NEW YORK--(BUSINESS WIRE)--
Columbia Property Trust, Inc. (NYSE: CXP) announced today that it has signed a new 34,100-square-foot lease with financial data and software company PitchBook Data, Inc., at 315 Park Avenue South, Columbia’s 20-story, 334,000-square-foot office building located in the heart of Manhattan’s Midtown South district.
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Financial data and software company PitchBook has signed a two-floor lease at 315 Park Avenue South, the latest of five full floors leased at the Midtown Manhattan office building, owned by Columbia Property Trust. (Photo: Business Wire)
With the signing of PitchBook, Columbia has successfully leased five full floors for a total of 85,250 square feet of space over the past four months at this property, which is now 84 percent leased.
PitchBook, a subsidiary of Morningstar, Inc., provides in-depth financial market investment data on the entire venture capital, private equity and M&A landscape, including public and private companies, investors’ funds, investments, exits and people. The company is relocating from 155 Fifth Avenue and will occupy the 13th and 14th floors of the building beginning in May, with a blended term across the two floors of 11 years and four months.
The PitchBook lease continues the recent leasing momentum at 315 Park Avenue South. In late September, Columbia finalized a 17,050-square-foot, full-floor expansion with BDG Media to grow the digital media publisher’s footprint at the building to 51,150 square feet. In October, Columbia signed a two-floor, 34,100-square-foot lease with Gemini Trust, a digital asset exchange and custodian.
“PitchBook is a great fit for the repositioned 315 Park Avenue South – a building that continues to prove its ability to serve a broad spectrum of growing tenants, from creative, media and technology companies to forward-leaning investment firms,” said Nelson Mills, president and chief executive officer of Columbia.
A building-wide renovation is near completion to reposition 315 Park Avenue South as best-in-class in the submarket. The building is located on a prominent corner at 24th Street, one block east of Madison Square Park. L&L Holding Company, LLC, which includes the leasing team of David Berkey and Andrew Wiener, provides leasing and property management at the building for Columbia.
“The epicenter of the US financial industry, New York is a key market for PitchBook to continue building and expanding our presence,” said John Gabbert, founder and CEO of PitchBook. “In 2017, PitchBook global headcount grew by 20%, and nearly 50% in the New York office, which served as a forcing function to expand our office spaces globally. Columbia Property Trust became a partner in this process, helping to find the perfect space that fit PitchBook’s unique company culture.”
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 executive offices in New York, San Francisco, and Atlanta, 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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