ATLANTA & DENVER--(BUSINESS WIRE)--
Columbia Property Trust, Inc. (NYSE: CXP) today announced that it has completed the sale of a suburban office complex located outside Denver to Angelo, Gordon & Co., a New York-based alternative investment firm, for $122 million in gross proceeds. Columbia will use proceeds from the sale to repay borrowings on its unsecured credit facility.
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Columbia Property Trust (NYSE:CXP) has completed the sale of a suburban office complex located outside Denver, fully leased as the world headquarters of construction firm CH2M, to Angelo, Gordon & Co., a New York-based alternative investment firm, for $122 million in gross proceeds. (Photo: Business Wire)
The 370,485-square-foot campus located on South Jamaica Street in Englewood, Colorado, is fully leased to global engineering and construction firm CH2M. The firm signed a renewal in late 2015 at the campus, extending their lease through September 2032. Columbia acquired the property in 2007 at the completion of its construction as a build-to-suit for CH2M’s world headquarters.
“The pricing and timeframe achieved for this sale demonstrate the substantial value created by completing the long-term renewal with CH2M last year," said Nelson Mills, president and CEO of Columbia Property Trust. "This sale brings us to a total of $357 million of completed dispositions this year, as we continue to focus on our core, CBD markets."
The sale of the CH2M campus is another step in Columbia’s previously announced plan to dispose of roughly $700 million to $1 billion of non-core assets in 2016. Since 2011, Columbia has sold over 50 non-core buildings and reinvested over $2 billion in assets in core CBD markets, including San Francisco, New York, Boston, and Washington, D.C.
Columbia owns a fourth building adjacent to CH2M’s campus, which is being marketed for sale.
About Columbia Property Trust
Columbia Property Trust (NYSE: CXP) owns and operates Class-A office buildings in competitive, primarily CBD locations, and over half our investments are in high-barrier-to-entry, primary markets. Our $5 billion portfolio includes 25 office properties containing 12.3 million square feet and one hotel, concentrated in San Francisco, New York, and Washington, D.C. For more information about Columbia, which carries an investment-grade rating from both Moody’s and Standard & Poor’s, please visit 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, 2015, 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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