Columbia Property Trust Buys Reston Office Building
- Jan 15, 2015
Columbia Property Trust Inc. added another office property to its Washington, D.C., portfolio with the acquisition of 1881 Campus Commons Drive in Reston.
The five-story, Class A office building has 244,565 square feet of space and is LEED Silver certified. Constructed in 1999, it was significantly renovated over the past two years. Amenities include a state-of-the art fitness center and on-site café.
The Reston office building was 78 percent leased at the time of the sale. SOS International and Siemens Government Services are its largest tenants.
The publicly traded REIT purchased 1881 Campus Commons on Jan. 7 for an undisclosed amount as part of a two-building portfolio that also included 315 Park Ave. South, a newly renovated, 341,330-square-foot, historic Class A office building in Manhattan’s Gramercy Park submarket. Columbia Property Trust purchased the properties from Spear Street Capital in an off-market transaction for a total price of almost $436 million.
Separately, Columbia Property Trust also acquired a 274,218-square-foot, Class A office building in Boston, paying 152 million. The acquisitions were funded with a $300 million bridge loan, a $140 million draw under Columbia’s unsecured credit facility and $148 million in cash on hand.
Photo credit: Columbia Property Trust Inc.