Columbia Property Trust, the Atlanta-based REIT, announced this week that it would be targeting 14 assets for disposition during 2015; the first to go will be 1881 Campus Commons Building in Reston, VA. Columbia Property Trust acquired the office building this January in a three-building portfolio that was purchased for $436 million. According to a JayRicky.com report, the portfolio purchase was funded with a $300 million bridge loan, a $140 million draw under Columbia's unsecured credit facility, and $148 million of cash on hand, primarily generated by 2014 disposition activity.
1881 Campus Commons is a transit-oriented, Class-A office building located in Reston, Virginia, one of Washington D.C.'s largest submarkets. The recently renovated 5-story property features a state-of-the art fitness center and on-site café. SOS International and Siemens Government Services are both service and solution providers for the public and private sectors.
Other local assets it wants to sell include 1580 West Nursery Rd. in Baltimore, Maryland -- a two-building Class-A office complex that serves as the corporate headquarters for the Electronics Systems Sector of Northrop Grumman; and 800 North Frederick in Gaithersburg, Maryland, according to a GlobeSt.com report.
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