February 1, 2017
Columbia Property Trust Inc. exited the Cleveland, OH market with its sale of the 1.3-million-square-foot Key Center. The office tower and adjacent Marriott Hotel sold to Cleveland-based Millennia Housing Development Ltd. for $267.5 million.
Columbia Property also exited Houston earlier in January, and has completed $1.2 billion of dispositions since January 2016.
The sale was part of the REIT’s overall planned disposition program, which was launched in January 2010. “Our planned disposition program is now complete,” said Nelson Mills, president and CEO of Columbia Property Trust. “With $3.3 billion of assets sold in suburban and secondary markets since early 2012, and another $2.6 billion of acquisitions in markets such as New York and San Francisco, we now possess a truly remarkable high-barrier office portfolio.”
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