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Columbia Property Trust’s Market Square Wins ULI Washington’s Prestigious Legacy Award

May 05, 2016 12:00 AM

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 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

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.

For Columbia Property Trust, Inc.
Bud Perrone, 212-843-8068

Source: Columbia Property Trust

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