Be sure to follow our LinkedIn page so you won’t miss any of the latest REIT breaking news and analysis. Click here to follow.
According to a recent announcement, Columbia Property Trust has sold the 1.1-million-square-foot Lindbergh Center in Atlanta for $187 million. Columbia acquired the twin 14-story office buildings that constitute the majority of the Lindbergh Center complex in 2008.
According to the release, the two buildings are fully leased to AT&T until December 31, 2020.
“We are pleased to have completed the sale of Lindbergh Center, in conjunction with our focus on gateway U.S. markets,” said Nelson Mills, CEO of Columbia. “Our portfolio today is among the best-positioned in the office sector, with 48 percent located in New York, 27 percent in San Francisco, and 15 percent in Washington, D.C.”
Mills added that “the benefits of our gateway market strategy are apparent, with our portfolio at 97 percent leased, generating strong financial performance, and with additional embedded growth still to be realized.”
Columbia Property Trust 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 17 properties that contain over seven million rentable square feet, as well as one property under development. Columbia has investment-grade ratings from both Moody’s and Standard & Poor’s.