ATLANTA--(BUSINESS WIRE)--
Columbia Property Trust, Inc. (NYSE:CXP) announced a strategic alliance
with L&L Holding Company, LLC, which owns and manages a six million
square foot portfolio of Class-A commercial office properties in and
around New York City. This arrangement includes leasing and property
management services for Columbia’s newly acquired property at 315 Park
Avenue South and also provides a foundation for the two companies to
jointly explore future investment opportunities.
Columbia acquired 315 Park Avenue South, a recently-renovated, historic
Class-A office building comprising 341,330 leasable square feet in
Manhattan’s Gramercy Park submarket, in an off-market transaction
earlier this month. L&L will support Columbia’s efforts to maximize
value from the property, which offers significant near-term lease roll
at below market rents and a prime location in Midtown South.
“Our strategy includes teaming up with local sharpshooters in key
markets that complement our proven leasing and regional management teams
to successfully capitalize on value-add opportunities such as 315 Park
Avenue South,” said Nelson Mills, President and CEO of Columbia Property
Trust. “L&L is a proven operator with an impressive track record in the
New York market, and they will work with us to further enhance the
property’s reputation as one of the market’s premier office destinations
due to its desirable location and unique blend of historic architecture
and modern infrastructure. We are actively exploring future joint
investment opportunities with L&L as we continue to enhance our
portfolio and expand Columbia’s presence in the New York market.”
“We are pleased to be working with Columbia Property Trust on the timely
opportunity that 315 Park Avenue South presents,” said Robert T.
Lapidus, President of L&L. “The Columbia team has proven their ability
to identify and execute favorable investment transactions in very
attractive markets. We look forward to complementing their efforts to
position 315 Park Avenue South as a top competitor in Midtown South and
to the possibility of future investments together.”
About Columbia Property Trust
Columbia Property Trust, a publicly traded REIT, invests in high-quality
commercial office properties in primary markets nationwide and has
achieved an investment-grade rating from both Moody's and Standard &
Poor’s rating services. As of January 8, 2015, Columbia Property Trust's
portfolio consists of 38 office properties and one hotel, which includes
55 operational buildings and comprises approximately 16.3 million square
feet, located in 15 U.S. metropolitan statistical areas (MSAs). For
information about Columbia Property Trust, visit www.ColumbiaPropertyTrust.com.
About L&L Holding Company
L&L Holding Company is a privately-held, vertically-integrated real
estate company that owns and manages a six million square foot portfolio
of Class-A commercial office properties in New York City and the New
York metropolitan area. As an investor, owner, operator, and developer,
L&L is expert at identifying underperforming assets and unique value-add
opportunities, producing unparalleled returns for its institutional
partners and delivering award-winning redevelopment projects. For
information about L&L Holding Company, visit www.ll-holding.com.
Forward-Looking Statements:
Certain statements contained in this press release other than
historical facts may be considered forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. We intend for all such
forward-looking statements to be covered by the applicable safe harbor
provisions for forward-looking statements contained in those acts. 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 of this press release. 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, 2013, 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.
Krister Romeyn, 404-465-2231
or
Jim
Fleming, 404-465-2200
IR@columbiapropertytrust.com
Source: Columbia Property Trust, Inc.