Columbia Equity Trust, Inc. Announces Second Quarter Dividend.

WASHINGTON -- Columbia Equity Trust, Inc. (NYSE:COE) announced today that the Company's Board of Directors has declared a quarterly cash dividend on the Company's common stock of $0.15 per share payable on July 28, 2006 to its stockholders of record as of July 14, 2006.

The Company also indicated that it continues to evaluate dividend increases on a quarterly basis and would anticipate increasing the dividend as additional acquisitions are closed during the year.

About Columbia Equity Trust, Inc.

Columbia is a self-advised, self-managed Maryland corporation focused on the acquisition, development, renovation, repositioning, ownership, management and operation of commercial office properties located predominantly in the Greater Washington, D.C. area. For additional information please visit our web site at http://www.columbiareit.com.

Forward Looking Statements

Certain statements in this release that are not historical fact may constitute forward-looking statements. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, including without limitation: national and local economic, business, real estate and other market conditions; the competitive environment in which the Company operates; the execution of its business plan; financing risks; the Company's ability to maintain its status as a REIT for federal income tax purposes; acquisition and development risks; and other factors affecting the real estate industry generally or the office industry in particular. For a further discussion of these and other factors that could impact the Company please refer to the Company's filings with the Securities and Exchange Commission, including the section titled, "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2005 filed on March 31, 2006. We undertake no obligation to publicly update or revise any forward-looking information.