Pimco to buy Columbia Property Trust in $3.9B bet on offices

Pacific Investment Management agreed to acquire landlord Columbia Property Trust for $3.9 billion including debt, betting that demand for offices will hold up even as the pandemic spurs people to work from home.

Funds managed by Newport Beach, Calif.–based Pimco will acquire all of Columbia’s common stock for $19.30 per share in cash, according to a statement Tuesday. The New York–based company owns, operates and develops properties in New York, San Francisco, Washington and Boston, with a portfolio of 15 properties and four projects under development.

The Covid-19 crisis has reshaped the way that Americans work, pushing employers to evaluate how much office space they require. Office tenants

→ Continue reading at Crain's New York Business

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