2015 Acquisition Benefiting from Strong Midtown South Fundamentals
ATLANTA--(BUSINESS WIRE)--
Columbia Property Trust (NYSE: CXP) signed Equinox in late December to a
20-year lease for 44,458 square feet at 315 Park Avenue South in
Manhattan. The lease, which is expected to commence in May 2016, brings
the 328,198-square-foot building to 88.2% leased.
Equinox will have a private entrance and take a portion of the lobby,
the second and third floors, and part of the fourth floor to create a
bespoke fitness environment for the neighborhood. The luxury club will
have a dramatic central stair, four studios, spa, retail, lounge and
sweeping views of Park Ave South.
“As expected, 315 Park Avenue South continues to attract dynamic and
desirable tenants,” noted Nelson Mills, president and CEO of Columbia
Property Trust. “Equinox brings a distinctive full-service element to
our building that matches the vibrant, active nature of this submarket
and the influx of high-end creative and technical talent.”
“Working with the Columbia Property Trust team, we have set out to
re-create and reposition 315 Park Avenue South as a ‘best-in-class’
destination in the heart of New York City’s most popular mixed-use
neighborhood. This major commitment by Equinox is a clear sign that our
strategy is paying dividends,” said Robert Lapidus, president and chief
investment officer of L&L Holding Company.
“The great visibility, high ceilings and dramatic space at 315 Park
Avenue South naturally attracted us to this location. It fills a gap in
our neighborhood coverage that enables us to draw from the wealth of
high-end office and residential activity. We look forward to a
successful opening later this year,” said Jeffrey Weinhaus, chief
development officer of Equinox.
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
Gramercy Park submarket. Columbia engaged L&L Holding Company, LLC to
manage and lease the property. This team has embarked on an improvement
program to the building that is expected to conclude in early 2017 and
includes new building entries, a separate club entrance for Equinox on 24th
Street, a refinished lobby, and improvements to the store front glass.
The Equinox signing follows recent new tenant Fullscreen, a global youth
media company that moved its East Coast operations to 315 Park Avenue
South in late 2015.
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.
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 Equinox
Equinox operates 77 upscale, full-service clubs in New York, Chicago,
Los Angeles, San Francisco, Miami, Boston, New Jersey, Texas and
Washington, DC, as well as international locations in London and
Toronto. The company offers an integrated selection of Equinox- branded
programs, services and products, including strength and cardio training,
studio classes, personal training, spa services and products, apparel
and food/juice bars. Since its inception in 1991, Equinox has developed
a lifestyle brand that represents service, value, quality, expertise,
innovation, attention to detail, market leadership and results.
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/20160111005397/en/
Columbia Property Trust
Tripp Sullivan, 615-760-1104
IR@columbiapropertytrust.com
or
Jim
Fleming, 404-465-2200
Source: Columbia Property Trust