{"id":1004549976,"date":"2021-09-07T07:02:43","date_gmt":"2021-09-07T15:02:43","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004549976"},"modified":"2022-12-08T15:33:34","modified_gmt":"2022-12-08T23:33:34","slug":"pimco-to-buy-columbia-in-3-9b-deal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/pimco-to-buy-columbia-in-3-9b-deal\/","title":{"rendered":"PIMCO to Buy Columbia Property Trust in $3.9B Deal"},"content":{"rendered":"\n<p>In a deal valued at $3.9 billion, Columbia Property Trust has agreed to be taken private by Pacific Investment Management Co. (PIMCO), the companies announced on Tuesday morning.<\/p>\n\n\n\n<p>PIMCO will acquire the outstanding shares of the New York City-based office REIT for $19.30 per share, a 27 percent premium over Columbia\u2019s share price on March 12. The deal also includes the assumption of Columbia\u2019s consolidated and unconsolidated debt, the companies said in a statement. Closing is expected by the end of the year.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignright size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004541041\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/the-mass-timber-project-that-captured-peoples-imagination\/columbiapropertytrust_80m_aerialdusk_031721\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/06\/ColumbiaPropertyTrust_80M_AerialDusk_031721.jpg\" data-orig-size=\"1600,1199\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"ColumbiaPropertyTrust_80M_AerialDusk_031721\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;80 M Street. Image courtesy of Neoscape&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/06\/ColumbiaPropertyTrust_80M_AerialDusk_031721.jpg?w=1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/06\/ColumbiaPropertyTrust_80M_AerialDusk_031721.jpg?w=696\" alt=\"\" class=\"wp-image-1004541041\" width=\"1024\" height=\"767\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/06\/ColumbiaPropertyTrust_80M_AerialDusk_031721.jpg 1600w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/06\/ColumbiaPropertyTrust_80M_AerialDusk_031721.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/06\/ColumbiaPropertyTrust_80M_AerialDusk_031721.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/06\/ColumbiaPropertyTrust_80M_AerialDusk_031721.jpg?resize=1024,767 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/06\/ColumbiaPropertyTrust_80M_AerialDusk_031721.jpg?resize=1536,1151 1536w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Columbia Property Trust&#8217;s current projects include the expansion of 80 M St. in Washington, D.C., which will be the first commercial building in the capital to use mass timber. Image courtesy of Neoscape<\/figcaption><\/figure><\/div>\n\n\n\n<p>The deal is the culmination of a strategic review process undertaken this spring by Columbia. In March, Columbia was the target of an <a href=\"https:\/\/www.commercialsearch.com\/news\/columbia-property-trust-gets-2-2b-takeover-bid\/\">unsolicited proposal<\/a> from a group led by The Sapir Organization. That deal would have paid $19.50 for each share of Columbia stock.<\/p>\n\n\n\n<p>Columbia owns 6 million rentable square feet of office space in New York City, Washington, D.C., Boston and San Francisco. Another four properties are under development. Columbia also manages 8 million square feet for third-party clients.<\/p>\n\n\n\n<p>Notable Columbia projects include 80 M St. in Washington, D.C. As part of a 105,000-square-foot vertical expansion, the property is the first commercial building in the capital to use mass timber. <\/p>\n\n\n\n<p>Another Columbia project, 799 Broadway in Manhattan, earned a bronze award the 2020 CPE Distinguished Achievement Awards for its design by Perkins&amp;Will.<\/p>\n\n\n\n<p>Last October, <a href=\"https:\/\/www.commercialsearch.com\/news\/columbia-property-trust-recaps-400m-san-francisco-asset\/\">Columbia recapitalized 221 Main St.<\/a>, an office tower in San Francisco\u2019s South Financial District, with a $180 million investment from Allianz Real Estate.<\/p>\n\n\n\n<p>Newport Beach, Calif.-based PIMCO manages $180 million real estate assets worldwide. The company, which is owned by Allianz S.E., combined its real estate platform last year with that of Allianz Real Estate.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The acquisition would take the New York City-based office REIT private.<\/p>\n","protected":false},"author":445,"featured_media":1004541041,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,21742,21747],"tags":[33221],"class_list":["post-1004549976","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-latest","category-office","tag-columbia-property-trust-inc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>PIMCO to Buy Columbia Property Trust in $3.9B Deal - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/pimco-to-buy-columbia-in-3-9b-deal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PIMCO to Buy Columbia Property Trust in $3.9B Deal\" \/>\n<meta property=\"og:description\" content=\"The acquisition would take the New York City-based office REIT private.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/pimco-to-buy-columbia-in-3-9b-deal\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-07T15:02:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T23:33:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/06\/ColumbiaPropertyTrust_80M_AerialDusk_031721.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"1199\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Paul Rosta\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pimco-to-buy-columbia-in-3-9b-deal\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/pimco-to-buy-columbia-in-3-9b-deal\/\",\"name\":\"PIMCO to Buy Columbia Property Trust in $3.9B Deal - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pimco-to-buy-columbia-in-3-9b-deal\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pimco-to-buy-columbia-in-3-9b-deal\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/06\/ColumbiaPropertyTrust_80M_AerialDusk_031721.jpg\",\"datePublished\":\"2021-09-07T15:02:43+00:00\",\"dateModified\":\"2022-12-08T23:33:34+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/ed97e8245f278ce01a7b951f706152af\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pimco-to-buy-columbia-in-3-9b-deal\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/pimco-to-buy-columbia-in-3-9b-deal\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pimco-to-buy-columbia-in-3-9b-deal\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/06\/ColumbiaPropertyTrust_80M_AerialDusk_031721.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/06\/ColumbiaPropertyTrust_80M_AerialDusk_031721.jpg\",\"width\":1600,\"height\":1199,\"caption\":\"80 M Street. 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