Distinctive Midtown South office building has now seen five full floors
of new leases signed in four months
NEW YORK--(BUSINESS WIRE)--
Columbia
Property Trust, Inc. (NYSE: CXP) announced today that it has signed
a new 34,100-square-foot lease with financial data and software company PitchBook
Data, Inc., at 315 Park Avenue South, Columbia’s 20-story,
334,000-square-foot office building located in the heart of Manhattan’s
Midtown South district.
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Financial data and software company PitchBook has signed a two-floor lease at 315 Park Avenue South, the latest of five full floors leased at the Midtown Manhattan office building, owned by Columbia Property Trust. (Photo: Business Wire)
With the signing of PitchBook, Columbia has successfully leased five
full floors for a total of 85,250 square feet of space over the past
four months at this property, which is now 84 percent leased.
PitchBook, a subsidiary of Morningstar, Inc., provides in-depth
financial market investment data on the entire venture capital, private
equity and M&A landscape, including public and private companies,
investors’ funds, investments, exits and people. The company is
relocating from 155 Fifth Avenue and will occupy the 13th and 14th
floors of the building beginning in May, with a blended term across the
two floors of 11 years and four months.
The PitchBook lease continues the recent leasing momentum at 315 Park
Avenue South. In late September, Columbia finalized a
17,050-square-foot, full-floor expansion with BDG Media to grow the
digital media publisher’s footprint at the building to 51,150 square
feet. In October, Columbia signed a two-floor, 34,100-square-foot lease
with Gemini Trust, a digital asset exchange and custodian.
“PitchBook is a great fit for the repositioned 315 Park Avenue South – a
building that continues to prove its ability to serve a broad spectrum
of growing tenants, from creative, media and technology companies to
forward-leaning investment firms,” said Nelson Mills, president and
chief executive officer of Columbia.
A building-wide renovation is near completion to reposition 315 Park
Avenue South as best-in-class in the submarket. The building is located
on a prominent corner at 24th Street, one block east of Madison Square
Park. L&L Holding Company, LLC, which includes the leasing team of David
Berkey and Andrew Wiener, provides leasing and property management at
the building for Columbia.
“The epicenter of the US financial industry, New York is a key market
for PitchBook to continue building and expanding our presence,” said
John Gabbert, founder and CEO of PitchBook. “In 2017, PitchBook global
headcount grew by 20%, and nearly 50% in the New York office, which
served as a forcing function to expand our office spaces globally.
Columbia Property Trust became a partner in this process, helping to
find the perfect space that fit PitchBook’s unique company culture.”
About Columbia Property Trust
Columbia Property Trust (NYSE: CXP) owns and operates Class-A office
buildings concentrated in New York, San Francisco, and Washington, D.C.
Its portfolio consists of over nine million square feet, including 19
operating properties and one property under redevelopment. With
executive offices in New York, San Francisco, and Atlanta, 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/20180111006106/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.