Columbia Property Trust Sells Lindbergh Center in Atlanta for $187 Million

Business Wire 27-Sep-2019 11:30 AM

Completes Disposition of Atlanta-area Assets in Conjunction with Gateway Market Strategy

Columbia Property Trust, Inc. (NYSE:CXP) announced today that it has completed the sale of Lindbergh Center, a 1.1-million-square-foot, mixed-use property in Atlanta, for a gross sales price of $187 million.

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CXP) has completed the sale of Lindbergh Center, a 1.1 million-square-foot mixed-use property in Atlanta, for a gross sales price $187 million. (Photo: Business Wire)">

Columbia Property Trust (NYSE:CXP) has completed the sale of Lindbergh Center, a 1.1 million-square-foot mixed-use property in Atlanta, for a gross sales price $187 million. (Photo: Business Wire)

Columbia acquired the twin 14-story office buildings that constitute the majority of the Lindbergh Center complex in 2008. These 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. 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."

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 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. For more information, please visit www.columbia.reit.

Forward-Looking Statements:

Certain statements in this press release, including statements regarding future business operations, may constitute 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 and are subject to uncertainty and risks. Our actual results may differ materially from projections. See Item 1A in the Company's most recently filed Annual Report on Form 10-K for the year ended December 31, 2018, 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. Such forward-looking statements are based on current expectations and speak as of the date of such statements. We make no representations or warranties (express or implied) about the accuracy of, nor do we intend to publicly update or revise any such forward-looking statements contained herein, whether as a result of new information, future events, or otherwise.

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