ATLANTA & BALTIMORE--(BUSINESS WIRE)--
Columbia
Property Trust, Inc. (NYSE: CXP) today announced that it completed
the sale of 100 East Pratt Street, a 653,000-square-foot Class-A office
property in Baltimore, Maryland, to Vision Properties, an east coast
real estate firm, for gross proceeds of $187 million. The Company will
use these proceeds to repay a $119 million short-term bridge loan and
borrowings on its unsecured credit facility.
Located in Baltimore’s Inner Harbor district, 100 East Pratt is the
headquarters of T. Rowe Price and also houses Maryland law firm Tydings
& Rosenberg and global professional services firm
PricewaterhouseCoopers. As of December 31, 2015, the property was 98.5
percent leased.
“This week’s sale of 100 East Pratt, which was our only asset in
Baltimore, represents another milestone in our ongoing transformation of
Columbia Property Trust’s portfolio into one that is primarily focused
on the acquisition, leasing and operation of top quality office
properties in the nation’s high-barrier markets,” noted Nelson
Mills, president and chief executive officer of Columbia Property
Trust. “Through this sale, we achieved pricing well within our target
range for the property, which reflects its overall quality and solid
performance during our years of ownership. More importantly, we have now
successfully sold 48 non-core properties totaling $2.3 billion in
proceeds since 2011, while simultaneously investing $2 billion in prime
office properties located in New York, San Francisco, Washington and
Boston.”
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 13.0 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/20160401005107/en/
Columbia Property Trust, Inc.
Media Contact:
Bud
Perrone, 212-843-8068
bperrone@rubenstein.com
or
Investor
Relations:
Tripp Sullivan, 615-760-1104
IR@columbiapropertytrust.com
Source: Columbia Property Trust, Inc.