Fully Leased Three-Building Office Complex Houses World Headquarters of
CH2M
ATLANTA & DENVER--(BUSINESS WIRE)--
Columbia
Property Trust, Inc. (NYSE: CXP) today announced that it has
completed the sale of a suburban office complex located outside Denver
to Angelo, Gordon & Co., a New York-based alternative investment firm,
for $122 million in gross proceeds. Columbia will use proceeds from the
sale to repay borrowings on its unsecured credit facility.
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Columbia Property Trust (NYSE:CXP) has completed the sale of a suburban office complex located outside Denver, fully leased as the world headquarters of construction firm CH2M, to Angelo, Gordon & Co., a New York-based alternative investment firm, for $122 million in gross proceeds. (Photo: Business Wire)
The 370,485-square-foot campus located on South Jamaica Street in
Englewood, Colorado, is fully leased to global engineering and
construction firm CH2M. The firm signed a renewal in late 2015 at the
campus, extending their lease through September 2032. Columbia acquired
the property in 2007 at the completion of its construction as a
build-to-suit for CH2M’s world headquarters.
“The pricing and timeframe achieved for this sale demonstrate the
substantial value created by completing the long-term renewal with CH2M
last year," said Nelson
Mills, president and CEO of Columbia Property Trust. "This sale
brings us to a total of $357 million of completed dispositions this
year, as we continue to focus on our core, CBD markets."
The sale of the CH2M campus is another step in Columbia’s previously
announced plan to dispose of roughly $700 million to $1 billion of
non-core assets in 2016. Since 2011, Columbia has sold over 50 non-core
buildings and reinvested over $2 billion in assets in core CBD markets,
including San Francisco, New York, Boston, and Washington, D.C.
Columbia owns a fourth building adjacent to CH2M’s campus, which is
being marketed for sale.
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 25 office properties containing 12.3 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 columbia.reit.
Forward-Looking Statements:
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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
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uncertainties, including known and unknown risks, which could cause
actual results to differ materially from those projected or anticipated.
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as "may," "will," "expect," "intend," "anticipate," "estimate,"
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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
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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/20160923005141/en/
Columbia Property Trust, Inc.
Media Contact:
Bud
Perrone, 212-843-8068
bperrone@rubenstein.com
or
Investor
Relations:
Matt Stover, 404-465-2227
IR@columbia.reit
Source: Columbia Property Trust, Inc.