Columbia Property Trust and Allianz Real Estate Expand Joint Venture to Include 221 Main Street in San Francisco

SAN FRANCISCO & NEW YORK--(BUSINESS WIRE)--Columbia Property Trust, Inc. (NYSE: CXP) and Allianz Real Estate today announced that they have completed the formation of a joint venture to recapitalize 221 Main Street in San Francisco. Allianz contributed cash of $180 million for a 45% ownership interest in the joint venture, which values 221 Main Street at $400 million. Consistent with most of the other ventures between Columbia and Allianz, Columbia will retain a 55% ownership stake and function as general partner for the venture. Columbia will also continue to oversee the day-to-day operations of the asset.