{"id":1004163590,"date":"2017-01-10T08:55:35","date_gmt":"2017-01-10T16:55:35","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004163590"},"modified":"2022-12-06T19:45:16","modified_gmt":"2022-12-07T03:45:16","slug":"property-trust-exits-houston-sells-entire-portfolio-for-272m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/property-trust-exits-houston-sells-entire-portfolio-for-272m\/","title":{"rendered":"Columbia Property Trust Exits Houston"},"content":{"rendered":"<p><em>By Anca Gagiuc<\/em><\/p>\n<div id=\"attachment_1004163592\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/5-Houston-Center.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004163592\" data-attachment-id=\"1004163592\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/property-trust-exits-houston-sells-entire-portfolio-for-272m\/5-houston-center\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/5-Houston-Center.jpg\" data-orig-size=\"1500,1125\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;2.8&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;PHANTOM VISION FC200&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1388534401&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;5&quot;,&quot;iso&quot;:&quot;100&quot;,&quot;shutter_speed&quot;:&quot;0.0005&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"5 Houston Center\" data-image-description=\"&lt;p&gt;5 Houston Center&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;5 Houston Center&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/5-Houston-Center.jpg?w=1024\" class=\"wp-image-1004163592 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/5-Houston-Center.jpg\" alt=\"5 Houston Center\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/5-Houston-Center.jpg 1500w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/5-Houston-Center.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/5-Houston-Center.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/5-Houston-Center.jpg?resize=1024,768 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004163592\" class=\"wp-caption-text\">5 Houston Center<\/p><\/div>\n<p><strong>Houston<\/strong>\u2014Columbia Property Trust Inc. of Atlanta sold its Houston portfolio to San Francisco-based Spear Street Capital for $272 million in gross proceeds. Columbia\u2019s portfolio consisted of three office buildings encompassing 1.2 million square feet. The stack includes:<\/p>\n<p><strong>5 Houston Center<\/strong>\u2014the 27-story, 581,000-square-foot office tower is located at 1401 McKinney St. in downtown Houston. Columbia owned and managed the property since 2005. Ernst &amp; Young is the majority tenant.<\/p>\n<p><strong>Energy Center I<\/strong>\u2014the 332,000-square-foot asset at 585 N Dairy Ashford Road along Interstate 10 in the Energy Corridor was acquired by Columbia in 2010. Amec Foster Wheeler occupies the building.<\/p>\n<p><strong>515 Post Oak Blvd.<\/strong>\u2014the 12-story, 274,000-square-foot located in Houston\u2019s Galleria submarket was acquired by Columbia in 2004 and subjected to extensive renovations in 2013. NetIQ Corp. and Rockwater Energy Solutions are among the tenants.<\/p>\n<p>\u201cWhile 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,\u201d Nelson Mills, president &amp;\u00a0CEO of Columbia Property Trust, said in prepared remarks. \u201cWe had solid demand from potential buyers for this portfolio, and this was a good opportunity to accelerate our core market strategy. With $932.5 million in disposition proceeds raised over the past year, we have made tremendous progress in unlocking the overall value of our portfolio as we redeploy capital into assets that meet our investment criteria, located in our target markets.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Spear Street Capital is the new owner of three office buildings totaling 1.2 million square feet. <\/p>\n","protected":false},"author":237,"featured_media":1004163592,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,1589,21783,21742,21747],"tags":[33221,33392],"class_list":["post-1004163590","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-houston","category-investment","category-latest","category-office","tag-columbia-property-trust-inc","tag-spear-street-capital"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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