Expected to close by the end of September, the transaction wellmore than doubles Colonial's office management portfolio, adding11.7 million sf to an existing stock of 8.3 million square feet fora total of 20 million sf. The joint venture has identifiedapproximately 10 properties worth $363 million that it expects tosell in the first 12 months of the venture. The assets will bemarketed for sale beginning in the fourth quarter of 2005.
At the end of June, the CRT portfolio was 84% leased andapproximately two-thirds of the leases extend beyond 2007. Themajority of the properties are class A office buildings located insuburbs of high-growth cities. Major tenants include the USGovernment, the State of Florida, Blue Cross Blue Shield, SixContinents Hotels and Bechtel Corp.
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