Columbia Property Trust Transitions Portfolio to Focus on Three Key Markets

Nelson Mills, president and CEO of Columbia Property Trust (NYSE: CXP), participated in a video interview at Nareit’s REITworld: 2019 Annual Conference in Los Angeles.

Mills discussed Columbia’s partnership with Normandy Real Estate Partners on two New York City developments.

“We know this group very well—we’ve known them for several years,” Mills said. “It’s a great fit with our company and culture.”

Mills also said that over the past four years, Columbia has transitioned its portfolio from more than 30 markets down to a focus on New York, San Francisco, and Washington, D.C.

“With the combination with Normandy [Real Estate], given their track record, experience, and relationships in Boston, we’ll certainly look at that market a bit closer too,” he added.

Turning to Columbia’s “very stable portfolio,” which is 97% leased, Mills said its expanding capabilities and value add opportunities are a few of the ways Columbia can continue to increase its revenue.