Columbia Property Trust, Inc. (NYSE:CXP) announced a strategic alliance with L&L Holding Company, LLC, which owns and manages a six million square foot portfolio of Class-A commercial office properties in and around New York City. This arrangement includes leasing and property management services for Columbia’s newly acquired property at 315 Park Avenue South and also provides a foundation for the two companies to jointly explore future investment opportunities.
Columbia acquired 315 Park Avenue South, a recently-renovated, historic Class-A office building comprising 341,330 leasable square feet in Manhattan’s Gramercy Park submarket, in an off-market transaction earlier this month. L&L will support Columbia’s efforts to maximize value from the property, which offers significant near-term lease roll at below market rents and a prime location in Midtown South.
“Our strategy includes teaming up with local sharpshooters in key markets that complement our proven leasing and regional management teams to successfully capitalize on value-add opportunities such as 315 Park Avenue South,” said Nelson Mills, President and CEO of Columbia Property Trust. “L&L is a proven operator with an impressive track record in the New York market, and they will work with us to further enhance the property’s reputation as one of the market’s premier office destinations due to its desirable location and unique blend of historic architecture and modern infrastructure. We are actively exploring future joint investment opportunities with L&L as we continue to enhance our portfolio and expand Columbia’s presence in the New York market.”
“We are pleased to be working with Columbia Property Trust on the timely opportunity that 315 Park Avenue South presents,” said Robert T. Lapidus, President of L&L. “The Columbia team has proven their ability to identify and execute favorable investment transactions in very attractive markets. We look forward to complementing their efforts to position 315 Park Avenue South as a top competitor in Midtown South and to the possibility of future investments together.”
About Columbia Property Trust
Columbia Property Trust, a publicly traded REIT, invests in high-quality commercial office properties in primary markets nationwide and has achieved an investment-grade rating from both Moody's and Standard & Poor’s rating services. As of January 8, 2015, Columbia Property Trust's portfolio consists of 38 office properties and one hotel, which includes 55 operational buildings and comprises approximately 16.3 million square feet, located in 15 U.S. metropolitan statistical areas (MSAs). For information about Columbia Property Trust, visit www.ColumbiaPropertyTrust.com.
About L&L Holding Company
L&L Holding Company is a privately-held, vertically-integrated real estate company that owns and manages a six million square foot portfolio of Class-A commercial office properties in New York City and the New York metropolitan area. As an investor, owner, operator, and developer, L&L is expert at identifying underperforming assets and unique value-add opportunities, producing unparalleled returns for its institutional partners and delivering award-winning redevelopment projects. For information about L&L Holding Company, visit www.ll-holding.com.
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