Columbia Property Trust has plans to acquire 201 California, a 272,000-square-foot, class A office tower in San Francisco, for $239 million from Beacon Capital Partners.
Located at the corner of California and Front streets, the 17-story building has been substantially renovated and is 97 percent leased to multiple tenants, the largest of which are First Republic Bank, Dow Jones, and the law firm Cooper, White and Cooper. The building has substantial lease rollovers the next five years, with in-place rents estimated to be at least 10 percent below market, giving Columbia an opportunity to take advantage of continued demand in the market and drive further growth in rental rates.
Additionally, the company is proceeding with two planned dispositions expected to close in early 2020 that it anticipates will collectively provide $245 million to $265 million in gross sales proceeds: the Westinghouse campus in Cranberry Woods (Pittsburgh), Pa., which is now under contract; and
