Columbia Property Trust, Inc. (NYSE:CXP) announced today that it has completed the sale of three separate office buildings for total proceeds of $88.5 million in cash. These transactions were anticipated in the Company’s guidance for 2014.
The transactions include:
- Sale of the 247,624-square-foot Class-A office property at 7031 Columbia Gateway Drive in Columbia, MD, to the existing tenant, MICROS Systems, Inc.;
- Sale of the 128,296-square-foot Class-A SunTrust Building at 200 South Orange in Orlando, FL, to Susquehanna Holdings, LTD.; and
- Sale of the previously vacant 240,274-square-foot Class-B office property at 160 Park Avenue (f/ka 180 Park Avenue #103) in Florham Park, NJ, to new user Automatic Switch Company.
Nelson Mills, President and Chief Executive Officer of Columbia Property Trust, noted, “Consistent with our previous asset recycling activity, these transactions continue to improve the overall performance and quality of our portfolio by reducing our exposure to single-tenant and suburban assets and tightening our market concentration, from 16 to 15 total markets.”
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. As of May 8, 2014, Columbia Property Trust’s portfolio included 44 properties, consisting of 60 operational buildings and comprising approximately 16.8 million square feet of office space in 13 states and the District of Columbia. For information about Columbia Property Trust, visit
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