Columbia Property Trust Sells AT&T Lenox Park Campus in Atlanta for $290 Million
Columbia Property Trust, Inc. (NYSE:CXP) announced that it has completed the sale of a five-building, 1 million-square-foot, Class-A office campus in Atlanta for $290 million.
Fully leased to AT&T Services, Inc., the unencumbered property is located at 1025, 1055, 1057, and 1277 Lenox Park Boulevard and 2180 Lake Boulevard in the Lenox Park office complex in Atlanta’s Buckhead submarket.
“This carefully planned and executed sale allowed us to capitalize on market demand while further reducing some of our remaining exposure in single-tenant assets,” said Nelson Mills, President and CEO of Columbia Property Trust. “While Atlanta remains a sizable component of Columbia’s overall portfolio and AT&T continues to be a valued tenant, this transaction is consistent with our strategy to enhance the portfolio by selectively redeploying capital into new growth opportunities, such as our recent purchase of 650 California in San Francisco.”
About Columbia Property Trust
One of the nation’s largest office REITs, Columbia Property Trust invests in high-quality commercial office properties in primary markets nationwide and has achieved an investment-grade rating from both Moody’s and Standard & Poor’s rating services. As of June 30, 2014, Columbia Property Trust’s portfolio consisted of 37 office properties and one hotel, which included 58 operational buildings and comprised approximately 16.8 million square feet located in 12 states and the District of Columbia. For information about Columbia Property Trust, visit www.ColumbiaPropertyTrust.com.
Certain statements contained in this press release other than historical facts may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in those acts. 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 of this press release. 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.
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, 2013, 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.
Sorry. No data so far.