Columbia Property Trust Closes on $180M Westinghouse Campus Sale
The 824,000-square-foot complex traded for $180 million to an undisclosed buyer. Westinghouse signed a 15-year lease for the entire complex in 2017.
CRANBERRY TOWNSHIP, PA—New York City-based Columbia Property Trust has closed on the sale of the office campus here leased by Westinghouse Corp. for its corporate headquarters.
The 824,000-square-foot complex traded for $180 million to an undisclosed buyer. Westinghouse signed a 15-year lease for the entire complex in 2017.
The closing of the deal followed Columbia Property Trust’s announcement in early December that it had secured a contract to sell the property. The disclosure was part of an update of both new acquisition and disposition deals by the REIT.
Its two planned dispositions, including the sale of the Westinghouse campus, are expected to close in early 2020 and are expected to provide $245 million to $265 million in gross sales proceeds. The other property to change hands is the Pasadena Corporate Park in suburban Los Angeles, for which the company commenced marketing efforts in December.
In addition, Columbia closed on its previously announced acquisition of 250 Church St. in Manhattan for $205.5 million, through its joint venture with Normandy Real Estate Fund IV, LP in early December.
The firm also reported at the time that it was under contract to acquire 201 California St., a 272,000-square-foot, Class-A office tower in San Francisco’s Financial District, from Beacon Capital Partners for $239 million. That deal was expected to close by the end of 2019.