Columbia Property Trust is under contract to acquire 201 California Street, an office tower in San Francisco, for $239 million, and closed on its previously announced $205.5 million acquisition of 250 Church Street in Manhattan through its joint venture with Normandy Real Estate Fund IV LP.
“We are very pleased to be putting the proceeds from our dispositions to work by adding another exceptional asset to our San Francisco portfolio,” said Nelson Mills, Columbia CEO. “With its highly desirable location, amenities and structural attributes, 201 California is positioned to perform in line with our other successful investments in the Bay Area, and we look forward to the opportunity to put our local knowledge and capability to work to improve rates even further at the property in the years ahead.”
The company is proceeding with two planned dispositions expected to close in early 2020 that it anticipates will collectively provide $245 million to $265 million in gross sales proceeds: the Westinghouse campus in Cranberry Woods (Pittsburgh), Pennsylvania, which is now under contract, and Pasadena Corporate Park in suburban Los Angeles, for which the company has commenced marketing efforts.
Located at the corner of California and Front Streets, the 17-story 201 California Street is a 272,000-square-foot, Class-A office tower in San Francisco’s Financial District. Columbia is acquiring the project from Beacon Capital Partners, with the deal expected to close by year-end. Tenants at the building include First Republic Bank, Dow Jones, and the law firm Cooper, White and Cooper.
