ATLANTA--(BUSINESS WIRE)--Columbia Property Trust, Inc. (NYSE:CXP) announced that it has completed the sale of a five-building, 1 million-square-foot, Class-A office campus in Atlanta for $290 million.
Fully leased to AT&T Services, Inc., the unencumbered property is located at 1025, 1055, 1057, and 1277 Lenox Park Boulevard and 2180 Lake Boulevard in the Lenox Park office complex in Atlanta’s Buckhead submarket.
“This carefully planned and executed sale allowed us to capitalize on market demand while further reducing some of our remaining exposure in single-tenant assets,” said Nelson Mills, President and CEO of Columbia Property Trust. “While Atlanta remains a sizable component of Columbia’s overall portfolio and AT&T continues to be a valued tenant, this transaction is consistent with our strategy to enhance the portfolio by selectively redeploying capital into new growth opportunities, such as our recent purchase of 650 California in San Francisco.”
About Columbia Property Trust
One of the nation’s largest office REITs, Columbia Property Trust invests in high-quality commercial office properties in primary markets nationwide and has achieved an investment-grade rating from both Moody's and Standard & Poor’s rating services. As of June 30, 2014, Columbia Property Trust's portfolio consisted of 37 office properties and one hotel, which included 58 operational buildings and comprised approximately 16.8 million square feet located in 12 states and the District of Columbia. For information about Columbia Property Trust, visit www.ColumbiaPropertyTrust.com.
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