BIRMINGHAM, Ala., May 4 /PRNewswire-FirstCall/ -- Colonial Properties
Trust (NYSE: CLP) ("Colonial Properties") announced today its first purchase
in Miami, Florida, the 19-story, 235,000 square foot Colonial Bank Centre
office building located at 1200 Brickell Avenue.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030709/CLPLOGO-c )
"We are very pleased that our first purchase in Miami is in the highly
desirable Brickell Avenue submarket," said Tom Hallowell, Senior Vice
President for Colonial Properties' Office Division. "This is an excellent
market for office properties, particularly considering the scarcity of land
for development," he said.
Colonial Bank is the largest client in 1200 Brickell Avenue, which was
constructed in 1982 and renovated in 1996 and is approximately 86 percent
leased. In addition to convenient access to major transportation arteries
serving the Miami area, the property offers spectacular views and outstanding
amenities including an above market parking ratio and world class dining with
Morton's, The Steakhouse Restaurant.
"With a diverse tenant base, the building offers Colonial Properties a
significant opportunity to increase net operating income through lease up and
tenant rollover," said Hallowell. "The building fits well into our portfolio
and we are excited about our first foray into this market," he added.
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. The Company has a total market capitalization of
approximately $5 billion. The foundation of Colonial Properties' success is
its live, work and shop diversified investment strategy. The Company owns or
manages 49,300 apartment units, 7.2 million square feet of office space and
15.8 million square feet of retail shopping space. Additional information on
Colonial Properties Trust is available on the Internet
at http://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.
SOURCE Colonial Properties Trust
 back to top
Related links:
http://www.colonialprop.com
Photo Notes:http://www.newscom.com/cgi-bin/prnh/20030709/CLPLOGO-c
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Bo Jackson, EVP of Colonial Properties Office
Division, +1-678-461-3303; or Barbara M. Pooley, SVP - Investor
Relations of Colonial Properties Trust, +1-704-376-1774
|
