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.
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, 2012 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.