Sale of Columbia Property Trust sets stage for more barbarian invasions

Time ran out this week for Columbia Property Trust, which became the city’s first office landlord to agree to be acquired since the pandemic began.

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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