ATLANTA--(BUSINESS WIRE)--
Columbia Property Trust, Inc. (NYSE:CXP) announced that it has finalized
a renewal and extension of T. Rowe Price Associates’ lease that will
keep the global investment manager at 100 East Pratt Street in Baltimore
through 2027. T. Rowe Price, which serves as the anchor tenant for the
iconic Baltimore property and has approximately 1,300 employees on-site
at its worldwide headquarters, will continue to occupy a ground floor
Investor Center and 12 floors totaling 424,877 square feet. Terms of the
lease were not disclosed.
Columbia Property Trust has owned the 652,988-square-foot Class A+
building since 2005. Long a fixture of Baltimore’s Inner Harbor with T.
Rowe Price as one of its original tenants, 100 East Pratt Street
includes a 10-story office building completed in 1978 and a 28-story
tower finished in 1991. The premier office property is 96% leased.
“Retaining T. Rowe Price was one of our top priorities for 2013, and we
have worked closely with them for a number of months to ensure that our
mutual long-term goals for this property, our shareholders and the
community could be achieved,” noted Nelson Mills, President, CEO and
Director of Columbia Property Trust. “We are pleased they have made such
a strong commitment to downtown Baltimore and to 100 East Pratt.”
“With other leading tenants such as IBM, LaSalle Investment Management,
Merrill Lynch, PriceWaterhouse Coopers and Tydings & Rosenberg, 100 East
Pratt enjoys a vibrant mix of tenants, and we expect them to continue
contributing to the improving business climate in downtown Baltimore,”
added Jerry Banks, Vice President of Asset Management and internal
representative on the deal for Columbia Property Trust.
Columbia Property Trust was represented externally by Bruce Matthai of
Cassidy Turley. T. Rowe Price Associates was represented by Eric
Feinberg and Rick Schuham of Studley.
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.