Meet Columbia Property Trust: Best Corporate Strategy Gold Winner
- Jan 20, 2021
Columbia Property Trust is recognized for moves that feature a major enterprise-level acquisition, several projects in Manhattan and a number of key dispositions. In October 2019, Columbia reached an agreement to acquire Normandy Real Estate Management, adding several properties to its New York, Boston and Washington, D.C., portfolio. The acquisition boosted Columbia’s footprint while also adding a development arm and a complementary fund program.
Throughout 2019, Columbia was also working on three major developments in Manhattan. Last spring, the REIT broke ground on 799 Broadway, a 182,000-square-foot office building that is its first ground-up development in New York City. Columbia teamed up with L&L Holding Co. to redevelop Terminal Warehouse into a 1.2 million-square-foot creative office and retail destination. The REIT also acquired a property in Manhattan’s Tribeca neighborhood, with plans to redevelop it into a boutique office space. In San Francisco, the company bought the Class A office tower at 201 California St. Columbia also sold its three-building Westinghouse campus in suburban Pittsburgh for $180 million and realized $78 million from the sale of Pasadena Corporate Park, a three-building office property in suburban Los Angeles. The REIT owns 6 million square feet of Class A properties and manages 8 million square feet for private investors and third-party clients.