Cornerstone Properties Divests Charlotte Property; Single Building Was Part of Non-Core Portfolio.NEW YORK--(BUSINESS WIRE)--Aug. 26, 1999-- Cornerstone Properties Inc. (NYSE NYSE See: New York Stock Exchange :CPP cpp - C preprocessor. ) announced today that it has sold its Charlotte Plaza office property to an undisclosed state pension fund for approximately $89 million. The 612,000 square foot, 27-story office property, which was completed in 1982, is located in the central business district of Charlotte, North Carolina “Charlotte” redirects here. For other uses, see Charlotte (disambiguation). Charlotte is the largest city in the state of North Carolina and the 20th largest city in the United States. and is 99% leased. John S. Moody, President and Chief Executive Officer of Cornerstone Properties, commented, "While this property met many of our investment criteria, the Charlotte market is not one of the metropolitan areas where we want to build our presence. As previously disclosed, we are exiting non-core markets and redeploying our capital to those markets where we can better leverage our property management, leasing and development capabilities." Charlotte Plaza was acquired by Cornerstone Properties in October 1997 as part of its acquisition of Dutch Institutional Holding Company, Inc. The major tenants include First Union, Parker Poe and Midrex. Cornerstone Properties Inc. is a self-administered equity real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) investing in Class A office properties in prime locations in major suburban markets and central business districts. The Company, through its subsidiaries, currently owns interests in 95 Class A office properties throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. totaling approximately 20 million square feet. Cornerstone's common stock is traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors CPP. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Federal securities laws. Forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy, that could cause the actual results, performance or achievements of Cornerstone to differ materially from those reflected in such forward-looking statements. Information contained in this press release regarding current and future market conditions is based on Cornerstone's assessment of real estate markets as of this date and is subject to the uncertainties inherent in such an assessment. In particular, but not exclusively, national and regional economic conditions, the rate of new construction, and demand and supply in a given market will affect leasing activity, projected rents and the cost of lease renewals. For more information on Cornerstone Properties visit Cornerstone Properties' Web site at http://www.cstoneprop.com |
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