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Columbia Property Trust nets $187M from Baltimore asset sale

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Columbia Property Trust nets $187M from Baltimore asset sale

ColumbiaProperty Trust Inc. said April 1 that it closed the sale of100 East Pratt St., aclass A office asset in Baltimore, Md., to Vision Properties for gross proceedsof $187 million.

The company will use the proceeds from the sale of the653,000-square-foot property to repay a $119 million short-term bridge loan andborrowings on its unsecured credit facility.

The company said that 100 East Pratt, which houses T. Rowe Price'sheadquarters, Maryland law firm Tydings & Rosenberg andPricewaterhouseCoopers, was the company's only asset in Baltimore. Followingthe sale of the 98.5%-let property, Columbia Property Trust has divested 48noncore assets totaling $2.3 billion in proceeds since 2011, President and CEONelson Mills said in a news release.