SAN FRANCISCO--(BUSINESS WIRE)--Columbia Property Trust, Inc. (NYSE: CXP) today announced that it has finalized a renewal with DLA Piper to retain the law firm in all 119,000 square feet that it currently occupies at University Circle in East Palo Alto, California, through June 2023. The renewal, which will be effective upon the expiration of DLA Piper’s current lease in June 2018, will keep the 451,000-square-foot University Circle office complex nearly 100% leased.
DLA Piper has been a significant tenant for University Circle since Columbia acquired the office portion of the complex in 2005 and is one of several significant law firms housed there, along with leading technology tenants such as Amazon Web Services and NTT Innovation Institute.
“We greatly value our relationship with DLA Piper and are pleased to retain this important tenant for University Circle,” said Nelson Mills, Columbia’s president and CEO. “With this renewal, we have renewed the largest remaining 2018 lease expiration in our portfolio, at favorable terms, further strengthening our portfolio and continuing to build on our value-creation strategy.”
The University Circle campus includes three office buildings completed in 2003, in which Columbia owns a majority interest, and the Four Seasons Hotel Silicon Valley, which is under separate ownership. Columbia is currently undertaking an enhancement of the campus’s central courtyard to create a more collaborative and entertaining communal space, which should be ready for tenants to enjoy later this year.
About Columbia Property Trust
Columbia Property Trust (NYSE:
CXP) owns and operates Class-A office buildings concentrated in
high-barrier-to-entry, primary markets. Its portfolio includes 16
operating properties containing over 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 share repurchase program 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.