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 (“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 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, 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/20160705006041/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.