Newsroom Details

10-Story Office Building in D.C.’s coveted “Golden Triangle” is the fourth property in Columbia’s joint venture with Allianz Real Estate

WASHINGTON--(BUSINESS WIRE)-- Columbia Property Trust, Inc., (NYSE: CXP) along with its joint venture partner Allianz Real Estate, today announced the acquisition of 1800 M Street, a 581,000-square-foot office building in Washington, D.C., for $421 million.

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In addition to taking a 55 percent interest in the property, Columbia will serve as the managing partner responsible for property management and directing leasing activities. Allianz owns the remaining 45 percent interest. This is the fourth asset owned by the joint venture of Columbia and Allianz, which was formed in July 2017.

1800 M Street is a Class-A asset located in Washington, D.C.’s coveted “Golden Triangle,” bordered by Pennsylvania, New Hampshire and Connecticut Avenues and stretching from the White House to Dupont Circle. The property, which boasts trophy-quality amenities and finishes, recently underwent extensive renovations, including the modernization of the façade, construction of new dual-entry lobby, creation of a 9,000-square-foot luxury fitness center and a roof deck, as well as upgrades to the elevators, restrooms, and multi-tenant corridors. The building is 94 percent leased to multiple tenants, including Berkeley Research Group and Zuckerman Spaeder.

“With its exceptional location, physical quality, and strong occupancy, 1800 M Street is the right opportunity to expand our presence in this key market and further our partnership with Allianz,” said Nelson Mills, Columbia’s president and CEO. “The stable profile of 1800 M Street is consistent with the strategic goals we set for the joint venture and also complements the value creation opportunities we’re currently pursuing at our two existing D.C. assets, Market Square and 80 M Street.”

This acquisition further solidifies Columbia as a significant office owner and manager in the nation’s top gateway cities and brings Columbia’s Washington, D.C., portfolio to approximately 1.6 million square feet.

In addition to 1800 M Street, the joint venture of Columbia and Allianz also owns University Circle in Palo Alto, 333 Market Street in San Francisco, and 114 Fifth Avenue in Manhattan.

About Columbia Property Trust

Columbia Property Trust (NYSE: CXP) owns and operates Class-A office buildings concentrated in high-barrier-to-entry, gateway markets, primarily in New York, San Francisco, and Washington, D.C. Columbia carries an investment-grade rating from both Moody’s and Standard & Poor’s. For more information, please visit www.columbia.reit.

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 share repurchase program 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, 2016, 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.

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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.