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Press Release

Columbia Property Trust Maintains Strong Momentum at 650 California Street with New WeWork Lease

Company Release - 2/22/2017 6:30 AM ET

Iconic San Francisco office tower has completed over 90,000 SF of total leasing in past nine months

ATLANTA & SAN FRANCISCO--(BUSINESS WIRE)-- Columbia Property Trust, Inc. (NYSE: CXP) today announced a new 60,576-square-foot, 12-year lease with WeWork, one of the world’s largest providers of shared office space, to occupy floors four through seven at 650 California Street in San Francisco. Columbia has now completed four leases totaling 91,562 square feet at the property over the past nine months to take the iconic, 477,000-square-foot office building from 65% at the end of June to 81% leased today.

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Columbia Property Trust has completed over 91,000 square feet of leasing at 650 California Street ov ...

Columbia Property Trust has completed over 91,000 square feet of leasing at 650 California Street over the past nine months, highlighted by a new 60,576-square-foot lease with WeWork. (Photo: Business Wire)

The 33-story building in the Financial District has been a landmark of the San Francisco skyline since its construction in 1964. Thanks to a major renovation and remodeling project that was completed in 2013, the building’s unique mid-century architecture is now paired with a clean, modern interior design and a luxury amenities program that has made 650 California appealing to a broad spectrum of office tenants.

In 2016, Columbia implemented a spec suite program to complement its other leasing efforts, building out small to medium-sized suites ready for immediate occupancy. The program has proven to be highly successful, with new or expanded renewal leases signed for several of these pre-built suites to date and strong interest in the additional suites available.

“When acquiring 650 California, we were particularly drawn to the opportunity to capture significant value related to near-term expirations of leases with under-market rents. We are now realizing that value, as we further build upon our impressive tenant roster,” noted Nelson Mills, president and chief executive officer of Columbia Property Trust. “We are particularly pleased to expand on our relationship with WeWork, which we established last year in Washington, D.C., where they launched their first Navy Yard/Capitol Riverfront location at our 80 M Street property.”

Columbia also recently completed additional renovations at 650 California, including high-end upgrades of the main lobby and construction of a new café and tenant lounge to create a collaborative environment. A new luxury onsite concierge service is now available exclusively to tenants, along with state-of-the-art fitness and conference centers. The highly-amenitized tower continues to offer specialty transportation features as well, including onsite valet parking, secure bike parking, EV and Scoot-E-Bike® charging stations, and immediate Zipcar® access.

David Dowdney, senior vice president of the Western Region for Columbia, added, “At 650 California, we’ve succeeded in blending a great location with first-rate amenities, appealing aesthetics and modern spaces with the built-in flexibility to suit any tenant’s needs. The addition of WeWork serves as further validation of 650 California’s status as one of San Francisco’s pre-eminent business addresses.”

About Columbia Property Trust

Columbia Property Trust (NYSE: CXP) owns and operates Class-A office buildings primarily in high-barrier-to-entry, primary markets. Our portfolio includes 16 office properties containing eight million square feet, concentrated in New York, San Francisco, and Washington, D.C. Columbia carries an investment-grade rating from both Moody’s and Standard & Poor’s. For more information, please visit www.columbia.reit.

Forward-Looking Statements:

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, anticipated dividends, 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, 2016, 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.

Columbia Property Trust, Inc.
Media Contact:
Bud Perrone, 212-843-8068
bperrone@rubenstein.com
or
Investor Relations:
Matt Stover, 404-465-2227
IR@columbia.reit

Source: Columbia Property Trust, Inc.

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