Columbia Property Trust has completed the sale of One and Three Glenlake Parkway, a fully-leased, 711,000-square-foot office campus located in Atlanta’s Central Perimeter submarket, for $227.5 million.
Columbia completed a significant repositioning of the campus in advance of the sale, to position it as best-in-class for Atlanta’s Central Perimeter submarket. These efforts helped to drive 460,000 square feet of leasing at the property since early 2017, replacing the original anchor tenant with no downtime and returning the full property to 100 percent leased. Columbia acquired One and Three Glenlake in 2003 and 2008, respectively, according to a prepared release.
“With Columbia’s portfolio now focused in New York, San Francisco and Washington, D.C., we are completing our established plans to exit other markets,” said Nelson Mills, chief executive officer of Columbia. “Our successful leasing of the Glenlake campus has optimally positioned the property for sale.”