ATLANTA--(BUSINESS WIRE)--
Columbia Property Trust (NYSE: CXP) has completed a 12-year lease
renewal with Thompson Hine LLP for 125,120 square feet at Key Tower in
Cleveland, Ohio. The new lease retains the 100-year-old Cleveland-based
national law firm, which has maintained its offices at the 57-story Key
Tower for the last 20 years, in six floors and extends their expiration
date from 2017 to 2029. This transaction is the second renewal of a 2017
expiration completed by Columbia in the last two months following the
late October renewal of a 370,485-square-foot lease with CH2M in
suburban Denver to 2032.
“We are pleased that Thompson Hine is continuing its commitment to Key
Tower, furthering the property’s reputation as the pre-eminent business
address in Cleveland,” said Nelson Mills, president and CEO of Columbia
Property Trust. “We now have a vast majority of the office tower under
long-term leases.”
“Thompson Hine has thrived in Key Tower for 20 years,” said Robyn Minter
Smyers, Thompson Hine’s Cleveland office managing partner. “We are
looking forward to improving the efficiency of our utilization of space
in ways that lead to flexible and easy collaboration with clients,
lawyers and staff. Our firm prides itself on innovation, efficiency,
value and client service, and our new space will reflect these
principles.”
Columbia Property Trust has owned the iconic, Class-A office tower and
attached 10-story historic building since December 2005. The
1.3-million-square-foot property also serves as the namesake
headquarters of KeyCorp., the holding company for KeyBank, which in 2013
signed a 15-year lease extension for 37 percent of the property.
About Columbia Property Trust
Columbia Property Trust (NYSE: CXP) owns and operates Class-A office
buildings in competitive, primarily CBD locations, and over half our
investments are in high-barrier-to-entry, primary markets. As of
December 10, 2015, our $5+ billion portfolio included 27 office
properties containing 13.7 million square feet and one hotel,
concentrated in San Francisco, New York, and Washington, D.C. For more
information about Columbia, which carries an investment-grade rating
from both Moody’s and Standard & Poor’s, please visit www.ColumbiaPropertyTrust.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, 2014, 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151222005935/en/
Columbia Property Trust
Tripp Sullivan, 615-760-1104
IR@columbiapropertytrust.com
or
Jim
Fleming, 404-465-2200
Source: Columbia Property Trust