Columbia Property Trust Continues Leasing Success at 221 Main Street
Columbia Property Trust, Inc. (NYSE:CXP) announced that it has executed a lease expansion and extension with DocuSign, Inc. (DocuSign), the global standard for digital transaction management, making it an anchor tenant at 221 Main Street in San Francisco. The transaction will ultimately triple DocuSign’s presence at the property and extend its term through March 2024. Additional terms of the lease were not disclosed.
When Columbia Property Trust purchased the 388,000-square-foot, Class-A office building in San Francisco’s North Financial District in April 2014, 221 Main Street was 81% leased with rents well below market. Coupled with earlier leasing successes, this showcase property is now over 95% leased, with DocuSign expanding into additional space in several phases beginning in the second quarter of 2015.
“We are thrilled to have forged a relationship with DocuSign that resulted in not only extending, but also significantly expanding, their presence at 221 Main Street,” said Nelson Mills, President and CEO of Columbia Property Trust. “Our team worked diligently and creatively to accommodate the full space needs of their rapidly growing enterprise within one property, to their benefit and ours, and we look forward to a long relationship with them.”
“This transaction, which will bring 221 Main Street to substantially full occupancy more swiftly and at higher rents than our initial underwriting, demonstrates the momentum we are creating in our Bay Area portfolio, which, in addition to 221 Main Street, includes our most recent acquisition, 650 California Street, as well as University Circle in Palo Alto and our property fully leased to Wells Fargo Bank at 333 Market Street,” continued Mills.
“Our regional team has worked to not only capitalize on ideal market conditions in the area but to also meet our tenants’ needs while maximizing the opportunity for value creation for our shareholders.”
About Columbia Property Trust
Columbia Property Trust, a publicly traded REIT, 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 February 12, 2015, Columbia Property Trust’s portfolio consisted of 38 office properties and one hotel, which included 55 operational buildings and comprised approximately 16.6 million square feet, located in 15 U.S. metropolitan statistical areas (MSAs). For information about Columbia Property Trust, visit www.ColumbiaPropertyTrust.com.
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