Global Investment Management Firm Inks 35,000 SF Deal for Top Two
Floors of Premier Midtown South Building
ATLANTA & NEW YORK--(BUSINESS WIRE)--
Columbia
Property Trust, Inc. signed Winton Capital Management to a 10-year,
full-service lease for 34,844 square feet at 315 Park Avenue South in
Manhattan. The lease, which commenced July 1, 2016, brings the
328,198-square-foot, Class-A office building to 97% leased. With this
lease and the recently announced lease with NYU Langone Medical Center
for the full building at 222 E. 41st Street, Columbia has
signed approximately 517,000 square feet in the past year, bringing its
1.2-million-square-foot Manhattan portfolio to 98% leased overall.
This Smart News Release features multimedia. View the full release here:
http://www.businesswire.com/news/home/20160711005065/en/
Winton Capital has leased the top two floors of 315 Park Avenue South. (Photo: Business Wire)
Winton will take the 20-story building’s top two floors, which offer
exceptional views of Midtown South, Madison Square Park and the
Manhattan skyline, including such icons as the Empire State, MetLife and
Chrysler Buildings. The global investment management firm, which is
headquartered in London and has nine offices around the globe, will have
a private entrance on Park Avenue South that includes an exclusive lobby
and two dedicated, private elevators.
“The top two floors at 315 Park Avenue South offer some of the most
impressive office space in all of Midtown South, and we were able to
achieve a rate and quality of tenant in Winton that is commensurate with
this opportunity,” noted Nelson
Mills, president and CEO of Columbia Property Trust. “This lease
confirms our expectations of what 315 Park Avenue South could achieve
with the attractiveness of the building and its desirable location,
along with the right capital improvements and management approach.”
Built in 1910, 315 Park Avenue South is located on a prominent corner at
24th Street, one block east of Madison Square Park in the
Midtown South submarket. Columbia engaged L&L Holding Company, LLC to
manage and lease the property. This team has embarked on a building-wide
renovation that is expected to conclude in early 2017, and includes new
building entries, a refinished lobby, and improvements to the storefront
glass, as well as a separate club entrance on 24th Street for
the new Equinox luxury fitness club, which signed on at the property in
January.
“Over the past 12 months, we have worked with Columbia to successfully
lease 125,000 SF to Equinox, Oracle, Fullscreen and now Winton Capital.
315 PAS has proven to be the ‘it’ building in Midtown South and is now
well positioned to continue its leasing momentum as we bring floors 10
through 18 to market (160,000 RSF total),” said Andrew Wiener, director
of leasing at L&L Holding Company.
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. Our $5
billion portfolio includes 26 office properties containing 13.1 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.
About L&L Holding Company
L&L Holding Company is a privately-held, vertically-integrated real
estate company that owns and manages a six-plus 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.
About Winton
Founded in 1997, Winton is a global investment management and data
technology company that uses the scientific method to develop
intelligent investment systems. The firm’s belief is that profitable
investments can be identified through applying advanced pattern
recognition techniques to big data. Winton has over $30 billion in
assets under advisement and employs more than 400 people in nine offices
around the world. For more information, visit www.wintoncapital.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, 2015, 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/20160711005065/en/
Columbia Property Trust, Inc.
Media:
Bud Perrone,
212-843-8068
bperrone@rubenstein.com
or
Investor
Relations:
Matt Stover, 404-465-2227
IR@columbiapropertytrust.com
Source: Columbia Property Trust, Inc.