Iconic San Francisco office tower has completed over 90,000 SF of total
leasing in past nine months
ATLANTA & SAN FRANCISCO--(BUSINESS WIRE)--
Columbia
Property Trust, Inc. (NYSE: CXP) today announced a new
60,576-square-foot, 12-year lease with WeWork, one of the world’s
largest providers of shared office space, to occupy floors four through
seven at 650 California Street in San Francisco. Columbia has now
completed four leases totaling 91,562 square feet at the property over
the past nine months to take the iconic, 477,000-square-foot office
building from 65% at the end of June to 81% leased today.
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Columbia Property Trust has completed over 91,000 square feet of leasing at 650 California Street over the past nine months, highlighted by a new 60,576-square-foot lease with WeWork. (Photo: Business Wire)
The 33-story building in the Financial District has been a landmark of
the San Francisco skyline since its construction in 1964. Thanks to a
major renovation and remodeling project that was completed in 2013, the
building’s unique mid-century architecture is now paired with a clean,
modern interior design and a luxury amenities program that has made 650
California appealing to a broad spectrum of office tenants.
In 2016, Columbia implemented a spec suite program to complement its
other leasing efforts, building out small to medium-sized suites ready
for immediate occupancy. The program has proven to be highly successful,
with new or expanded renewal leases signed for several of these
pre-built suites to date and strong interest in the additional suites
available.
“When acquiring 650 California, we were particularly drawn to the
opportunity to capture significant value related to near-term
expirations of leases with under-market rents. We are now realizing that
value, as we further build upon our impressive tenant roster,” noted
Nelson Mills, president and chief executive officer of Columbia Property
Trust. “We are particularly pleased to expand on our relationship with
WeWork, which we established last year in Washington, D.C., where they
launched their first Navy Yard/Capitol Riverfront location at our 80 M
Street property.”
Columbia also recently completed additional renovations at 650
California, including high-end upgrades of the main lobby and
construction of a new café and tenant lounge to create a collaborative
environment. A new luxury onsite concierge service is now available
exclusively to tenants, along with state-of-the-art fitness and
conference centers. The highly-amenitized tower continues to offer
specialty transportation features as well, including onsite valet
parking, secure bike parking, EV and Scoot-E-Bike® charging stations,
and immediate Zipcar® access.
David Dowdney, senior vice president of the Western Region for Columbia,
added, “At 650 California, we’ve succeeded in blending a great location
with first-rate amenities, appealing aesthetics and modern spaces with
the built-in flexibility to suit any tenant’s needs. The addition of
WeWork serves as further validation of 650 California’s status as one of
San Francisco’s pre-eminent business addresses.”
About Columbia Property Trust
Columbia Property Trust (NYSE: CXP) owns and operates Class-A office
buildings primarily in high-barrier-to-entry, primary markets. Our
portfolio includes 16 office properties containing eight million square
feet, concentrated 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
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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.
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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.