ATLANTA & WASHINGTON--(BUSINESS WIRE)--Columbia Property Trust, Inc. today announced that it completed the sale of 800 North Frederick Avenue, an office property in the Washington, D.C., suburb of Gaithersburg, Maryland, to SunCap Property Group, for gross proceeds of $48 million. Columbia intends to use the proceeds to reduce borrowings on its revolving credit facility.

Acquired by Columbia in 2004, the 40-acre 800 North Frederick property, which includes a 393,000-square-foot office building that formerly housed an IBM data center, will be redeveloped by SunCap Property Group as a distribution center.

“We are pleased to have completed this disposition in line with the highest and best use for this property, which provided the most favorable return for our investors,” said Nelson Mills, president and chief executive officer of Columbia Property Trust. “This disposition is in keeping with our strategy to shift the portfolio to central business districts in the nation’s high-barrier markets.”

About Columbia Property Trust
Columbia Property Trust (NYSE: CXP) owns and operates Class-A office buildings in competitive, primarily CBD locations, and over half our investments are in high-barrier-to-entry, primary markets. Our $5 billion portfolio includes 25 office properties containing 12.7 million square feet and one hotel, concentrated in San Francisco, New York, and Washington, D.C. For more information about Columbia, which carries an investment-grade rating from both Moody’s and Standard & Poor’s, please visit: www.ColumbiaPropertyTrust.com.