Denver, CO – Columbia Property Trust, Inc. recently announced that it has completed the sale of a suburban office complex located outside Denver to Angelo, Gordon & Co., a New York-based alternative investment firm, for $122 million in gross proceeds. Columbia will use proceeds from the sale to repay borrowings on its unsecured credit facility.
The 370,485-square-foot campus located on South Jamaica Street in Englewood, Colorado, is fully leased to global engineering and construction firm CH2M. The firm signed a renewal in late 2015 at the campus, extending their lease through September 2032. Columbia acquired the property in 2007 at the completion of its construction as a build-to-suit for CH2M’s world headquarters.
“The pricing and timeframe achieved for this sale demonstrate the substantial value created by completing the long-term renewal with CH2M last year,” said Nelson Mills, president and CEO of Columbia Property Trust. “This sale brings us to a total of $357 million of completed dispositions this year, as we continue to focus on our core, CBD markets.”
The sale of the CH2M campus is another step in Columbia’s previously announced plan to dispose of roughly $700 million to $1 billion of non-core assets in 2016. Since 2011, Columbia has sold over 50 non-core buildings and reinvested over $2 billion in assets in core CBD markets, including San Francisco, New York, Boston, and Washington, D.C.
Columbia owns a fourth building adjacent to CH2M’s campus, which is being marketed for sale.
Image courtesy of Columbia Property Trust, Inc.