Iconic Washington, D.C. Property Recognized for Innovative
Development at Trends Conference
WASHINGTON--(BUSINESS WIRE)--
Market
Square, the iconic complex owned and operated by Columbia
Property Trust, Inc. (NYSE: CXP) in Washington D.C., was named the
winner of the Legacy Award by ULI Washington at its Real Estate Trends
Conference on April 27, 2016. The award is given to a project that has
been transformational to its community.
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Market Square Wins ULI DC Legacy Award 2016 (Photo: Business Wire)
Market Square has long been a leader in D.C. office space, offering
distinctive design and unparalleled location. When it was constructed in
1990, it was at the forefront of the revitalization of Pennsylvania
Avenue as well as the surrounding area. The complex curves majestically
around the U.S. Navy Memorial and sits atop the Archives-Navy Memorial
Metro station, making it one of the most recognizable office properties
in the city. The property’s impact can still be felt today, as it
continues to make Pennsylvania Avenue an inviting atmosphere for the
residents of D.C. and the tourists who visit the Navy Memorial.
Located at 701 and 801 Pennsylvania Avenue NW, Market Square consists of
two, 13-story buildings that total 693,000 square feet. Columbia
acquired the complex in 2011 and has made a number of recent capital
improvements, including renovating the interior lobbies to convey a
brighter atmosphere with a more modern feel, creating event spaces that
can be used for large meetings and conferences, and revamping the
fitness facility. Through effective management and marketing, Columbia
has signed over a quarter of a million square feet of leases at Market
Square, with a variety of world-class tenants—including Edison Electric
Institute, Ford Motor Company, American Express, Bayer Corporation,
Kellogg Company, and CBS Broadcasting, to name a few—and attracted a
highly-respected capital partner, Blackstone Property Partners US, which
purchased a 49% joint venture interest Market Square in October 2015.
“We are honored that ULI Washington recognized Market Square with this
year’s Legacy Award and are proud to serve as the dedicated stewards of
one of D.C.’s premier office addresses,” said Nelson
Mills, president and chief executive officer of Columbia.
In its second year, ULI Washington’s Trends Awards highlight innovative
development in the Metropolitan Washington region, recognizing
innovative projects, policies, and initiatives that contribute to the
enhancement of vibrant neighborhoods, exemplify creative problem
solving, and celebrate visionary thinking.
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/20160505006044/en/
For Columbia Property Trust, Inc.
Bud Perrone, 212-843-8068
bperrone@rubenstein.com
Source: Columbia Property Trust