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For Immediate Release
Feb 1, 2005
Contact: Chris Schroder, Schroder Public Relations, 404-872-7289, chris@schroderpr.com
COLONIAL PROPERTIES TRUST PURCHASES
TWO OFFICE BUILDINGS IN TAMPA
BIRMINGHAM, Ala., February 1, 2005 - Colonial Properties Trust (NYSE: CLP) announced today the purchase of two office buildings totaling 370,000 square feet in the heart of Tampa, Florida's Westshore Business district, the largest submarket in the state. The buildings, known as Westshore Place I and II, were purchased from America's Capital Partners in Miami, Florida.
The purchase of the two buildings is part of Colonial Properties' growth strategy. Dallas Whitaker, Vice President and Market Officer for Colonial Properties, is bullish on Tampa's office-using job growth projections. “Tampa is a key market for the office division of Colonial Properties and we are actively seeking opportunities to expand our presence,” Whitaker said.
Westshore Place I and II were built in the mid-1980s and boasts Blue Cross Blue Shield as its largest client. The buildings are currently 95 percent occupied. Westshore Place I is a 199,730 square-foot building with a six-level parking structure. Westshore Place II has 171,264 square-feet and a seven-level parking structure.
“These Class A assets fit well in our portfolio,” stated Whitaker. “The buildings have an excellent location, high quality structure and many nice amenities. I am confident that these assets will be solid long-term performers.”
These assets join other Colonial Properties Trust assets in Tampa including Concourse Center, a 292,000 square-foot office building, Colonial Grand at Seven Oaks, a 318-unit multifamily community and Colonial Promenade Northdale, a 176,000 square-foot retail center. Colonial Properties also manages 1,020 additional multifamily units.
Colonial Properties Trust is a diversified REIT that, through its subsidiaries, owns a portfolio of multifamily, office and retail properties where you live, work and shop in Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, Virginia, Tennessee, Texas, Arizona, Nevada and New Mexico. Colonial Properties Trust performs development, acquisition, management, leasing and brokerage services for its portfolio and properties owned by third parties. Colonial Properties Trust is a diversified REIT, which has a total market capitalization in excess of $3.5 billion. The foundation of Colonial Properties' success is its live, work and shop diversified investment strategy. The Company manages or leases 29,100 apartment units, 6.8 million square feet of office space and 15.6 million square feet of retail shopping space. In 2003, the National Association of Industrial and Office Properties (NAIOP) named Colonial Properties Trust “National Developer of the Year”. Additional information on Colonial Properties Trust is available on the Internet www.colonialprop.com. The Company, headquartered in Birmingham, Ala., is listed on the New York Stock Exchange under the symbol “CLP” and is included in the S&P SmallCap 600 Index.
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