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FOR IMMEDIATE RELEASE
July 19, 2007
For More Information:
Chris Schroder, SchroderPR, 404.872.7289
chris@schroderpr.com
Bo Jackson,
Executive Vice President,
678.461.3303
bjackson@colonialprop.com
COLONIAL PROPERTIES TRUST, DRA ADVISORS SELL FLORIDA OFFICE BUILDINGS FOR RECORD PRICE
ATLANTA, July 19, 2007 - Colonial Properties Trust (NYSE: CLP), a real estate investment trust, and its 85 percent joint venture partner, DRA Advisors LLC, have sold 350 and 450 Las Olas Centre in Fort Lauderdale, FL to BentleyForbes, a national real estate investment firm, for $230.9 million, in a deal that represents the highest Class A Office sale per square-foot in the history of south Florida.
Colonial Properties Trust and DRA Advisors sold 350 and 450 Las Olas Centre - a pair of trophy Class A office towers comprising 469,199 square feet of office and retail space - at 95 percent occupancy. The $230.9 million sale represents more than $490 per-square-foot price. The sale closed on July 10.
The Los Also Centre was acquired in September 2005 in a joint venture by Colonial Properties Trust and DRA Advisors LLC, the Las Olas Centre was 83 percent occupied at the beginning of 2007.
Since the beginning of this year, Colonial Properties Trust and DRA Advisors signed more than 100,000 sf of new leases with firms such as HCA, Wachovia, Fisher Phillips and Gunster Yoakley and Stewart, raising occupancy levels to 95 percent.
During that same period, the management team signed 130,000 sf of renewal leases with firms such as Huizenga Holdings, KPMG, Quizno's, Rachlin Cohen, Akerman Senterfitt & Edison, and Wachovia. Other blue-chip companies in the buildings include Merrill Lynch and Morgan Stanley.
"We were able to attract excellent corporate clients that have great credit and sign them to long-term leases, which created extraordinary value and improved the marketability of the building," said Tom Green, senior vice president with Colonial Properties Trust.
At 18 and 14 stories, totaling 416,696 square feet of Class A office space and 52,503 square feet of street-front retail, the Las Olas Centre is perfectly situated in downtown Fort Lauderdale to capitalize on strong economic development trends. The property also has 1,309 parking spaces in two multi-level garages for tenants and patrons of the retail space and restaurants along Las Olas Boulevard.
Cushman & Wakefield of Florida Inc. represented Colonial Properties Trust and DRA Advisors and Hans Mumper represented the buyer internally.
About Colonial Properties
Colonial Properties Trust is a multifamily-focused real estate investment trust (REIT) that creates additional value for its shareholders by managing commercial assets through joint venture partnerships and aggressively pursuing development opportunities. As of March 31, 2007, the company owned or managed 40,162 apartment units, 16.8 million square feet of office space and 12.3 million square feet of retail shopping space located in key Sunbelt states from Virginia to California. Headquartered in Birmingham, Ala., Colonial Properties is listed on the New York Stock Exchange under the symbol CLP and is included in the S&P SmallCap 600 Index. For more information, please visit the company's website at www.colonialprop.com.
About DRA Advisors LLC
DRA Advisors LLC is a New York-based registered investment advisor specializing in real estate investment management services for institutional and private investors, including pension funds, university endowments, foundations, and insurance companies. Founded in 1986, the firm currently manages over $8 billion in assets, consisting of over 20 million square feet of office / industrial space, 32 million square feet of retail space and 13,100 residential units. Additional information about DRA can be found on the company's website at www.draadvisors.com.
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