ATLANTA & BALTIMORE--(BUSINESS WIRE)--Columbia Property Trust, Inc. (NYSE: CXP) today announced that it completed the sale of 100 East Pratt Street, a 653,000-square-foot Class-A office property in Baltimore, Maryland, to Vision Properties, an east coast real estate firm, for gross proceeds of $187 million. The Company will use these proceeds to repay a $119 million short-term bridge loan and borrowings on its unsecured credit facility.
Located in Baltimore’s Inner Harbor district, 100 East Pratt is the headquarters of T. Rowe Price and also houses Maryland law firm Tydings & Rosenberg and global professional services firm PricewaterhouseCoopers. As of December 31, 2015, the property was 98.5 percent leased.
“This week’s sale of 100 East Pratt, which was our only asset in Baltimore, represents another milestone in our ongoing transformation of Columbia Property Trust’s portfolio into one that is primarily focused on the acquisition, leasing and operation of top quality office properties in the nation’s high-barrier markets,” noted Nelson Mills, president and chief executive officer of Columbia Property Trust. “Through this sale, we achieved pricing well within our target range for the property, which reflects its overall quality and solid performance during our years of ownership. More importantly, we have now successfully sold 48 non-core properties totaling $2.3 billion in proceeds since 2011, while simultaneously investing $2 billion in prime office properties located in New York, San Francisco, Washington and Boston.”
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 26 office properties containing 13.0 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 www.ColumbiaPropertyTrust.com.
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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.