ATLANTA & NEW YORK--(BUSINESS WIRE)-- Columbia Property Trust, Inc. (NYSE: CXP) today announced that it has completed the sale of 80 Park Plaza, a Class-A office property located in downtown Newark, NJ, to Nightingale Properties for $174.5 million in gross proceeds. Columbia will use proceeds from the sale to repay borrowings on its unsecured credit facility and for reinvestment in its target markets.
This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20161003005430/en/
Columbia Property Trust (NYSE:CXP) has sold 80 Park Plaza, a 973,000-square-foot, Class-A office building in Newark, NJ, to Nightingale Properties for $174.5 million in gross proceeds. (Photo: Business Wire)
This latest property sale advances Columbia’s previously announced plan to dispose of roughly $700 million to $1 billion of non-core assets, with approximately $532 million in assets already sold in 2016.
One of the largest office towers in New Jersey’s largest city, 80 Park Plaza is a 973,000-square-foot, Class-A office property that houses the headquarters of PSEG, New Jersey's largest provider of electric and gas service. The property is 85 percent leased and was acquired by Columbia in 2006.
Columbia’s greater New York portfolio now includes 229 W. 43rd Street, 315 Park Avenue South, and 222 East 41st Street in Manhattan and 95 Columbus, which is located in Jersey City’s Hudson Waterfront submarket.
“We are pleased to have completed the sale of 80 Park Plaza in Newark, and at pricing within our expected range,” noted Nelson Mills, President and CEO of Columbia Property Trust. “This transaction brings us to over $500 million of completed dispositions in 2016 and represents another significant step as we continue to focus on our core markets.”
About Columbia Property Trust
Columbia Property Trust (NYSE: CXP) owns and operates Class-A office buildings in competitive, primarily CBD locations, and over half our investments are in high-barrier-to-entry, primary markets. Our $5 billion portfolio includes 24 office properties containing 11.4 million square feet and one hotel, concentrated in San Francisco, New York, and Washington, D.C. For more information about Columbia, which carries an investment-grade rating from both Moody’s and Standard & Poor’s, please visit 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 plans, strategies, 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. 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 subject to risks, uncertainties, and other factors and 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, 2015, 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.
Source: Columbia Property Trust