April 16, 2019 Comments Off on Columbia Property Trust Divests Atlanta Office Campus for $228M Views: 706 National News, Top National

Columbia Property Trust Divests Atlanta Office Campus for $228M

Atlanta-based Columbia Property Trust 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. An unnamed buyer acquired the assets.

Columbia’s Nelson Mills says, “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. Our successful leasing of the Glenlake campus has optimally positioned the property for sale.”

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% leased. Columbia acquired One and Three Glenlake in 2003 and 2008, respectively.

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