Columbia Property Trust buys five-story building in Reston
Atlanta-based Columbia Property Trust Inc. has acquired a Reston office building as part of a two-property $436 million deal.
Columbia bought a 244,565-square-foot, Class-A office building at 1881 Campus Commons Drive in Reston as part of a deal with Spear Street Capital.
The company said the multi-tenant, transit-oriented, five-story building was built in 1999 and has been renovated significantly during the past two years.
The other property in the deal is 315 Park Avenue South, a newly-renovated, 341,330-square-foot, historic Class-A office building in Manhattan’s Gramercy Park submarket.
Separately, Columbia acquired the 274,218-square-foot, Class-A office building at 116 Huntington Ave. in Boston’s Back Bay district from Broadway Partners for $152 million.
Columbia said it financed the acquisitions with a $300 million bridge loan, a $140 million draw under Columbia’s unsecured credit facility, and $148 million of cash on hand, primarily generated by 2014 disposition activity.
Columbia is a publicly traded real estate investment trust. As of Jan 8, its portfolio consisted of 38 office properties and one hotel, including 55 buildings and approximately 16.3 million square feet, located in 15 U.S. metropolitan statistical areas.