ATLANTA--(BUSINESS WIRE)--
Columbia Property Trust, Inc. (NYSE: CXP) announced that it has signed a new 161,000-square-foot, 12-year lease with Arby’s Restaurant Group, Inc., which will relocate its national headquarters to Columbia’s Three Glenlake office building in Atlanta’s Central Perimeter submarket.
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Arby's Restaurant Group will move their headquarters next year to 161,000 square feet at Three Glenlake, part of the One and Three Glenlake campus owned by Columbia Property Trust in Atlanta's Central Perimeter submarket. (Photo: Business Wire)
The 355,000-square-foot Three Glenlake building is currently 100 percent leased by Newell Brands until March 2020. Newell has agreed to give back 161,000 square feet, or approximately 45 percent of the building, in January 2019 in order to accommodate Arby’s new lease, which commences in August 2019 and runs until September 2031. Newell will continue to lease the remainder of the building through March 2020.
“We are very pleased that Arby’s has selected Three Glenlake to serve as its corporate headquarters,” said Kevin Hoover, senior vice president of portfolio management for Columbia. “This lease addresses a substantial portion of Newell’s space and marks the beginning of our multi-tenant strategy at this exceptional asset.”
Three Glenlake is part of a two-building, Class-A office campus owned by Columbia that enjoys a high-visibility location at the intersection of Georgia 400 and Abernathy Road. Columbia completed a $3 million renovation at the adjacent One Glenlake building earlier this year that included a lobby renovation and fresh concept café onsite, as well as enhancements to outdoor common areas shared by both buildings.
The improvements have been well-received, helping to attract Arby’s to the campus and driving nearly 100,000 square feet of leasing at One Glenlake, which is now 99 percent leased.
About Columbia Property Trust
Columbia Property Trust (NYSE: CXP) owns and operates Class-A office buildings concentrated in New York, San Francisco, and Washington, D.C. Its portfolio consists of over nine million square feet, including 19 operating properties and one property under redevelopment. With offices in New York, San Francisco, Atlanta, and Washington, D.C., Columbia carries an investment-grade rating from both Moody’s and Standard & Poor’s. For more information, please visit www.columbia.reit.
Forward-Looking Statements:
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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, 2016, 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.
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