CLEVELAND—Columbia Property Trust, Inc. has completed the sale of Cleveland's iconic Key Center—a 1.3 million-square-foot, class-A office tower—and the adjacent Marriott Hotel to Millennia Housing Development Ltd., a Cleveland-based multi-family property development firm, for a gross sales price of $267.5 million.
With this sale, Columbia has completed $1.2 billion of dispositions since January 2016 and $3.3 billion since January 2012, taking advantage of favorable market conditions to exit most secondary markets. Columbia will use proceeds from these sales for reinvestment in its target markets.
“About four years ago, we set out to transition our portfolio, and that is now complete,” Nelson Mills, president and chief executive officer of Columbia, tells GlobeSt.com. The firm now owns 17 office properties totaling about eight million square feet and concentrated in core markets such as Manhattan, Washington, DC, San Francisco and Boston. It still has a property in suburban Pittsburgh, and several in the Atlanta metro area, but has no plans to sell these.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
