Columbia Equity Trust, Inc. Announces Third 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 October 31, 2006 to its stockholders of record as of October 16, 2006.

The Company also indicated that it continues to evaluate dividend increases on a quarterly basis as additional acquisitions are closed.

About Columbia Equity Trust, Inc.

Columbia is a real estate investment trust 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 within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results of the Company to differ materially from historical results or from any results expressed or implied by such forward-looking statements, 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; potential environmental and other liabilities; and other factors affecting the real estate industry generally or the office industry in particular. 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. For a further discussion of these and other factors that could impact the Company's future results, performance, achievements or transactions, see the documents filed by the Company from time to time with the Securities and Exchange Commission, and in particular the section titled, "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2005 filed on March 31, 2006.