New York & Tri-State + Office | March 19, 2021

Investors Group Makes $2.2B Bid for Columbia Property Trust

A group of investors in Columbia Property Trust (CXP) on Thursday submitted an unsolicited proposal to acquire the company for $19.50 per share, or approximately $2.24 billion. The investor group, including Sapir Organization entity Arkhouse Partners and 8F Investment Partners, owns approximately 3.3% of the New York-based office REIT’s common stock.

“We are experienced real estate investors that believe in the long-term value of Columbia’s high-quality office holdings,” the group said in a letter to CXP’s board.

However, the letter continued, “We are concerned about the company’s lengthy track record of underperformance in the public market and challenges the company faces on its current course. This general concern is compounded by Columbia’s headwinds across geographies through 2021.”

CXP on Thursday acknowledged receipt of the investor group’s non-binding proposal, saying that it was “subject to due diligence, various conditions and lacks committed financing.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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