ATLANTA & NEW YORK--(BUSINESS WIRE)--Columbia Property Trust, Inc. (NYSE: CXP) today announced that it has signed a 30-year lease with NYU Langone Medical Center for the entirety of its 25-story office tower at 222 East 41st Street.
The triple-net lease encompasses all 389,522 square feet of Class-A office space at the building, including all 25 floors and the lobby, common areas and parking garage. NYU Langone is expected to take possession around year-end 2016, following the October 2016 expiration of Columbia’s lease with law firm Jones Day for 353,541 square feet at the property. Financial terms were not disclosed.
NYU Langone will convert 222 East 41st Street from its current use into a combination of medical offices, ambulatory care facilities and other ancillary uses. NYU Langone will benefit from recent upgrades to the lobby and amenities at the building, which was built in 2001 and acquired by Columbia in 2007, as well as its proximity to Grand Central Terminal.
“We are very pleased that NYU Langone Medical Center has selected 222 East 41st to be its next Manhattan location,” noted Nelson Mills, president and chief executive officer of Columbia Property Trust. “Our ability to secure a long-term tenant with an esteemed reputation like NYU, while also successfully addressing the most significant lease expiration in our portfolio with minimal downtime, is a testament to this building’s quality and the ability of our local team.”
Mills continued, “With this property now fully re-leased and our recently-acquired 229 West 43rd Street also nearly 100% leased, our New York team is fully focused on completing leasing objectives at our other Midtown property, 315 Park Avenue South, which is enjoying substantial interest from prospective tenants.”
Columbia was represented in the deal by Paul Amrich, Neil King, James Ackerson, and Jackie Marshall of CBRE, and NYU Langone was represented by Bruce Mosler and Mark Mandell of Cushman & Wakefield.
About Columbia Property Trust
Columbia Property Trust (NYSE: CXP) owns and operates Class-A office buildings in competitive, primarily CBD locations, and over half our investments are in high-barrier-to-entry, primary markets. Our $5 billion portfolio includes 26 office properties containing 13.0 million square feet and one hotel, concentrated in San Francisco, New York, and Washington, D.C. For more information about Columbia, which carries an investment-grade rating from both Moody’s and Standard & Poor’s, please visit www.ColumbiaPropertyTrust.com.
Forward-Looking Statements:
Certain statements contained in this press release other than historical facts may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in those acts. Such statements include, in particular, statements about our plans, strategies, and prospects and are subject to certain risks and uncertainties, including known and unknown risks, which could cause actual results to differ materially from those projected or anticipated. Therefore, such statements are not intended to be a guarantee of our performance in future periods. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. We make no representations or warranties (express or implied) about the accuracy of any such forward-looking statements contained in this press release, and we do not intend to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Any such forward-looking statements are subject to risks, uncertainties, and other factors and are based on a number of assumptions involving judgments with respect to, among other things, future economic, competitive, and market conditions, all of which are difficult or impossible to predict accurately. To the extent that our assumptions differ from actual conditions, our ability to accurately anticipate results expressed in such forward-looking statements, including our ability to generate positive cash flow from operations, make distributions to stockholders, and maintain the value of our real estate properties, may be significantly hindered. See Item 1A in the Company's most recently filed Annual Report on Form 10-K for the year ended December 31, 2015, for a discussion of some of the risks and uncertainties that could cause actual results to differ materially from those presented in our forward-looking statements. The risk factors described in our Annual Report are not the only ones we face, but do represent those risks and uncertainties that we believe are material to us. Additional risks and uncertainties not currently known to us or that we currently deem immaterial may also harm our business.
