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Colonial Properties Adds 2 Office Properties, 563,000 SF

BIRMINGHAM, AL-The apartment, office and retail REIT acquires the 204,085-sf Esplanade office building in Charlotte, NC, and Research Park Plaza III & IV, two buildings in Austin, TX that total 357,689 sf.

By Brian K. Miller | Updated on July 20, 2005

BIRMINGHAM, AL-Colonial Properties Trust has added 563,000 sf of office space in three buildings in two different markets. Two of the buildings are Research Park Plaza III & IV, a 357,689-sf office complex located in Austin, TX. The third building is Esplanade, a 204,085-sf building in Charlotte, NC.The two Austin buildings are in a class A complex on the Research Boulevard corridor (U.S. Highway 183). The buildings were built in 2001 and occupied in 2003. The buildings are 100% leased to an investment grade tenant through 2011. The Esplanade Building in Charlotte is a four-story class B office building on Rexford Road in the Southpark submarket. The building was built in 1981 and is 37% occupied. The purchase price was not immediately available. Colonial Properties did not return a phone call seeking comment.”Austin and Charlotte are improving office markets, and these buildings fit our opportunistic growth strategy,” says Colonial Properties’ EVP Bo Jackson in a prepared statement. “One features a long-term lease with a strong credit tenant in a best-in-class building. The other represents significant upside potential after we reintroduce the property following an extensive renovation.” Colonial owns or manages 49,300 apartment units, 7.8 million sf of office space and 13.4 million sf of retail shopping space.

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