Columbia Property Trust continues to reshape its portfolio with the disposition of One and Three Glenlake Parkway. One and Three Glenlake Parkway is an approximately 700,000 square foot office campus in Atlanta. The REIT sold the buildings for $227.5 million.

The 351,000 square foot tower at One Glenlake first opened its doors in 2002 while Three Glenlake came along in 2008, offering 355,000 square feet. Columbia had acquired both buildings from Granite Properties, purchasing One Glenlake for $80 million in 2004 and buying Three Glenlake for $105.9 million in 2008. Under Columbia’s ownership, the Glenlake buildings were given new life.

Nelson Mills, CEO of Columbia Property Trust Inc., said in statement, “A couple of years ago, we added amenities and other improvements to One Glenlake and upgraded the outdoor common spaces shared by both buildings. As a result, we leased all remaining space in both buildings, including a lease with Arby’s for all of Three Glenlake. With the project now 100 percent leased, we felt the sale aligned perfectly with our overall portfolio strategy and long term focus on select gateway cities.”

Source: CP Executive

Fulya Altunyay/[email protected]