Columbia Property Trust Exits Houston Market

The assets, which total approximately 1.2 million square feet, include 5 Houston Center.

HOUSTON—Columbia Property Trust Inc. has exited the Houston market with the sale of three office properties to Spear Street Capital for $272 million in gross proceeds. Columbia will use proceeds from the sale for reinvestment in its high-barrier target markets. The company has sold a total of $932.5 million in non-core assets since March 2016.

“While 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,” said Nelson Mills, president and CEO of Columbia Property Trust. “We 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.”