Columbia's Big Downtown Move
We learned Columbia Property Trust just scooped up 221 Main, a 16-story, 388k SF office tower for $228.8M from Beacon Capital. The price includes the company’s assumption of a $73M interest-only loan secured by the property that matures in May 2017. The South Financial gem is 81% occupied. We're told no renovation plan is in place since the building's already in great shape. (Among the aesthetic perks: an LED display in the entrance and fourth floor landscaped gathering spot.) We confirmed there were other bidders after the property, marketed by Eastdil. Columbia tells us they like S.F. a lot and will continue to look at opportunities. Their other two properties here are 333 Market (Wells Fargo's home) and Palo Alto's University Circle buildings.
