Columbia Property Trust, Inc. (NYSE:CXP) announced that it has finalized a renewal and extension of T. Rowe Price Associates’ lease that will keep the global investment manager at 100 East Pratt Street in Baltimore through 2027. T. Rowe Price, which serves as the anchor tenant for the iconic Baltimore property and has approximately 1,300 employees on-site at its worldwide headquarters, will continue to occupy a ground floor Investor Center and 12 floors totaling 424,877 square feet. Terms of the lease were not disclosed.
Columbia Property Trust has owned the 652,988-square-foot Class A+ building since 2005. Long a fixture of Baltimore’s Inner Harbor with T. Rowe Price as one of its original tenants, 100 East Pratt Street includes a 10-story office building completed in 1978 and a 28-story tower finished in 1991. The premier office property is 96% leased.
“Retaining T. Rowe Price was one of our top priorities for 2013, and we have worked closely with them for a number of months to ensure that our mutual long-term goals for this property, our shareholders and the community could be achieved,” noted Nelson Mills, President, CEO and Director of Columbia Property Trust. “We are pleased they have made such a strong commitment to downtown Baltimore and to 100 East Pratt.”
“With other leading tenants such as IBM, LaSalle Investment Management, Merrill Lynch, PriceWaterhouse Coopers and Tydings & Rosenberg, 100 East Pratt enjoys a vibrant mix of tenants, and we expect them to continue contributing to the improving business climate in downtown Baltimore,” added Jerry Banks, Vice President of Asset Management and internal representative on the deal for Columbia Property Trust.Columbia Property Trust was represented externally by Bruce Matthai of Cassidy Turley. T. Rowe Price Associates was represented by Eric Feinberg and Rick Schuham of Studley. 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.