Washington, DC Columbia Property Trust, Inc. completed the sale of a 49% interest in Market Square to Blackstone Property Partners US, Blackstone’s Core+ real estate investment unit. With a gross asset value of $595 million for Market Square, and after deducting the partner’s pro rata share of the $325 million indebtedness secured by Market Square, as well as an adjustment of $12.25 million for the partner’s pro rata share of above market debt, Columbia received $120 million in gross proceeds, which will be used to repay short-term debt. In addition to retaining a 51% interest in the property, Columbia will continue to provide property- and asset-management services to the joint venture, as well as oversee the day-to-day operations at the property. “Blackstone is a fantastic partner and is fully supportive of our plans for Market Square as a pre-eminent office property in Washington, D.C.,” said Nelson Mills, president and chief executive officer of Columbia Property Trust. “This transaction highlights the strong value achieved for Market Square and enables us to redeploy capital to improve our balance sheet.” “This investment is a great example of our Core+ fund’s goal of acquiring trophy real estate with upside that we will hold for the long-term,” said Frank Cohen, Senior Managing Director and Global Head of Core+ for Blackstone. “We are excited to partner with such a well-respected group as Columbia.” Market Square is a 687,000-square-foot trophy office property located at 701 and 801 Pennsylvania Avenue NW between the U.S. Capitol and the White House. The complex consists of twin 13-story buildings that curve inward to frame the U.S. Navy Memorial. Columbia is currently conducting a capital improvement plan at the property to renovate the lobbies, expand the fitness center and other facilities upgrades. Market Square is currently 80.0% leased and is encumbered by a $325.0 million mortgage loan bearing interest at 5.07% and maturing in February 2023.