NEW YORK--(BUSINESS WIRE)--Columbia Property Trust, Inc. (NYSE: CXP) announced today that it has signed a 115,000-square-foot, long-term lease with WeWork, the shared office space provider, for the entire office portion of 149 Madison Avenue, Columbia’s 12-story Midtown South building.
The lease commenced October 18, 2018, and Columbia will collaborate with WeWork to transform 149 Madison into a boutique office address with modernized amenities and infrastructure. The redeveloped building, which is expected to open in 2019, will also include 6,600 square feet of prime retail space on the ground floor, with prominent corner frontage on Madison Avenue and 32nd Street. Columbia is already in discussions with several retailers for the space.
“With 149 Madison, we saw a unique opportunity to create a custom-designed, boutique building that would provide a differentiated experience for tenants,” said Nelson Mills, chief executive officer of Columbia. “WeWork shares our vision for this special building’s potential, and we look forward to working with them to position 149 Madison as an ideal home for tenants seeking high-end creative space in Midtown South.”
Columbia owns six office properties in Midtown Manhattan that include a total of 1.7 million leasable square feet, plus one building under development. With this latest lease at 149 Madison, Columbia’s Manhattan portfolio is 98 percent leased.
About Columbia Property Trust
Columbia Property Trust (NYSE: CXP) creates value through owning, operating and developing Class-A office buildings in high-barrier U.S. office markets, primarily New York, San Francisco, and Washington D.C. Columbia is deeply experienced in transactions, asset management and repositioning, leasing, and property management. It employs these competencies to grow value across its high-quality, well-leased portfolio of 19 properties that contain nine million rentable square feet, as well as one property under development. Columbia has investment-grade ratings from both Moody’s and Standard & Poor’s. For more information, please visit www.columbia.reit.
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 redevelopment and leasing transactions 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 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, 2017, 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.