Columbia Property Trust, Inc. (NYSE: CXP) announced today that it has completed the sale of One and Three Glenlake Parkway, a fully-leased, 711,000-square-foot office campus located in Atlantas Central Perimeter submarket, for $227.5 million.
Columbia completed a significant repositioning of the campus in advance of the sale, to position it as best-in-class for Atlantas Central Perimeter submarket. These efforts helped to drive 460,000 square feet of leasing at the property since early 2017, replacing the original anchor tenant with no downtime and returning the full property to 100 percent leased. Columbia acquired One and Three Glenlake in 2003 and 2008, respectively.
With Columbias portfolio now focused in New York, San Francisco and Washington, D.C., we are completing our established plans to exit other markets, said Nelson Mills, chief executive officer of Columbia. Our successful leasing of the Glenlake campus has optimally positioned the property for sale.
About Columbia Property Trust
Columbia Property Trust (NYSE: CXP) creates value through owning, operating and developing Class-A office buildings in high-barrier U.S. office markets, primarily New York, San Francisco, and Washington D.C. Columbia is deeply experienced in transactions, asset management and repositioning, leasing, and property management. It employs these competencies to grow value across its high-quality, well-leased portfolio of 18 properties that contain over eight million rentable square feet, as well as one property under development. Columbia has investment-grade ratings from both Moodys and Standard & Poors. For more information, please visit www.columbia.reit.
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