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Columbia Property sells stake in San Francisco assets for $235M

Office real estate investment trust Columbia Property Trust Inc. divested a further 22.5% stake in University Circle and 333 Market St. in the San Francisco Bay Area to Allianz, its joint venture partner, for $235.3 million.

The company used the proceeds from the sale to settle outstanding debt.

In addition, the company purchased 149 Madison Ave. in New York City for $87.7 million during the fourth quarter of 2017.

The company plans to redevelop the asset.