Columbia Property Trust Will Sell Off Remaining Atlanta Assets

The last of Columbia Property Trust's Atlanta holdings are about to be no more.

The Atlanta-based, publicly traded real estate investment trust has its final three metro area assets up for sale: One and Three Glenlake Parkway in Central Perimeter and Lindbergh Center in Buckhead. All three assets are close to going under contract with undisclosed buyers, Columbia CEO Nelson Mills said.

The Glenlake campus is now mainly home to Arby's Restaurant Group's headquarters, which moved there last year. Mills told stock analysts this week that there was broad interest in the Glenlake property from a variety of investors.

“We're pleased with the pricing of the outcome on that one,” he said.

As for Lindbergh — which totals 950K SF of office space connected to MARTA's Lindbergh Station — Columbia's main tenant there, AT&T, is expected to vacate the entire facility in two years, Mills said.

“We've known that for a while,” he said. “That's more of an opportunistic play, a bit thinner pool of potential buyers there. But we feel very good about the buyer we've awarded to and expect that to close."

Despite exiting the Atlanta market, the REIT's headquarters — based at the Proscenium in Midtown — will remain here. But its decision to sell the rest of its Atlanta portfolio has everything to do with the REIT's overall focus and strategy of concentrating on Gateway cities in the U.S., mainly New York, San Francisco and Washington, D.C., Mills said.

“There's significant supply constraint,” he said. "Doing new developments in these three markets, there are barriers to that."

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Atlanta Newsletters
Related Stories

HUD Wants To Make It Easier To Bring Private Capital Into Public Housing

EXCLUSIVE: Georgia-Pacific Scraps Conversion Plans For Its Atlanta HQ

Passco Sells Buckhead Apartment Complex: The Atlanta Deal Sheet

Baby Boomers Help Push Atlanta Medical Space Rents Above Traditional Office

Crow Holdings Raising Nearly $3.3B Fund, Its Largest Ever

LaSalle Wins Extra £300M For £1B AUM Local Authority Pension Mandate

CRE's Clearance Rack Is Empty, Leaving Landlords To Create Their Own Value

Tishman Misses Payment Deadline On $450M International Square Loan

Deutsche Finance Alleges BVK Is Responsible For CRE Portfolio Losing $1B In New Lawsuit

Second Top Real Estate Exec Departs GIC

Related Cos. Sells Alpharetta Apartments For More Than $100M

Real Estate Firm Debuts With $126M Purchase Of Historic D.C. Building