Columbia Property Trust Continues Leasing Momentum at 80 M Street with Completion of $3 Million Renovation

More than 150,000 square feet of leases completed at Capitol Riverfront Building in the past year

A $3 million renovation to create a hospitality-inspired lobby and amenities has helped to drive over 150,000 square feet of leasing at 80 M Street in Washington, D.C., owned by Columbia Property Trust. (Photo: Business Wire)

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ATLANTA & WASHINGTON--()--Columbia Property Trust, Inc. (NYSE: CXP) today announced the completion of a $3 million renovation of 80 M Street, which has helped to secure more than 50,000 square feet of leases so far this year to take the Capitol Riverfront building in Washington, D.C. to 94 percent leased.

In total, Columbia has secured more than 150,000 square feet of leases at 80 M Street since it began discussing its extensive renovation plans for the building in July 2016. This recent leasing activity, highlighted by a 68,673-square-foot new lease with shared office space provider WeWork signed in November, as well as several new and renewing technology tenants, has transitioned the building’s overall tenant mix to a younger and more tech-oriented focus.

Recent leases signed in 2017 include a 13,045-square-foot expansion with General Dynamics Information Technology that will give the defense services provider a total of 28,035 square feet at the building, and a 12,592-square-foot renewal with environmental non-profit Vermont Energy Investment Corporation.

“80 M Street is in a location with exceptional benefits, including transit access and the many amenities the Capitol Riverfront neighborhood has to offer,” said Nelson Mills, President and CEO of Columbia Property Trust. “Through our strategic redesign, we have added to that positioning to create a building that is unmatched in the submarket, as evidenced by the continuing leasing success we’ve had since introducing the renovation designs late last year.”

For the renovation of 80 M Street, Columbia chose an open, collaborative plan with design influenced by the area’s heritage as a U.S. Navy shipyard and the unique vitality of the Capitol Riverfront neighborhood. Working with local D.C. firm Wingate Hughes as architect and designer, Columbia made dramatic upgrades to the building’s entrance, including a brand new facade with floor-to-ceiling glass, which allows natural light to flood the interior and creates a more welcoming environment. The main lobby’s unpolished concrete floors are etched with lines representing the southeast D.C. streetscape map, giving it a chic, modern feel.

The creation of a hospitality-inspired tenant lounge, with sleek grey accents and modern furnishings in communal setups, encourages socializing outside the traditional office space. The wood slat ceiling of the tenant lounge features the U.S. Navy fight song in Morse Code, a nod to the area’s historic roots. The adjacent outdoor terrace with patio seating is connected to the tenant lounge by a large, garage-style door, in line with the neighborhood’s industrial aesthetic. The building also boasts updated elevator lobbies and restrooms, and Columbia is remodeling the onsite fitness facility.

“Our design choices have resulted in a building that reflects and feeds off of the vibrancy of the Capital Riverfront community,” said Mark Witschorik, Vice President of the Eastern Region for Columbia. “The new 80 M Street has proven to be the destination of choice for companies from a wide range of industries, and we are encouraged by the strong interest that is being generated for the remaining availability in the building.”

"Our 80 M Street design transforms the space into a true neighborhood building," said Gavin Hughes Daniels, co-founding principal of Wingate Hughes. "80 M's tenants can now expand their work into surrounding community areas that are so attractive and approachable they look like the latest must-see neighborhood hot spots, not an office building. In a city with such ties to the community and its citizens, 80 M Street is well positioned to contribute to the entire District and its values.

80 M Street is a 285,000-square-foot, Class-A office building in the heart of the Capitol Riverfront neighborhood, which is bordered by Capitol Hill, Navy Yard and the Washington Nationals stadium. The building’s ideal location is within walking distance of the stadium as well as the neighborhood’s numerous eateries, hotels, parks and residential buildings, and it offers convenient transit access via the adjacent Navy Yard/Ballpark Metrorail station.

For more information about 80 M Street, including photos, please visit www.80mstreet.com.

About Columbia Property Trust

Columbia Property Trust (NYSE: CXP) owns and operates Class-A office buildings primarily in high-barrier-to-entry, primary markets. Its portfolio includes 16 operating properties containing eight million square feet, concentrated in New York, San Francisco, 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:

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, anticipated dividends, 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, 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.

Contacts

Columbia Property Trust, Inc.
Media Contact:
Bud Perrone, 212-843-8068
bperrone@rubenstein.com
or
Investor Relations:
Matt Stover, 404-465-2227
IR@columbia.reit

Release Summary

Columbia Property Trust has completed a $3 million renovation at 80 M Street in Washington, D.C., that has helped to drive more than 150,000 square feet of leasing at the building in the past year.

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Contacts

Columbia Property Trust, Inc.
Media Contact:
Bud Perrone, 212-843-8068
bperrone@rubenstein.com
or
Investor Relations:
Matt Stover, 404-465-2227
IR@columbia.reit