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Columbia Property Trust Renews Toyota Financial Services Lease for Entirety of San Tan Corporate Center I in Phoenix

July 05, 2016 12:00 AM

130,000-Square-Foot Office Building Now Leased to 2024

ATLANTA & PHOENIX--(BUSINESS WIRE)-- Columbia Property Trust, Inc. (NYSE: CXP) today announced that it has signed an 89-month lease renewal with Toyota Financial Services, which will continue to occupy the entire three-story office building known as San Tan Corporate Center I in Chandler, Arizona, a southeast suburban submarket of Phoenix.

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Toyota Financial Services leases all of SanTan Corporate Center I in Phoenix. (Photo: Business Wire)

Toyota Financial Services leases all of SanTan Corporate Center I in Phoenix. (Photo: Business Wire)

Toyota Financial Services (“Toyota”), a subsidiary of Toyota Motor Corporation, has been a tenant at San Tan Corporate Center I since 2001. The lease extension will maintain Toyota in all 130,000 square feet of office space at the building and will commence in April 2017, at the expiration of Toyota’s current lease, and extend the lease to 2024. Financial terms of the transaction were not disclosed.

San Tan Corporate Center I is one of two buildings in the San Tan Corporate Center complex, which was constructed in 2000 and has been owned by Columbia since 2006. The two buildings comprise a total of 267,000 square feet of Class-A office space, and both are 100% leased.

“Toyota Financial Services has been a valued long-term tenant at San Tan Corporate Center, and we are very pleased they have chosen to maintain their presence at the property,” noted Nelson Mills, president and chief executive officer of Columbia Property Trust. “Their decision is a testament to the overall strength of the San Tan Corporate Center, which benefits from a strong tenant base and one of the most desirable office locations in suburban Phoenix.”

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

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.

Columbia Property Trust, Inc.
Bud Perrone, 212-843-8068
Investor Relations:
Matt Stover, 404-465-2227

Source: Columbia Property Trust, Inc.

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