NEW YORK--(BUSINESS WIRE)--Columbia Property Trust, Inc. (NYSE: CXP) today announced that it has renewed its lease with Pershing LLC, a wholly owned subsidiary of The Bank of New York Mellon, for approximately 400,000 square feet at 95 Columbus, a fully leased, 630,000-square-foot, Class-A office tower in Jersey City. Pershing, which has been assigned an A+/A-1 credit rating by S&P Global Ratings, will retain its global headquarters at the building to June 2037.
In the year ahead, Columbia plans to commence strategic enhancements to the building’s lobby and other common areas, to ensure the building is well aligned with the momentum in Jersey City’s amenity-rich Grove Street corridor and capitalize on its connection to Manhattan. As Jersey City’s only Class-A building with direct transit access to Midtown and Downtown, 95 Columbus offers unparalleled transit access in the submarket, as well as easy access to all points across New Jersey via train, car or bus.
“Our relationship with Pershing is one of the longest and most well established in our portfolio, and we are very pleased that they have extended their long-term commitment at 95 Columbus,” said Nelson Mills, CEO of Columbia. “Building upon our strong track record of successful repositioning projects in the New York area, we will ensure that this stalwart tower remains among the best office properties in Jersey City, well-equipped to support ongoing leasing at attractive rates.”
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 18 properties that contain more than seven million rentable square feet, as well as two properties under development. Columbia has investment-grade ratings from both Moody’s and S&P. 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. 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. Such statements include, in particular, statements about our capital investment projects, marketing efforts, and leasing transactions 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. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
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 Columbia Property Trust’s Annual Report on Form 10-K for the year ended December 31, 2018, and subsequent Quarterly Reports on Form 10-Q, 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 and Quarterly Reports 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. We do not undertake any duty to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, other than as required by law.