The Manhattan-based firm, which owns about 5 million square feet, mostly in New York and San Francisco, accepted an offer from Pacific Investment Management of $19.30 per share, or $3.9 billion including debt. In the spring the landlord had rejected a hostile takeover bid of $19.50 per share from activist investment firm Arkhouse Partners. A Columbia spokeswoman declined to comment on that decision.
Considering that fewer people are working in Manhattan offices than even a few weeks ago, analysts said, Columbia executives struck
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