Columbia Property Trust has sold a 653,000 sq ft office property in Baltimore, Maryland and will use the proceeds to repay a $119 million short-term bridge loan and borrowings on its unsecured credit facility.
The real estate investment trust sold the Class A office building at 100 East Pratt Street to Vision Properties for $187 million.
“[The] sale of 100 East Pratt, which was our only asset in Baltimore, represents another milestone in our ongoing transformation of Columbia Property Trust’s portfolio into one that is primarily focused on the acquisition, leasing and operation of top quality office properties in the nation’s high-barrier markets,” said Nelson Mills, president and chief executive officer of Columbia Property Trust, in a statement.
Located in Baltimore’s Inner Harbor district, 100 East Pratt is the headquarters of T. Rowe Price, Maryland law firm Tydings & Rosenberg, and global professional services firm PricewaterhouseCoopers. The property was 98.5 percent leased as of December 31, 2015.
Mills also noted that the company has sold 48 non-core properties totaling $2.3 billion in proceeds since 2011, while simultaneously investing $2 billion in prime office properties located in New York, San Francisco, Washington and Boston. Last year, the trust used a six-month, $300m bridge loan from its unsecured credit facility for its $516m purchase of the The New York Times’ former headquarters in Midtown Manhattan.
Columbia Property Trust owns and operates Class-A office buildings with a $5 billion portfolio that includes 26 office properties concentrated in San Francisco, New York, and Washington, D.C. Vision Properties is a real estate development and management firm headquartered in New Jersey.