Columbia Property Trust, Inc. (NYSE:CXP) announced that it completed 502,000 square feet of leasing for the fourth quarter of 2013, bringing total leasing by the Company for 2013 to 1.8 million square feet. The Company’s portfolio was 92.3% leased overall as of December 31, 2013.
“One of our primary objectives for creating value and driving growth is the proactive management of the portfolio through strategic leasing,” noted Nelson Mills, President, CEO and Director of Columbia Property Trust. “Over the past three years, we have signed a total of approximately 7.1 million square feet of new and renewal leases, while increasing the portfolio’s average lease term and maintaining average credit ratings above BBB+. We are pleased to have sustained this momentum through 2013, and we’re making good progress already in 2014 with leading tenants such as T. Rowe Price at our 100 East Pratt building in Baltimore.”
“With this significant leasing volume completed, we were also able to support the narrowing of our market focus through an 18-property disposition and the recycling of capital to maximize portfolio value.”
Some of the Company’s leasing and portfolio management highlights for 2013 included:
- Key Tower in Cleveland, OH – New and renewal leases for almost half of the building include a 15-year renewal of the anchor tenant, Key Bank, and a new lease with BakerHostetler for 115,615 square feet.
- 9 Technology Drive in Westborough, MA – Bose Corporation signed a 12-year renewal for the entire building.
- University Circle in Palo Alto, CA – New deals brought this property from 68% to 96% leased, including new tenant Amazon Web Services.
- 515 Post Oak in Houston, TX – Following the completion of a full renovation at the building in late spring, new deals have brought it to 39% leased, with significant activity ongoing.
- Market Square in Washington, D.C. – The substantial majority of the retail vacancies at this complex were leased, significantly enhancing the property’s amenity offerings.