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Leasing Accelerates in Columbia’s Bay Area Portfolio
Columbia Property Trust, Inc. continues to experience robust leasing activity within its Bay Area office portfolio. The activity at its four-building assemblage in San Francisco and Silicon Valley represents a substantial increase in leasing velocity compared to the same period in 2018, and was accompanied by average rent rollups of 51%.
“San Francisco and Silicon Valley continue to experience very strong demand, with limited new supply coming online,” said Columbia Property Trust’s Nelson Mills.
The company’s two-million-square-foot Bay Area portfolio, which accounts for nearly a third of Columbia’s real estate assets nationally, is 97% leased.
Among the recent deals were:
– Triage Consulting Group signed a five-year lease renewal for 46,000 square feet at 221 Main St. in San Francisco’s South Financial District (pictured).
– Credit Suisse renewed for 31,000 square feet at 650 California St. in San Francisco’s North Financial District.
– Wells Fargo renewed for 14,000 square feet at University Circle in Palo Alto.
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