Columbia Property Trust Divests From Houston, Sells Three Buildings
Atlanta-based Columbia Property Trust has exited the Houston market with the sale of three office properties to Spear Street Capital for $272M in gross proceeds. The assets, which total 1.2M SF, include 5 Houston Center (above), Energy Center 1 and 515 Post Oak. The company has sold a total of $932.5M in non-core assets since March 2016. According to a release, Columbia will use proceeds from the sale to invest in its high-barrier target markets.
“While our Houston properties have been strong performers over the years, we have shifted our focus to select high-barrier markets as we continue to position Columbia as a top-performing office REIT,” CEO Nelson Mills said. “We had solid demand from potential buyers for this portfolio, and this was a good opportunity to accelerate our core market strategy."