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Columbia Property Trust Completes Active Leasing Year In 2013 With 1.8 Million Square Feet Signed

Stocks in this article: CXP

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.

About Columbia Property Trust

One of the nation’s largest office REITs, Columbia Property Trust invests in high-quality commercial office properties in primary U.S. markets and has achieved an investment-grade rating from both Moody’s and Standard & Poor’s rating services. Currently, the REIT’s $5 billion portfolio consists of 59 operational buildings in 13 states and the District of Columbia, totaling 16.8 million square feet. For information about Columbia Property Trust, visit www.ColumbiaPropertyTrust.com.

Forward-Looking Statements

Certain statements contained in this press release other than historical facts may be considered forward-looking statements. Such statements include, in particular, statements about our plans, strategies and prospects, 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 this report is filed with the U.S. Securities and Exchange Commission (“SEC”). 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.

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