S. Securities and Exchange
Commission (“SEC”). We make no representations or warranties (express or
implied) about the accuracy of any such forward-looking statements
contained in this press release, and we do not intend to publicly update
or revise any forward-looking statements, whether as a result of new
information, future events, or otherwise.
Any such forward-looking statements are subject to risks, uncertainties,
and other factors and are based on a number of assumptions involving
judgments with respect to, among other things, future economic,
competitive, and market conditions, all of which are difficult or
impossible to predict accurately. To the extent that our assumptions
differ from actual conditions, our ability to accurately anticipate
results expressed in such forward-looking statements, including our
ability to generate positive cash flow from operations, make
distributions to stockholders, and maintain the value of our real estate
properties, may be significantly hindered. See Item 1A in the Company’s
most recently filed Annual Report on Form 10-K for the year ended
December 31, 2012 for a discussion of some of the risks and
uncertainties that could cause actual results to differ materially from
those presented in our forward-looking statements. The risk factors
described in our Annual Report are not the only ones we face, but do
represent those risks and uncertainties that we believe are material to
us. Additional risks and uncertainties not currently known to us or that
we currently deem immaterial may also harm our business.
Columbia Property Trust, Inc.
Jim Fleming, 404-465-2200
or
Corporate
Communications, Inc.
Tripp Sullivan, 615-324-7335
tripp.sullivan@cci-ir.com
Source: Columbia Property Trust, Inc.