Company News »

Columbia Property Trust Continues Leasing Success at 221 Main Street

Business Wire
Share on StockTwits
Published on

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.

Forward-Looking Statements:

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, 2014, 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.

Share on StockTwits