Newsroom Details

Renewal removes Columbia’s largest 2018 lease expiration and keeps the 451,000-square-foot complex 100% leased

SAN FRANCISCO--(BUSINESS WIRE)-- Columbia Property Trust, Inc. (NYSE: CXP) today announced that it has finalized a renewal with DLA Piper to retain the law firm in all 119,000 square feet that it currently occupies at University Circle in East Palo Alto, California, through June 2023. The renewal, which will be effective upon the expiration of DLA Piper’s current lease in June 2018, will keep the 451,000-square-foot University Circle office complex nearly 100% leased.

This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170921006104/en/

DLA Piper has been a significant tenant for University Circle since Columbia acquired the office portion of the complex in 2005 and is one of several significant law firms housed there, along with leading technology tenants such as Amazon Web Services and NTT Innovation Institute.

“We greatly value our relationship with DLA Piper and are pleased to retain this important tenant for University Circle,” said Nelson Mills, Columbia’s president and CEO. “With this renewal, we have renewed the largest remaining 2018 lease expiration in our portfolio, at favorable terms, further strengthening our portfolio and continuing to build on our value-creation strategy.”

The University Circle campus includes three office buildings completed in 2003, in which Columbia owns a majority interest, and the Four Seasons Hotel Silicon Valley, which is under separate ownership. Columbia is currently undertaking an enhancement of the campus’s central courtyard to create a more collaborative and entertaining communal space, which should be ready for tenants to enjoy later this year.

About Columbia Property Trust
Columbia Property Trust (NYSE: CXP) owns and operates Class-A office buildings concentrated in high-barrier-to-entry, primary markets. Its portfolio includes 16 operating properties containing over 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 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.

View source version on businesswire.com: http://www.businesswire.com/news/home/20170921006104/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.