10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 _______________________________________________

FORM 10-K

 _______________________________________________

(mark one)
x	Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
	for the fiscal year ended December 31, 2014
OR
o	Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
	for the transition period from ______ to ______
Commission file number 000-51262
COLUMBIA PROPERTY TRUST, INC.
(Exact name of registrant as specified in its charter)

Maryland	20-0068852
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)
One Glenlake Parkway, Suite 1200
Atlanta, Georgia 30328
(Address of principal executive offices) (Zip Code)
(404) 465-2200
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12 (b) of the Act:
Title of each class	Name of exchange on which registered
Common Stock	New York Stock Exchange

Securities registered pursuant to Section 12 (g) of the Act:

None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes  x No  o

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.

Yes  o No  x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes  x No  o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes  x No  o

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. x

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer", "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer x Accelerated filer o Non-accelerated filer o Smaller reporting company o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

Yes  o No  x

As of June 30, 2014, the aggregate market value of the common stock of Columbia Property Trust, Inc. held by non-affiliates was $3,246,733,390 based on the closing price as reported by the New York Stock Exchange. As of January 31, 2015, 125,090,973 shares of common stock were outstanding.

Registrant incorporates by reference portions of the Columbia Property Trust, Inc. Definitive Proxy Statement for the 2015 Annual Meeting of Stockholders (Items 10, 11, 12, 13, and 14 of Part III) to be filed prior to April 30, 2015.

FORM 10-K

COLUMBIA PROPERTY TRUST, INC.

TABLE OF CONTENTS

		Page No.
PART I.
Item 1.	Business	Page 4
Item 1A.	Risk Factors	Page 6
Item 1B.	Unresolved Staff Comments	Page 14
Item 2.	Properties	Page 14
Item 3.	Legal Proceedings	Page 17
Item 4.	Mine Safety Disclosures	Page 17
PART II.
Item 5.	Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities	Page 18
Item 6.	Selected Financial Data	Page 21
Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations	Page 22
Item 7A.	Quantitative and Qualitative Disclosures about Market Risk	Page 34
Item 8.	Financial Statements and Supplementary Data	Page 34
Item 9.	Changes and Disagreements with Accountants on Accounting and Financial Disclosure	Page 35
Item 9A.	Controls and Procedures	Page 35
Item 9B.	Other Information	Page 37
PART III.
Item 10.	Directors, Executive Officers, and Corporate Governance	Page 38
Item 11.	Executive Compensation	Page 38
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters	Page 38
Item 13.	Certain Relationships and Related Transactions, and Director Independence	Page 38
Item 14.	Principal Accountant Fees and Services	Page 38
PART IV.
Item 15.	Exhibits and Financial Statement Schedules	Page 39
Signatures		Page 40

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements contained in this Form 10-K of Columbia Property Trust, Inc. and its subsidiaries ("Columbia Property Trust," "we," "our," or "us"), other than historical facts may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in those acts. Such statements include, in particular, statements about our plans, strategies, and prospects and are subject to certain risks and uncertainties, including known and unknown risks, which could cause actual results to differ materially from those projected or anticipated. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue," or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this report is filed with the U.S. Securities and Exchange Commission ("SEC"). We do not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. See Item 1A herein for a discussion of some of the risks and uncertainties, although not all risks and uncertainties that could cause actual results to differ materially from those presented in our forward-looking statements may be included therein.

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PART I

ITEM 1. BUSINESS

General

Columbia Property Trust, Inc. ("Columbia Property Trust") (NYSE: CXP) is a Maryland corporation that operates as a real estate investment trust ("REIT") for federal income tax purposes and owns and operates commercial real estate properties. Columbia Property Trust was incorporated in 2003, commenced operations in 2004, and conducts business primarily through Columbia Property Trust Operating Partnership, L.P. ("Columbia Property Trust OP"), a Delaware limited partnership. Columbia Property Trust is the general partner and sole owner of Columbia Property Trust OP and possesses full legal control and authority over its operations. Columbia Property Trust OP acquires, develops, owns, leases, and operates real properties directly, through wholly owned subsidiaries, or through joint ventures. References to Columbia Property Trust, "we," "us," or "our" herein shall include Columbia Property Trust and all subsidiaries of Columbia Property Trust, direct and indirect, and consolidated joint ventures.

Columbia Property Trust typically invests in high-quality, income-generating office properties. As of December 31, 2014, Columbia Property Trust owned 35 office properties and one hotel, which included 52 operational buildings comprising approximately 15.7 million square feet of commercial space, located in 12 states and the District of Columbia. All of the properties are wholly owned except for one property, which is owned through a consolidated subsidiary. As of December 31, 2014, the office properties were approximately 93.3% leased. In January 2015, Columbia Property Trust acquired three additional office properties comprising 0.9 million square feet. See the Transaction Activity section below for additional information.

Real Estate Investment Objectives

Columbia Property Trust seeks to invest in and manage a commercial real estate portfolio that provides the size, quality, and market specialization needed to deliver both income and long-term growth, as measured in the total return to our shareholders. Our value creation and growth strategies are founded in the following:

Targeted Market Strategy

Our portfolio is comprising a combination of multi- and single-tenant office properties located in Central Business District ("CBD") and suburban areas. We are focusing our acquisition efforts in select primary markets with strong fundamentals and liquidity, including CBD and urban in-fill locations. We believe that the major U.S. office markets provide a greater propensity for producing increasing net income and property values over time. We maintain a long-term goal of increasing our market concentrations in order to leverage our scale, efficiency, and market knowledge.

New Investment Targets

We look to acquire strategic and premier office assets with quality tenants in our target markets, with an emphasis on value-added opportunities. We pursue high-quality assets that are competitive within the top tier of their markets or can be repositioned as such. Our asset selection criteria include the property's location attributes, physical quality, tenant/lease characteristics, competitive positioning, and pricing level in comparison to long-term, normalized value or replacement cost.

Strong and Flexible Balance Sheet

We are committed to maintaining an investment-grade balance sheet with a strong liquidity profile and proven access to capital. Our low leverage level and other credit metrics provide the financial flexibility to pursue new acquisitions and other growth opportunities that will further our long-term performance objectives.

Capital Recycling

We consistently evaluate our existing portfolio to identify assets in which the value has been optimized and/or those that are considered nonstrategic, based on their market location or investment characteristics. The goal of our disposition efforts is to harvest capital from these mature and nonstrategic assets, and redeploy it into properties in our target markets to maximize growth in net operating income and long-term value.

Proactive Asset Management

We believe our team is well equipped to deliver exceptional operating results in all facets of the management process. Our leasing efforts are founded in understanding the varied and complex needs of tenants in the marketplace today. We aggressively pursue meeting those needs through new and renewal leases, as well as strategic lease restructures that further our long-term goals. We

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are committed to prudent capital investment in our assets to ensure their competitive positioning and status, and rigorously pursue efficient operations and cost containment at the property level.

Transaction Activity

In connection with furthering our real estate investment objectives, we have executed the following real estate transactions in 2014 and 2015 (through February 12, 2015):

Acquisitions

Property	Location	Rentable Square Footage	Acquisition Date	Purchase Price
2015 (through February 12, 2015)
116 Huntington Avenue Building	Boston, MA	274,000	January 8, 2015	$	152,000
Portfolio acquisition:			January 7, 2015	$	436,000
315 Park Avenue South Building	New York, NY	341,000
1881 Campus Commons Building	Reston, VA	245,000
2014
650 California Street Building	San Francisco, CA	478,000	September 9, 2014	$	310,200
221 Main Street Building	San Francisco, CA	388,000	April 22, 2014	$	228,800

Dispositions

Property	Location	Rentable Square Footage	Disposition Date	Sale Price
2014
Lenox Park Property	Atlanta, GA	1,040,000	October 3, 2014	$	290,000
9 Technology Drive Building	Westborough, MA	251,000	August 22, 2014	$	47,000
7031 Columbia Gateway Drive Building	Columbia, MD	248,000	July 1, 2014	$	59,500
200 South Orange Building	Orlando, FL	128,000	June 30, 2014	$	18,800
160 Park Avenue Building	Florham Park, NJ	240,000	June 4, 2014	$	10,200

Employees

As of December 31, 2014, we employed 99 people.

Competition

Leasing real estate is highly competitive in the current market; as a result, we experience competition for high-quality tenants from owners and managers of competing projects. Therefore, we may experience delays in re-leasing vacant space, or we may have to provide rent concessions, incur charges for tenant improvements, or offer other inducements to enable us to timely lease vacant space, all of which may have an adverse impact on our results of operations. In addition, we are in competition with other potential buyers for the acquisition of the same properties, which may result in an increase in the amount we must pay to purchase a property. Further, at the time we elect to dispose of our properties, we will also be in competition with sellers of similar properties to locate suitable purchasers.

Concentration of Credit Risk

We are dependent upon the ability of our current tenants to pay their contractual rent amounts as they become due. The inability of a tenant to pay future rental amounts would have a negative impact on our results of operations. We are not aware of any reason why our current tenants will not be able to pay their contractual rental amounts as they become due in all material respects. Situations preventing our tenants from paying contractual rents could result in a material adverse impact on our results of operations. Based on our 2014 annualized lease revenue, no single tenant accounts for more than 10% of our portfolio.

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Website Address

Access to copies of each of our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements, and other documents filed with, or furnished to, the SEC, including amendments to such filings, may be obtained free of charge from our website, http://www.columbiapropertytrust.com, or through a link to the http://www.sec.gov website. The information contained on our website is not incorporated by reference herein. These filings are available promptly after we file them with, or furnish them to, the SEC.

ITEM 1A. RISK FACTORS

Below are some of the risks and uncertainties that could cause our actual results to differ materially from those presented in our forward-looking statements. The risks and uncertainties described below are not the only ones we face but do represent those risks and uncertainties that we believe are material to our business, operating results, prospects, and financial condition. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also harm our business.

Risks Related to Our Business and Properties

If we are unable to find suitable investments or pay too much for properties, we may not be able to achieve our investment objectives, and the returns on our investments will be lower than they otherwise would be.

We are competing for real estate investments with other REITs; real estate limited partnerships, pension funds and their advisors; bank and insurance company investment accounts; individuals; and other entities. The market for high-quality commercial real estate assets is highly competitive given how infrequently those assets become available for purchase. As a result, many real estate investors, including us, have built up their cash positions and face aggressive competition to purchase quality office real estate assets. A significant number of entities and resources competing for high-quality office properties support relatively high acquisition prices for such properties, which may reduce the number of acquisition opportunities available to, or affordable for, us and could put pressure on our profitability and our ability to pay distributions to stockholders. We cannot be sure that we will be successful in obtaining suitable investments on financially attractive terms or that, if we make investments, our objectives will be achieved.

Economic conditions may cause the creditworthiness of our tenants to deteriorate and occupancy and market rental rates to decline.

Although U.S. macroeconomic conditions have shown signs of improvement, during 2014, several economic factors continued to adversely affect the financial condition and liquidity of many businesses, as well as the demand for office space generally. Should economic conditions worsen or fail to recover fully, our tenants' ability to honor their contractual obligations may suffer. Further, it may become increasingly difficult to maintain our occupancy rate and achieve future rental rates comparable to the rental rates of our currently in-place leases as we seek to re-lease space and/or renew existing leases.

Our office properties were approximately 93.3% leased at December 31, 2014, and provisions for uncollectible tenant receivables, net of recoveries, were less than 0.1%of total revenues for the year then ended. As a percentage of 2014 annualized lease revenue, approximately 6% of leases expire in 2015, 12% of leases expire in 2016, and 15% of leases expire in 2017 (see Item 2, Properties). No assurances can be given that economic conditions will not have a material adverse effect on our ability to re-lease space at favorable rates or on our ability to maintain our current occupancy rate and our low provisions for uncollectible tenant receivables.

Changes in general economic conditions and regulatory matters germane to the real estate industry may cause our operating results to suffer and the value of our real estate properties to decline.

Our operating results are subject to risks generally incident to the ownership of real estate, including:

• changes in general or local economic conditions;

• changes in supply of or demand for similar or competing properties in an area;

• changes in interest rates and availability of permanent mortgage funds, which may render the sale of a property difficult or unattractive;

• changes in tax, real estate, environmental, and zoning laws; and

• periods of high interest rates and tight money supply.

In addition, market and economic conditions in the metropolitan areas in which we derive a substantial portion of our revenue such as San Francisco, California; the greater Washington, D.C. area; New York City, New York; Newark, New Jersey; and Houston, Texas, may have a greater impact on our overall occupancy levels and rental rates and therefore our profitability. Furthermore, our business strategy involves continued focus on select core markets, which will increase the impact of the local economic

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conditions in such markets on our results of operations in future periods. These and other reasons may prevent us from being profitable or from realizing growth or maintaining the value of our real estate properties.

We depend on tenants for our revenue, and lease defaults or terminations could negatively affect our financial condition and results of operations and limit our ability to make distributions to our stockholders.

The success of our investments materially depends on the financial stability of our tenants. A default or termination by a significant tenant on its lease payments to us would cause us to lose the revenue associated with such lease and require us to find an alternative source of revenue to meet mortgage payments and prevent a foreclosure if the property is subject to a mortgage. In the event of a tenant default or bankruptcy, we may experience delays in enforcing our rights as landlord and may incur substantial costs in protecting our investment and re-letting our property. If a tenant defaults on or terminates a significant lease, we may be unable to lease the property for the rent previously received or sell the property without incurring a loss. In addition, significant expenditures for our properties, such as mortgage payments, real estate taxes, and insurance and maintenance costs are generally fixed and do not decrease when revenues at the related property decreases. Therefore, these events could have a material adverse effect on our results of operations or cause us to reduce the amount of distributions to stockholders.

Future acquisitions may fail to perform in accordance with our expectations and may require renovation costs exceeding our estimates and may be located in new markets where we may face risks associated with investing in an unfamiliar market.

In the normal course of business, we typically evaluate potential acquisitions, enter into nonbinding letters of intent, and may, at any time, enter into contracts to acquire additional properties. Acquired properties may fail to perform in accordance with our expectations due to lease-up risk, renovation cost risks, and other factors. In addition, the renovation and improvement costs we incur in bringing an acquired property up to market standards may exceed our estimates. We may not have the financial resources to make suitable acquisitions or renovations on favorable terms or at all.

Furthermore, we may acquire properties located in markets in which we do not have an established presence. We may face risks associated with a lack of market knowledge or understanding of the local economy, forging new business relationships in the area and unfamiliarity with local government and permitting procedures. As a result, the operating performance of properties acquired in new markets may be less than we anticipate, and we may have difficulty integrating such properties into our existing portfolio. In addition, the time and resources that may be required to obtain market knowledge and/or integrate such properties into our existing portfolio could divert our management’s attention from our existing business or other attractive opportunities in our established markets.

Our inability to sell a property when we plan to do so could limit our operational and financial flexibility, including our ability to pay cash distributions to our stockholders.

Purchasers may not be willing to pay acceptable prices for properties that we wish to sell. General economic conditions, availability of financing, interest rates, and other factors, including supply and demand, all of which are beyond our control, affect the real estate market. Therefore, we may be unable to sell a property for the price, on the terms, or within the time frame that we want. That inability could reduce our cash flow and cause our results of operations to suffer, limiting our ability to make distributions to our stockholders. Furthermore, our properties' market values depend principally upon the value of the properties' leases. A property may incur vacancies either by the default of tenants under their leases or the expiration of tenant leases. If vacancies occur and continue for a prolonged period of time, it may become difficult to locate suitable buyers for any such property, and property resale values may suffer, which could result in lower returns for our stockholders.

Uninsured losses relating to real property or excessively expensive premiums for insurance coverage could reduce our net income, or materially and adversely affect our business or financial condition.

We may incur losses from time to time that are uninsurable or not economically feasible to insure, or may be insured subject to limitations, such as large deductibles or co-payments. Some of these losses could be catastrophic in nature, such as losses due to earthquakes, wars, acts of terrorism, floods, hurricanes, pollution, or environmental matters. For example, we have properties located in San Francisco, California, an area especially susceptible to earthquakes, and collectively, these properties represent approximately 19% of our 2014 Annualized Lease Revenue. Because these properties are located in close proximity to one another, an earthquake in the San Francisco area could materially damage, destroy or impair the use by tenants of all of these properties. Furthermore, insurance risks associated with potential terrorist acts could sharply increase the premiums we pay for coverage against property and casualty claims. Additionally, mortgage lenders in some cases insist that commercial property owners purchase coverage against terrorism as a condition of providing mortgage loans. Such insurance policies may not be available at a reasonable cost, if at all, which could inhibit our ability to finance or refinance our properties. In such instances, we may be required to provide other financial support, either through financial assurances or self-insurance, to cover potential losses. In addition, we may not have adequate coverage for losses. If any of our properties incur a loss that is not fully insured, the value of that asset will be reduced by such uninsured loss. Furthermore, other than any working capital reserves or other reserves that we may establish, or

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our existing line of credit, we do not have sources of funding specifically designated for repairs or reconstruction of any our properties. To the extent we incur significant uninsured losses, or are required to pay unexpectedly large amounts for insurance, our results of operations or financial condition could be adversely effected.

We are currently evaluating options for significant repairs to the outer walls of one of our properties located in suburban Pittsburgh, Pennsylvania, and leased to Westinghouse Electric Company LLC, which we believe relates to the original design or construction of the property. We have engaged consultants to help us determine the scope of the repairs and to develop various remediation strategies. We are evaluating whether there is insurance coverage or other potential sources of recovery for the necessary remediation. In the event such funds are not available, we expect to incur significant costs in connection with the remediation of this property.

If we are unable to fund the future capital needs of our properties, cash distributions to our stockholders and the value of our investments could decline.

When tenants do not renew their leases or otherwise vacate their space, we often need to expend substantial funds for tenant improvements to the vacated space in order to attract replacement tenants. In addition, although we expect that our leases with tenants will require tenants to pay routine property maintenance costs, we will likely be responsible for any major structural repairs, such as repairs to the foundation, exterior walls, and rooftops.

If we need significant capital in the future to improve or maintain our properties or for any other reason, we will have to obtain financing from sources such as cash flow from operations, borrowings, property sales, or future equity offerings. These sources of funding may not be available on attractive terms or at all. If we cannot procure the necessary funding for capital improvements, our investments may generate lower cash flows or decline in value, or both, which would limit our ability to make distributions to our stockholders.

Our operating results may suffer because of potential development and construction risks and delays and resultant increased costs.

We may acquire and develop properties, including unimproved real estate, upon which we will construct improvements. We will be subject to uncertainties associated with rezoning for development and our ability to obtain required permits and authorizations; environmental concerns of governmental entities and/or community groups; and our builders' ability to build in conformity with plans, specifications, budgeted costs, and timetables. If a builder fails to perform, we may resort to legal action to rescind the purchase or the construction contract or to compel performance. A builder's performance may also be affected or delayed by conditions beyond the builder's control, and we may incur additional risks when we make periodic progress payments or other advances to builders before they complete construction. Delays in completing construction could also give tenants the right to terminate preconstruction leases. These and other factors can result in increased costs of a project or loss of our investment. In addition, we will be subject to normal lease-up risks relating to newly constructed projects. We must rely on rental income and expense projections and estimates of the fair market value of property upon completion of construction when agreeing upon a purchase price at the time we acquire the property. If our projections are inaccurate, we may pay too much for a property, and our return on our investment could suffer.

We have incurred and are likely to continue to incur mortgage and other indebtedness, which may increase our business risks.

As of January 31, 2014, our total indebtedness was approximately $2.1 billion, which includes a $450.0 million term loan, a $300 million bridge loan, $249.2 million of bonds, $131.0 million in borrowings on our line of credit and $980.0 million of mortgage loans, all with fixed interest rates, or with interest rates that are effectively fixed when considered in connection with an interest rate swap agreement; and no outstanding balance on our variable-rate line of credit. We are likely to incur additional indebtedness to acquire properties, to fund property improvements and other capital expenditures, to pay our distributions, and for other purposes.

Significant borrowings by us increase the risks of an investment in us. If there is a shortfall between the cash flow from properties and the cash flow needed to service our indebtedness, then the amount available for distributions to stockholders may be reduced. In addition, incurring mortgage debt increases the risk of loss since defaults on indebtedness secured by a property may result in lenders initiating foreclosure actions. In that case, we could lose the property securing the loan that is in default. For tax purposes, a foreclosure of any of our properties would be treated as a sale of the property for a purchase price equal to the outstanding balance of the debt secured by the mortgage. If the outstanding balance of the debt secured by the mortgage exceeds our tax basis in the property, we would recognize taxable income on foreclosure, but we would not receive any cash proceeds. We may give full or partial guarantees to lenders of mortgage debt on behalf of the entities that own our properties. When we give a guaranty on behalf of an entity that owns one of our properties, we are responsible to the lender for satisfaction of the debt if it is not paid by such entity.

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If any mortgages or other indebtedness contain cross-collateralization or cross-default provisions, a default on a single loan could affect multiple properties. Our unsecured credit facility with a syndicate of lenders led by JPMorgan Chase Bank, N.A. ("JPMorgan Chase Bank"), as administrative agent (the "JPMorgan Chase Credit Facility"), our unsecured term loan facility with a syndicate of lenders led by JPMorgan Chase Bank (the "$450 Million Term Loan"), as administrative agent and our unsecured term loan with a syndicate of lenders led by JPMorgan Chase Bank (the "Bridge Loan"), as administrative agent, each includes a cross-default provision that provides that a payment default under any recourse obligation of $50 million or more by us, Columbia Property Trust OP, or any of our subsidiaries, constitutes a default under the line of credit and term loan facilities. If any of our properties are foreclosed due to a default, our ability to pay cash distributions to our stockholders will be limited.

Increases in interest rates could increase the amount of our debt payments and make it difficult for us to finance or refinance properties, which could reduce the number of properties we can acquire, our net income, and the amount of cash distributions we can make.

We expect to incur additional indebtedness in the future, which may include mortgages, unsecured bonds, term loans, or borrowings under a credit facility. Increases in interest rates will increase interest costs on our variable-interest debt instruments, which would reduce our cash flows and our ability to pay distributions. If mortgage debt is unavailable at reasonable interest rates, we may not be able to finance the purchase of properties. If we place mortgage debt on properties, we run the risk of being unable to refinance the properties when the loans become due, or of being unable to refinance on favorable terms. In addition, if we need to repay existing debt during periods of higher interest rates, we may need to sell one or more of our investments in order to repay the debt, which sale at that time might not permit realization of the maximum return on such investments. If any of these events occur, our cash flow would be reduced. This, in turn, would reduce cash available for distribution to our stockholders and may hinder our ability to raise capital in the future through additional borrowings or debt or equity offerings. For additional information, please refer to Item 7A, Quantitative and Qualitative Disclosures About Market Risk, for additional information regarding interest rate risk.

Lenders may require us to enter into restrictive covenants relating to our operations, which could limit our ability to make distributions to our stockholders.

When providing financing, a lender may impose restrictions on us that affect our distribution and operating policies and our ability to incur additional debt. Loan documents we enter into may contain covenants that limit our ability to further mortgage the property or discontinue insurance coverage. These or other limitations may limit our flexibility and our ability to execute on our operating plans.

A downgrade in the credit rating of our debt could materially adversely affect our business and financial condition.

Our senior unsecured debt is rated investment grade by Standard & Poor's Corporation and Moody's Investors Service. In determining our credit ratings, the rating agencies consider a number of both quantitative and qualitative factors, including earnings, fixed charges, cash flows, total debt outstanding, total secured debt, off balance sheet obligations, total capitalization and various ratios calculated from these factors. The rating agencies also consider predictability of cash flows, business strategy, property development risks, industry conditions and contingencies. Therefore, any deterioration in our operating performance could cause our investment grade rating to come under pressure. Our corporate credit rating at Standard & Poor's Ratings Service is currently BBB- with a positive outlook, and our corporate credit rating at Moody's Investor Service is currently Baa2 with a stable outlook. There can be no assurance that our credit ratings will not be lowered or withdrawn in their entirety. A negative change in our ratings outlook or any downgrade in our current investment-grade credit ratings by rating agencies could adversely affect our cost and access to sources of liquidity and capital. Additionally, a downgrade could, among other things, increase the costs of borrowing under our credit facility and term loan, adversely impact our ability to obtain unsecured debt or refinance our unsecured debt on competitive terms in the future, or require us to take certain actions to support our obligations, any of which would adversely affect our business and financial condition.

We are and may continue to be subject to litigation, which could have a material adverse effect on our financial condition.

We currently are, and are likely to continue to be, subject to a variety of claims arising in the ordinary course of business, including contract claims and claims alleging violations of federal and state law regarding workplace and employment matters, discrimination, and similar matters. Some of these claims may result in significant defense costs and potentially significant judgments against us, some of which are not, or cannot be, insured against. Although we defend ourselves against any such claims, we cannot be certain of the ultimate outcomes of currently asserted claims or of those that arise in the future. Resolution of these types of matters against us may result in our having to pay significant fines, judgments, or settlements, which, if uninsured, or if the fines, judgments, and settlements exceed insured levels, would adversely impact our earnings and cash flows, thereby impacting our ability to service debt and make distributions to our stockholders.

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If our disclosure controls or internal control over financial reporting is not effective, investors could lose confidence in our reported financial information, which could adversely affect the perception of our business and the trading price of our common stock.

Section 404 of the Sarbanes-Oxley Act of 2002 ("Section 404"), requires that we evaluate the effectiveness of our internal control over financial reporting as of the end of each fiscal year, and to include a management report assessing the effectiveness of our internal control over financial reporting. Deficiencies, including any material weakness, in our internal control over financial reporting that may occur in the future could result in misstatements of our results of operations, restatements of our financial statements, a decline in the trading price of our common stock, or otherwise materially adversely affect our business, reputation, results of operations, financial condition, or liquidity.

Costs of complying with governmental laws and regulations may reduce our net income and the cash available for distributions to our stockholders.

All real property and the operations conducted on real property are subject to federal, state, and local laws and regulations relating to environmental protection and human health and safety. Some of these laws and regulations may impose joint and several liability on tenants, owners, or operators for the costs to investigate or remediate contaminated properties, regardless of fault or whether the acts causing the contamination were legal. In addition, the presence of hazardous substances, or the failure to properly remediate these substances, may hinder our ability to sell, rent, or pledge such property as collateral for future borrowings.

Compliance with new laws or regulations, or stricter interpretation of existing laws may require us to incur material expenditures. Future laws, ordinances, or regulations may impose material environmental liability. Additionally, our tenants' operations, the existing condition of land when we buy it, operations in the vicinity of our properties, such as the presence of underground storage tanks or activities of unrelated third parties may affect our properties. Furthermore, there are various local, state, and federal regulatory requirements, such as fire, health, life-safety, and similar regulations, and the Americans with Disabilities Act, with which we may be required to comply, and which may subject us to liability in the form of fines or damages for noncompliance. Any material expenditures, fines, or damages we must pay will reduce our ability to make distributions.

Discovery of previously undetected environmentally hazardous conditions may decrease our revenues and limit our ability to make distributions.

Under various federal, state, and local environmental laws, ordinances, and regulations, a current or previous real property owner or operator may be liable for the cost to remove or remediate hazardous or toxic substances on, under, or in such property. These costs could be substantial. Such laws often impose liability whether or not the owner or operator knew of, or was responsible for, the presence of such hazardous or toxic substances. Environmental laws also may impose restrictions on the manner in which property may be used or businesses may be operated, and these restrictions may require substantial expenditures or prevent us from entering into leases with prospective tenants that may be impacted by such laws. Environmental laws provide for sanctions for noncompliance and may be enforced by governmental agencies or, in certain circumstances, by private parties. Certain environmental laws and common law principles could be used to impose liability for release of and exposure to hazardous substances, including asbestos-containing materials. Third parties may seek recovery from real property owners or operators for personal injury or property damage associated with exposure to released hazardous substances. The cost of defending against claims of liability, of complying with environmental regulatory requirements, of remediating any contaminated property, or of paying personal injury claims could have an adverse impact on our business and results of operations.

If we sell properties and provide financing to purchasers, defaults by the purchasers would decrease our cash flows and limit our ability to make distributions.

In some instances we may sell our properties by providing financing to purchasers. When we provide financing to purchasers, we will bear the risk that the purchaser may default, which could negatively impact our liquidity and results of operations. Even in the absence of a purchaser default, the distribution of the proceeds of sales to our stockholders, or the reinvestment of proceeds in other assets, will be delayed until the promissory notes or other property we may accept upon a sale are actually paid, sold, refinanced, or otherwise disposed.

We are dependent on our own executive officers and employees.

We rely on a small number of persons, particularly E. Nelson Mills and James A. Fleming, to carry out our business and investment strategies. Any of our senior management, including Messrs. Mills and Fleming, may cease to provide services to us at any time. The loss of the services of any of our key management personnel or our inability to recruit and retain qualified personnel in the future, could have an adverse effect on our business and financial results. As we expand, we will continue to try to attract and retain qualified additional senior management and other employees, but may not be able to do so on acceptable terms.

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A breach of our privacy or information security systems could materially adversely affect our business and financial condition.

Privacy and information security risks have generally increased in recent years because of the proliferation of new technologies and the increased sophistication and activities of perpetrators of cyber attacks. As our reliance on technology has increased, so have the risks posed to our systems, both internal and those we have outsourced. Risks that could directly result from the occurrence of a cyber incident include operational interruption, damage to our relationships with our tenants, potential errors from misstated financial reports, missed reporting deadlines, and private data exposure, among others. Any or all of the preceding risks could have a material adverse effect on our results of operations, financial condition, and cash flows. Although we make efforts to maintain the security and integrity of these types of information technology networks and related systems, there can be no assurance that our security efforts and measures will be effective or that attempted security breaches or disruptions would not be successful or damaging. As cyber threats continue to evolve, we may be required to expend additional resources to continue to enhance our information security measures and to investigate and remediate any information security vulnerabilities.

Risks Related to Ownership of Our Common Stock

We may be unable to pay or maintain cash distributions or increase distributions over time, which could reduce the funds we have available for investment and the return to our investors.

There are many factors that can affect the availability and timing of distributions to stockholders. We expect to continue to fund distributions principally from cash flow from operations; however, from time to time, we may elect to fund a portion of our distributions from borrowings. If we fund distributions from financings, we will have fewer funds available for the investment in, and acquisition of, properties; thus, the overall return to our investors may be reduced. Further, to the extent distributions exceed cash flow from operations, a stockholder's basis in our stock will be reduced and, to the extent distributions exceed a stockholder's basis, the stockholder may recognize capital gain. We can give no assurance that we will be able to pay or maintain cash distributions or increase distributions over time.

Our stock price may be volatile or may decline regardless of our operating performance, and you may not be able to sell your shares at a desirable price.

The market price of our common stock may fluctuate significantly in response to a number of factors, most of which we cannot control, including those described under this section and the following:

• changes in capital market conditions that could affect valuations of real estate companies in general or other adverse economic conditions;

• our failure to meet any earnings estimates or expectations;

• future sales of our common stock by our officers, directors, and significant stockholders;

• global economic, legal, and regulatory factors unrelated to our performance;

• investors' perceptions of our prospects;

• announcements by us or our competitors of significant contracts, acquisitions, joint ventures, or capital commitments; and

• investor perceptions of the investment opportunity associated with our common stock relative to other investment alternatives.

In addition, the stock markets, and in particular The New York Stock Exchange, have experienced extreme price and volume fluctuations that have affected and continue to affect the market prices of equity securities of many real estate companies. In the past, stockholders have instituted securities class action litigation following periods of market volatility. If we were involved in securities litigation, we could incur substantial costs, and our resources and the attention of management could be diverted from our business. Furthermore, we currently have limited research coverage by securities and industry analysts. If additional securities or industry analysts do not commence coverage of our company, the long-term trading price for our common stock could be negatively impacted. If one or more of present or future analysts who cover us downgrade our common stock or publish inaccurate or unfavorable research about our business, our stock price would likely decline. If one or more of these analysts cease coverage of us or fail to publish reports on us regularly, demand for our common stock could decrease, which could cause our stock price and trading volume to decline.

Our common stock has experienced and may continue to experience low trading volumes, which may make it more difficult for you to sell your shares at any given time at prevailing prices.

The daily trading volumes for our common stock are, and may continue to be, relatively small compared to many other publicly traded securities. For example, since our listing, our daily trading volume has been as low as 249,810 shares. If our stock continues

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to experience low trading volumes, it may be difficult for individuals to sell their shares when they want and at a price that is desirable to them. Furthermore, low trading volumes for our common stock may cause the price of our stock to be highly volatile.

Our charter limits the number of shares a person may own, which may discourage a takeover that could otherwise result in a premium price to our stockholders.

Our charter, with certain exceptions, authorizes our directors to take such actions as are necessary and desirable to preserve our qualification as a REIT. Unless exempted by our board of directors, no person may own more than 9.8% of our outstanding common stock. This restriction may have the effect of delaying, deferring, or preventing a change in control, including an extraordinary transaction (such as a merger, tender offer, or sale of all or substantially all of our assets) that might provide a premium price for holders of our common stock.

Our organizational documents contain provisions that may discourage a takeover of us and could depress the price of our shares of common stock.

Our organizational documents contain provisions that may discourage a takeover of us and could depress the price of our common stock. Our organizational documents contain provisions that may have an anti-takeover effect, inhibit a change of our management, or inhibit in certain circumstances, tender offers for our common stock or proxy contests to change our board. These provisions include: ownership limits and restrictions on transferability that are intended to enable us to continue to qualify as a REIT; broad discretion of our board to take action, without stockholder approval, to issue new classes of securities that may discourage a third party from acquiring us; the ability, through board action or bylaw amendment to opt-in to certain provisions of Maryland law that may impede efforts to effect a change in control of us; advance notice requirements for stockholder proposals and stockholder nominations of directors; and the absence of cumulative voting rights.

In addition, our board of directors may classify or reclassify any unissued preferred stock and establish the preferences; conversion; or other rights, voting powers, restrictions, or limitations as to distributions, qualifications, and terms or conditions of redemption of any such stock. Thus, our board of directors could authorize the issuance of preferred stock with terms and conditions that could have priority as to distributions and amounts payable upon liquidation over the rights of the holders of our common stock. Such preferred stock could also have the effect of delaying, deferring, or preventing a change in control of us, including an extraordinary transaction (such as a merger, tender offer, or sale of all or substantially all of our assets) that might provide a premium price to holders of our common stock.

Maryland General Corporation Law provides certain protections relating to deterring or defending hostile takeovers, which may discourage others from trying to acquire control of us and may prevent our stockholders from receiving a premium price for their stock in connection with a business combination.

Under Maryland law, "business combinations" between a Maryland corporation and certain interested stockholders or affiliates of interested stockholders are prohibited for five years after the most recent date on which the interested stockholder becomes an interested stockholder. These business combinations include a merger, consolidation, share exchange, or, in circumstances specified in the statute, an asset transfer or issuance or reclassification of equity securities. Also under Maryland law, control shares of a Maryland corporation acquired in a control share acquisition have no voting rights except to the extent approved by a vote of two-thirds of the votes entitled to be cast on the matter. Shares owned by the acquirer, an officer of the corporation, or an employee of the corporation who is also a director of the corporation are excluded from the vote on whether to accord voting rights to the control shares. These provisions may therefore discourage others from trying to acquire control of us and increase the difficulty of consummating any offer. Similarly, provisions of Title 3, Subtitle 8 of the Maryland General Corporation Law, commonly referred to as the "Maryland Unsolicited Takeover Act," could provide similar anti-takeover protection.

Our board of directors has determined to opt out of these provisions of Maryland law; in the case of the business combination provisions of Maryland law, by resolution of our board of directors; in the case of the control share provisions of Maryland law, pursuant to a provision in our bylaws; and in the case of certain provisions of the Maryland Unsolicited Takeover Act, pursuant to Articles Supplementary. Only upon the approval of our stockholders, our board of directors may repeal the foregoing opt-outs from the anti-takeover provisions of Maryland General Corporation Law.

Federal Income Tax Risks

Failure to qualify as a REIT would reduce our net income and cash available for distributions.

Our qualification as a REIT depends upon our ability to meet requirements regarding our organization and ownership, distributions of our income, the nature and diversification of our income and assets, and other tests imposed by the Internal Revenue Code (the "Code"). If we fail to qualify as a REIT for any taxable year, we will be subject to federal and state income tax on our taxable income at corporate rates and/or penalties. In addition, we would generally be disqualified from treatment as a REIT for the four

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taxable years following the year of losing our REIT status. Losing our REIT status would reduce our net earnings available for investment or distribution to stockholders because of the additional tax liability. In addition, distributions to stockholders would no longer qualify for the dividends-paid deduction, and we would no longer be required to make distributions. If this occurs, we might be required to borrow funds or liquidate some investments in order to pay the applicable tax.

Recharacterization of sale-leaseback transactions may cause us to lose our REIT status, which would reduce the return to our stockholders.

We may purchase properties and lease them back to the sellers of such properties. While we will use our best efforts to structure any such sale-leaseback transaction such that the lease will be characterized as a "true lease," thereby allowing us to be treated as the owner of the property for federal income tax purposes, we can give no assurance that the Internal Revenue Service will not challenge such characterization. In the event that any such sale-leaseback transaction is challenged and recharacterized as a financing transaction or loan for federal income tax purposes, deductions for depreciation and cost recovery relating to such property would be disallowed. If a sale-leaseback transaction was so recharacterized, we might fail to satisfy the REIT qualification asset tests or income tests and, consequently, lose our REIT status. Alternatively, the amount of our REIT taxable income could be recalculated, which might also cause us to fail to meet the distribution requirement for a taxable year.

Even if we qualify as a REIT for federal income tax purposes, we may be subject to other tax liabilities that reduce our cash flow and our ability to make distributions to our stockholders.

Even if we remain qualified as a REIT for federal income tax purposes, we may be subject to some federal, state, and local taxes on our income or property. For example:

• In order to qualify as a REIT, we must distribute annually at least 90% of our REIT taxable income to our stockholders (which is determined without regard to the dividends-paid deduction or net capital gain). To the extent that we satisfy the distribution requirement but distribute less than 100% of our REIT taxable income, we will be subject to federal and state corporate income tax on the undistributed income.

• We will be subject to a 4% nondeductible excise tax on the amount, if any, by which distributions we pay in any calendar year are less than the sum of 85% of our ordinary income, 95% of our capital gains net income, and 100% of our undistributed income from prior years.

• If we have net income from the sale of foreclosure property that we hold primarily for sale to customers in the ordinary course of business or other nonqualifying income from foreclosure property, we must pay a tax on that income at the highest corporate income tax rate.

• If we sell a property, other than foreclosure property, that we hold primarily for sale to customers in the ordinary course of business, our gain would be subject to the 100% "prohibited transaction" tax.

• We may perform additional, noncustomary services for tenants of our buildings through our taxable REIT subsidiary, including real estate or non-real-estate-related services; however, any earnings related to such services are subject to federal and state income taxes.

To maintain our REIT status, we may be forced to borrow funds during unfavorable market conditions to make distributions to our stockholders, which could increase our operating costs and decrease the value of an investment in us.

To qualify as a REIT, we must distribute to our stockholders each year 90% of our REIT taxable income (which is determined without regard to the dividends-paid deduction or net capital gains). At times, we may not have sufficient funds to satisfy these distribution requirements and may need to borrow funds to maintain our REIT status and avoid the payment of income and excise taxes. These borrowing needs could result from (i) differences in timing between the actual receipt of cash and inclusion of income for federal income tax purposes; (ii) the effect of nondeductible capital expenditures; (iii) the creation of reserves; or (iv) required debt or amortization payments. We may need to borrow funds at times when market conditions are unfavorable. Such borrowings could increase our costs and reduce the value of our common stock.

To maintain our REIT status, we may be forced to forego otherwise attractive opportunities, which could delay or hinder our ability to meet our investment objectives and lower the return to our stockholders.

To qualify as a REIT, we must satisfy tests on an ongoing basis concerning, among other things, the sources of our income, the nature of our assets, and the amounts we distribute to our stockholders. We may be required to make distributions to stockholders at times when it would be more advantageous to reinvest cash in our business or when we do not have funds readily available for distribution. Compliance with the REIT requirements may hinder our ability to operate solely on the basis of maximizing profits.

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Because of the ownership structure of our hotel property, we face potential adverse effects from changes to the applicable tax laws.

We own one hotel property. However, under the Code, REITs are not allowed to operate hotels directly or indirectly. Accordingly, we lease our hotel property to our taxable REIT subsidiary, or TRS. As lessor, we are entitled to a percentage of the gross receipts from the operation of the hotel property. Marriott Hotel Services, Inc. manages the hotel under the Marriott^® name pursuant to a management contract with the TRS as lessee. While the TRS structure allows the economic benefits of ownership to flow to us, the TRS is subject to tax on its income from the operations of the hotel at the federal and state levels. In addition, the TRS is subject to detailed tax regulations that affect how it may be capitalized and operated. If the tax laws applicable to our TRS are changed, we may be forced to modify the structure for owning our hotel property or selling our hotel property, which may adversely affect our cash flows. In addition, the Internal Revenue Service, the U. S. Department of the Treasury, and Congress frequently review federal income tax legislation, and we cannot predict whether, when, or to what extent new federal tax laws, regulations, interpretations, or rulings will be adopted. Any of such actions may prospectively or retroactively modify the tax treatment of the TRS and, therefore, may adversely affect our after-tax returns from our hotel property.

Legislative or regulatory action could adversely affect investors.

In recent years, numerous legislative, judicial, and administrative changes have been made in the provisions of federal and state income tax laws applicable to investments similar to an investment in shares of Columbia Property Trust. Additional changes to tax laws are likely to continue to occur in the future, and we cannot assure you that any such changes will not adversely affect the taxation of our stockholders. Any such changes could have an adverse effect on an investment in shares or on the market value or the resale potential of our properties. You are urged to consult with your own tax advisor with respect to the impact of recent legislation on your ownership of shares and the status of legislative, regulatory, or administrative developments and proposals, and their potential effect on ownership of shares.

ITEM 1B. UNRESOLVED STAFF COMMENTS

Not applicable.

ITEM 2. PROPERTIES

Overview

As of December 31, 2014, we owned interests in 35 office properties and one hotel located in 12 states and the District of Columbia. All of the properties are wholly owned except for one, which is owned through a consolidated subsidiary. As of December 31, 2014, our office properties were approximately 93.3% leased.

Property Statistics

The tables below include statistics for properties that we own directly as well as through our consolidated subsidiary. Annualized Lease Revenue is (i) annualized rental payments (defined as base rent plus operating expense reimbursements, excluding rental abatements) for executed and commenced leases, as well as leases executed but not yet commenced for vacant space, and (ii) annualized parking revenues, payable either under the terms of an executed lease or vendor contract. Annualized Lease Revenue excludes rental payments for executed leases that have not yet commenced for space covered by an existing lease.

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The following table shows lease expirations of our office properties as of December 31, 2014, and during each of the next 10 years and thereafter. This table assumes no exercise of renewal options or termination rights.    

Year of Lease Expiration	2014 Annualized Lease Revenue (in thousands)		Rentable Square Feet (in thousands)	Percentage of 2014 Annualized Lease Revenue
Vacant	$	—	1,034	—	%
2015	27,744		803	6	%
2016	59,723		1,238	12	%
2017	72,256		2,476	15	%
2018	41,002		935	8	%
2019	16,436		415	3	%
2020	40,176		1,308	8	%
2021	62,007		1,999	13	%
2022	25,151		735	5	%
2023	24,503		641	5	%
2024	5,095		150	1	%
Thereafter	116,814		3,694	24	%
	$	490,907	15,428	100	%

The following table shows the geographic diversification of our office properties as of December 31, 2014.

Location	2014 Annualized Lease Revenue (in thousands)		Leased Square Feet (in thousands)	Percentage of 2014 Annualized Lease Revenue
San Francisco	$	94,100	1,866	19	%
Washington, D.C.	61,072		878	12	%
Northern New Jersey	47,751		1,729	10	%
Houston	41,775		992	9	%
Cleveland	38,526		1,201	8	%
Atlanta	38,049		1,625	8	%
Baltimore	33,533		961	7	%
Chicago	30,808		1,325	6	%
New York	28,111		354	6	%
Boston	19,949		948	4	%
Pittsburgh	15,329		824	3	%
Denver	13,035		478	3	%
Other(1)	28,869		1,213	5	%
	$	490,907	14,394	100	%

⁽¹⁾  No more than 3% is attributable to any individual geographic location.

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The following table shows the tenant industry diversification of our office properties as of December 31, 2014.

Industry	2014 Annualized Lease Revenue (in thousands)		Leased Square Feet (in thousands)	Percentage of 2014 Annualized Lease Revenue
Legal Services	$	87,285	1,564	18	%
Depository Institutions	69,314		2,003	14	%
Business Services	41,057		1,160	8	%
Electric, Gas & Sanitary Services	38,856		1,827	8	%
Security & Commodity Brokers	32,492		764	7	%
Engineering & Management Services	30,576		939	6	%
Communication	28,239		1,096	6	%
Industrial Machinery & Equipment	23,253		1,027	5	%
Transportation Equipment	16,457		479	3	%
Nondepository Institutions	12,600		378	3	%
Heavy Construction	12,350		332	3	%
Miscellaneous Retail	12,298		575	3	%
Other(1)	86,130		2,250	16	%
	$	490,907	14,394	100	%

⁽¹⁾  No more than 3% is attributable to any individual industry.

The following table shows the tenant diversification of our office properties as of December 31, 2014.

Tenant	2014 Annualized Lease Revenue (in thousands)		Percentage of 2014 Annualized Lease Revenue
Wells Fargo	$	27,924	6	%
Jones Day	27,581		6	%
AT&T	21,704		4	%
PSEG Services	20,735		4	%
IBM	20,506		4	%
Key Bank	19,819		4	%
Pershing	17,158		3	%
Westinghouse	15,329		3	%
T. Rowe Price	15,094		3	%
CH2M Hill	13,035		3	%
Foster Wheeler	12,350		3	%
Other(1)	279,672		57	%
	$	490,907	100	%

⁽¹⁾  No more than 3% is attributable to any individual tenant.

The following table shows certain information related to significant properties as of December 31, 2014.

Property & Location	Number of Buildings	Leased Square Feet (in thousands)	Total Real Estate, Net (in thousands)		% of Total Assets		2014 Annualized Lease Revenue (in thousands)		Average Annualized Lease Revenue per Square Foot		Occupancy
Market Square Buildings, Washington, D.C.	2	627	$	535,746	13.1	%	$	48,161	$	76.8	91.7	%

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ITEM 3. LEGAL PROCEEDINGS

From time to time, we are party to legal proceedings, which arise in the ordinary course of our business. We are not currently involved in any legal proceedings of which the outcome is reasonably likely to have a material adverse effect on our results of operations or financial condition, nor are we aware of any such legal proceedings contemplated by governmental authorities.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

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PART II

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES

Market Information and Holders

Our common stock was listed on the New York Stock Exchange (the "NYSE") on October 10, 2013, under the symbol "CXP." Prior to October 10, 2013, none of our common stock was listed on a national securities exchange and there was no established public trading market for such shares. As of January 31, 2015, we had approximately 125.1 million shares of common stock outstanding held by a total of 73,507 stockholders of record.

The closing high and low prices for our stock during 2014 and the fourth quarter of 2013 were as follows:

	High		Low		Dividends
2014 Quarters:
First	$	27.73	$	23.12	$	0.30
Second	$	29.13	$	26.01	$	0.30
Third	$	26.09	$	23.85	$	0.30
Fourth	$	25.79	$	23.80	$	0.30
2013 Quarters:
First	n/a		n/a		$	0.38
Second	n/a		n/a		$	0.38
Third	n/a		n/a		$	0.38
Fourth	$	25.07	$	22.16	$	0.30

Distributions

We intend to make distributions each taxable year (not including a return of capital for federal income tax purposes) equal to at least 90% of our taxable income. One of our primary goals is to pay regular quarterly distributions to our stockholders. The amount of distributions paid and the taxable portion thereof in prior periods are not necessarily indicative of amounts anticipated in future periods.

The amount of distributions to common stockholders is determined by our board of directors and is dependent upon a number of factors, including funds deemed available for distribution based principally on our current and future projected operating cash flows, reduced by capital requirements necessary to maintain our existing portfolio. In determining the amount of distributions to common stockholders, we also consider our future capital needs and future sources of liquidity, as well as the annual distribution requirements necessary to maintain our status as a REIT under the Code. Investments in new property acquisitions and first-generation capital improvements, as well as equity repurchases, are generally funded with recycled capital proceeds from property sales, debt, or cash on hand.

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Performance Graph

The following graph compares the cumulative total return of our common stock with the Morgan Stanley REIT Index, the FTSE NAREIT Equity Index, and the SNL US Office Index for the period beginning on October 10, 2013 (the date of our initial listing on the NYSE) through December 31, 2014. The graph assumes a $100 investment in each of the indices on October 10, 2013, and the reinvestment of all dividends.

Index	October 10, 2013		December 31, 2013		December 31, 2014
Columbia Property Trust	$	100.00	$	112.10	$	119.00
S&P 500 Index	$	100.00	$	109.70	$	124.70
Morgan Stanley REIT Index	$	100.00	$	97.70	$	127.38
FTSE NAREIT US Real Estate Index	$	100.00	$	97.68	$	127.40

Share Repurchases

During the quarter ended December 31, 2014, we redeemed shares as follows:

Period	Total Number of Shares Purchased(1)	Average Price Paid per Share(1)
October 2014	—	$	—
November 2014	—	$	—
December 2014	838	$	25.35

⁽¹⁾  All activity for the fourth quarter related to the remittances of shares for income taxes associated with accelerated vesting of certain stock grants made under the Long-Term Incentive Plan (see Note 7, Stockholders' Equity).

Unregistered Issuance of Securities

During the years 2012, 2013, and 2014, we did not issue any securities that were not registered under the Securities Act of 1933.

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Securities Authorized for Issuance under Equity Compensation Plans

We have reserved 2,000,000 shares of common stock for issuance under the Long-Term Incentive Plan and 25,000 shares of common stock under the Independent Director Stock Option Plan. See Note 7, Stockholders' Equity, for more information about these plans. The Long-Term Incentive Plan was approved by our shareholders in 2013, and the Independent Director Stock Option Plan was approved by our stockholders in 2003, before we commenced our initial public offering. The following table provides summary information about securities issuable under our equity compensation plans as of December 31, 2014:

Plan category	Number of securities to be issued upon  exercise of outstanding options, warrants, and rights	Weighted-average exercise price of outstanding options, warrants, and rights		Common stock issued under the Long-Term Incentive Plan	Number of securities remaining available for future issuance under equity compensation plans(1)
Equity compensation plans approved by security holders	7,375	$	48.00	164,848	1,852,777
Equity compensation plans not approved by security holders	—	—		—	—
Total	7,375	$	48.00	164,848	1,852,777

⁽¹⁾  Includes 1,835,152 shares reserved for issuance under the Long-Term Incentive Plan and 17,625 shares reserved for issuance under the Independent Director Stock Option Plan.

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ITEM 6. SELECTED FINANCIAL DATA

The following selected financial data for 2014, 2013, 2012, 2011, and 2010 should be read in conjunction with the accompanying consolidated financial statements and related notes in Item 8, Financial Statements and Supplementary Data, hereof (amounts in thousands, except per-share data).

	As of December 31,
	2014			2013			2012			2011			2010
Total assets	$	4,738,878		$	4,592,482		$	5,730,949		$	5,776,567		$	5,371,685
Total stockholders' equity	$	2,733,478		$	2,787,823		$	3,163,980		$	3,346,655		$	3,455,697
Outstanding debt	$	1,680,066		$	1,489,179		$	1,650,296		$	1,469,486		$	886,939
Outstanding long-term debt	$	1,469,245		$	1,477,563		$	1,621,541		$	1,433,295		$	838,556
Obligations under capital leases	$	120,000		$	120,000		$	586,000		$	646,000		$	646,000
	Years Ended December 31,
	2014			2013			2012			2011			2010
Total revenues(1)	$	540,797		$	526,578		$	494,271		$	492,887		$	433,885
Net income attributable to the common stockholders of Columbia Property Trust, Inc.	$	92,635		$	15,720		$	48,039		$	56,642		$	23,266
Net cash provided by operating activities	$	236,906		$	218,329		$	252,839		$	279,158		$	270,106
Net cash provided by (used in) investing activities	$	(23,788	)	$	495,389		$	31,047		$	(666,090	)	$	(312,708	)
Net cash provided by (used in) financing activities	$	(163,183	)	$	(667,417	)	$	(269,729	)	$	387,610		$	(20,429	)
Distributions paid	$	149,962		$	191,473		$	256,020		$	270,720		$	313,815
Net proceeds raised through issuance of our common stock(2)	$	—		$	46,402		$	118,388		$	130,289		$	483,559
Net debt proceeds (repayments)(2)	$	(11,739	)	$	(160,940	)	$	(28,191	)	$	375,222		$	(74,742	)
Acquisitions, earnest money paid, and investments in real estate(2)	$	(416,991	)	$	(44,856	)	$	(233,798	)	$	(638,783	)	$	(318,948	)
Per weighted-average common share data:
Net income (loss) – basic(3)	$	0.74		$	0.12		$	0.35		$	0.42		$	0.18
Net income (loss) – diluted(3)	$	0.74		$	0.12		$	0.35		$	0.42		$	0.18
Distributions declared(3)	$	1.20		$	1.44		$	1.88		$	2.00		$	2.28
Weighted-average common shares outstanding – basic(3)	124,860			134,085			136,672			135,680			131,212
Weighted-average common shares outstanding – diluted(3)	124,918			134,085			136,672			135,680			131,212

⁽¹⁾  The amounts for 2012, 2011, and 2010 have been adjusted to conform with current-period presentation, including classifying revenues generated by sold properties as discontinued operations (see Note 12, Discontinued Operations, to the accompanying consolidated financial statements).

⁽²⁾  Activity is presented on a cash basis. Please refer to our accompanying consolidated statements of cash flows.

⁽³⁾  Where applicable, share and per-share amounts have been retroactively adjusted to reflect the impact of the August 14, 2013, four-for-one reverse stock split for all periods presented (See Note 7, Stockholders'Equity).

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ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis should be read in conjunction with the Selected Financial Data in Item 6, Selected Financial Data, above and our accompanying consolidated financial statements and notes thereto. See also Cautionary Note Regarding Forward-Looking Statements preceding Part I.

Overview

We continue to focus on improving our market concentration by growing our economic presence in key markets through strategic investment opportunities, and by divesting of properties with single tenants, in suburban locations, and/or in low barrier markets, which we believe face more challenging appreciation prospects. In January 2015, we acquired the 116 Huntington Avenue Building in Boston, Massachusetts, for $152.0 million, and the a portfolio of two assets, containing the 315 Park Avenue South Building in New York City, New York, and the 1881 Campus Commons Building in Reston, Virginia, for $436.0 million. During 2014, we acquired two properties in San Francisco, California, for a total of $539.0 million, sold a single-tenant asset in Atlanta for $290.0 million, and sold four smaller properties in outlying markets for total gross proceeds of $135.5 million.

As a result of these capital recycling transactions, we have improved our concentration in key markets and central business districts, as well as reduced our exposure to single-tenant assets. Over the intermediate and longer term, we are continuing to seek to optimize the allocation between our traditional, stabilized core investments, and growth-oriented, core-plus, and value-add investments. While transitioning the portfolio to more growth-oriented, core-plus, and value-add properties is likely to cause some dilution in earnings for a period of time, we believe that it will improve the opportunity for growth over the longer term.

Liquidity and Capital Resources

Overview

Cash flows generated from the operation of our properties are primarily used to fund dividends to our stockholders and recurring expenditures. We maintained a quarterly stockholder distribution rate of $0.30 per share throughout 2014. The amount of distributions to common stockholders is determined by our board of directors and is dependent upon a number of factors, including funds deemed available for distribution based principally on our current and future projected operating cash flows, reduced by capital requirements necessary to maintain our existing portfolio. In determining the amount of distributions to common stockholders, we also consider our future capital needs and future sources of liquidity, as well as the annual distribution requirements necessary to maintain our status as a REIT under the Code. Investments in new property acquisitions and first-generation capital improvements are generally funded with recycled capital proceeds from property sales, debt, or cash on hand.

Short-term Liquidity and Capital Resources

During 2014, we generated net cash flows from operating activities of $236.9 million, which consists primarily of receipts from tenants for rent and reimbursements, reduced by payments for operating costs, administrative expenses, and interest expense. During the same period, we paid total distributions to stockholders of $150.0 million.

During 2014, we acquired two properties in San Francisco, California, for a total of $539.0 million by assuming two mortgage notes totaling $203.0 million and funding the balance with a combination of cash on hand and borrowings under our line of credit. During the same period, we sold five properties for total gross proceeds of $425.5 million, which enabled us to fully repay our line of credit in October 2014. In January 2015, we acquired three properties in two transactions for a total of $588.0 million with a $300 million bridge loan, $140.0 million of borrowings on our line of credit, and cash generated from the 2014 property sales described above.

On a short-term basis, we expect our primary sources of capital to be operating cash flows and proceeds from select property dispositions. We expect that our principal demands for funds will be distributions to stockholders, capital improvements to our existing assets, operating expenses, property acquisitions, and interest and principal on current debt and any future debt financings. We believe that we have adequate liquidity and capital resources to meet our current obligations as they come due. As of January 31, 2015, we had access to $369.0 million of our borrowing capacity under the JPMorgan Chase Credit Facility. Additionally, in 2014, we filed a universal shelf-registration statement with the Securities and Exchange Commission, which provides us with future flexibility to offer a variety of debt and equity securities, from time-to-time in one or more offerings.

Long-term Liquidity and Capital Resources

Over the long term, we expect that our primary sources of capital will include operating cash flows, select property dispositions, and proceeds from secured or unsecured borrowings from third-party lenders. We may also opt to offer shares of our common stock from time to time, subject to current stock price and market conditions. We expect that our primary uses of capital will

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continue to include stockholder distributions; acquisitions; capital expenditures, such as building improvements, tenant improvements, and leasing costs; and repaying or refinancing debt.

Consistent with our financing objectives and operational strategy, we continue to maintain low debt levels, historically less than 40% of the cost of our assets. This conservative leverage goal could reduce the amount of current income we can generate for our stockholders, but it also reduces their risk of loss. We believe that preserving investor capital while generating stable current income is in the best interest of our stockholders. Our debt-to-real-estate-asset ratio is calculated using the outstanding debt balance and real estate at cost. As of December 31, 2014, our debt-to-real-estate-asset ratio (calculated on a cost basis) was approximately 32.2%.

Contractual Commitments and Contingencies

As of December 31, 2014, our contractual obligations will become payable in the following periods (in thousands):

Contractual Obligations	Total		2015		2016-2017		2018-2019		Thereafter
Debt obligations	$	1,680,574	$	210,511	$	748,188	$	396,875	$	325,000
Interest obligations on debt(1)	264,859		66,301		95,361		45,526		57,671
Capital lease obligations(2)	120,000		—		—		—		120,000
Operating lease obligations	216,076		2,557		5,259		5,463		202,797
Total	$	2,281,509	$	279,369	$	848,808	$	447,864	$	705,468

⁽¹⁾  Interest obligations on variable-rate debt are measured at the rate at which they are effectively fixed with interest rate swap agreements (where applicable), a portion of which is reflected as loss on interest rate swaps in our consolidated statements of operations of the accompanying consolidated financial statements. Interest obligations on all other debt instruments are measured at the contractual rate. See Item 7A, Quantitative and Qualitative Disclosure About Market Risk, for more information regarding our interest rate swaps.

⁽²⁾  Amounts include principal obligations only. We made interest payments on these obligations of $7.2 million during 2014, all of which was funded with interest income earned on the corresponding investments in development authority bonds.

2018 Bonds Payable

In 2011, we issued $250.0 million of seven-year, unsecured 5.875% senior notes at 99.295% of their face value. We received proceeds from the 2018 Bonds Payable, net of fees, of $246.7 million. The 2018 Bonds Payable require semiannual interest payments in April and October based on a contractual annual interest rate of 5.875%, which is subject to adjustment in certain circumstances. The principal amount of the 2018 Bonds Payable is due and payable on the maturity date, April 1, 2018. Interest payments of $14.7 million were made on the 2018 Bonds Payable during 2014 and 2013.

The restrictive covenants on the 2018 Bonds Payable as defined pursuant to an indenture include:

• limits to our ability to merge or consolidate with another entity or transfer all or substantially all of our property and assets, subject to important exceptions and qualifications;

• a limitation on the ratio of debt to total assets, as defined, to 60%;

• limits to our ability to incur debt if the consolidated income available for debt service to annual debt service charge, as defined, for four previous consecutive fiscal quarters is less than 1.5:1 on a pro forma basis;

• limits to our ability to incur liens if, on an aggregate basis for us, the secured debt amount would exceed 40% of the value of the total assets; and

• a requirement that the ratio of unencumbered asset value, as defined, to total unsecured debt be at least 150% at all times.

As of December 31, 2014, we believe we were in compliance with the restrictive covenants on the 2018 Bonds Payable.

Universal Shelf Registration Statement

On September 15, 2014, we filed a universal shelf registration statement on Form S-3 (No. 333-198764) with the Securities and Exchange Commission (the "Universal Shelf Registration Statement"), which was effective upon filing. The Universal Shelf Registration Statement provides us with future flexibility to offer, from time to time and in one or more offerings, debt securities, common stock, preferred stock, depositary shares, warrants, or any combination thereof. The terms of any such future offerings would be established at the time of an offering.

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JPMorgan Chase Credit Facility

The JPMorgan Chase Credit Facility has a capacity of $500 million and matures on August 21, 2017, with a one-year extension option. Amounts outstanding under the JPMorgan Chase Credit Facility bear interest at the London Interbank Offered Rate ("LIBOR"), plus an applicable margin ranging from 1.00% to 1.70% for LIBOR borrowings, or an applicable base rate, plus an applicable margin ranging from 0.00% to 0.70% for base rate borrowings, based on our applicable credit rating. The per annum facility fee on the aggregate revolving commitment (used or unused) ranges from 0.15% to 0.35%, also based on our applicable credit rating. Additionally, we have the ability to increase the capacity of the JPMorgan Chase Credit Facility up to $800.0 million, subject to certain limitations.

We are subject to a $25.0 million limitation on letters of credit that may be issued under the JPMorgan Chase Credit Facility. The JPMorgan Chase Credit Facility contains the following restrictive covenants:

• limits the ratio of debt to total asset value, as defined, to 50% or less during the term of the facility;

• limits the ratio of secured debt to total asset value, as defined, to 40% or less during the term of the facility;

• requires the ratio of unencumbered asset value, as defined, to total unsecured debt to be at least 2:1 at all times;

• requires maintenance of certain interest and fixed-charge coverage ratios;

• limits the ratio of secured recourse debt to total asset value, as defined, to 10% or less at all times;

• requires maintenance of certain minimum tangible net worth balances; and

• limits investments that fall outside our core investments of improved office properties located in the United States.

As of December 31, 2014, we believe we were in compliance with the restrictive covenants on our outstanding debt obligations.

$450 Million Term Loan

The $450 Million Term Loan matures on February 3, 2016, with two, one-year extension options available. The interest rate on the $450 Million Term Loan continues to be effectively fixed with an interest rate swap agreement. Based on the terms of the interest rate swap and our current credit rating, the interest rate on the $450 Million Term Loan is effectively fixed at 2.07%. Additionally, we have the ability to increase the borrowing capacity of the $450 Million Term Loan up to $700.0 million, subject to certain limitations.

Bridge Loan

We entered into the Bridge Loan on January 6, 2015. The $300 million in proceeds from the Bridge Loan was used to fund the real estate acquisitions in January 2015. At our option, borrowings under the Bridge Loan bear interest at either (i) an alternate base rate plus an applicable margin ranging from 0.00% to 0.80% or (ii) LIBOR plus an applicable margin based on four stated pricing levels ranging from 1.00% to 1.80%, in each case based on our credit rating. Subject to customary conditions, we may increase the borrowings under the Bridge Loan two times, up to an aggregate additional amount of $150 million. Each increase must be in an increment of $25 million.

The Bridge Loan matures on July 6, 2015, with a six-month extension at our option, and may be prepaid at any time without premium or penalty. The Bridge Loan contains restrictive covenants that are substantially similar to the covenants contained in the JPMorgan Chase Credit Facility. In addition, amounts under the Bridge Loan must be repaid with the net cash proceeds of certain financing activities and asset sales, including (i) the issuance of common or preferred equity securities, (ii) the incurrence of mortgage indebtedness on any property, (iii) the incurrence of unsecured indebtedness, or (iv) the sale of certain real estate assets of or any equity interests.

Debt Repayments, Maturities, and Interest Payments

On October 8, 2014, we repaid the mortgage note for the 544 Lakeview Building (the "544 Lakeview Building Mortgage Note")for $9.1 million, resulting in a loss on early extinguishment of debt of $23,000. The original maturity date for the 544 Lakeview Building mortgage note was December 1, 2014. There were no other debt maturities or repayments during 2014.

During 2014 and 2013, we made interest payments of approximately $56.1 million and $59.6 million, respectively, related to our line of credit and notes payable. In addition, we made interest payments of approximately $14.7 million in both 2014 and 2013, related to our 2018 Bonds Payable (see Note 5, Bonds Payable).

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Results of Operations

Overview

As of December 31, 2014, we owned controlling interests in 35 office properties, which were approximately 93.3% leased, and one hotel. Our real estate operating income was $88.9 million for 2014, which represents a decrease from $94.6 million for 2013, primarily due to the impact of 2014 impairment charges and acquisition expenses incurred in connection with our portfolio repositioning activities, partially offset by one-time general and administrative expenses incurred in 2013 to transition the company to a self-managed platform. In the near-term, we expect future operating income to continue to fluctuate, primarily based on leasing activities, property dispositions, and acquisitions for our portfolio.

Portfolio Activity

During 2014, we entered into leases for 1.1 million square feet of office space with an average lease term of 11.8 years. This activity consisted of 359,000 square feet of new leasing and 741,000 square feet of renewal leasing. For leases executed during he year, we experienced a 7.3% increase in rental rates on a GAAP basis.

Comparison of the year ended December 31, 2014 versus the year ended December 31, 2013

Continuing Operations

Rental income was $414.5 million for 2014, which represents an increase from $406.9 million for 2013, due to the acquisition of the 221 Main Street Building and the 650 California Street Building in April 2014 and September 2014, respectively, partially offset by the impact of 2014 dispositions. We expect rental income to fluctuate based on leasing, acquisition, and disposition activity.

Tenant reimbursements and property operating costs were $95.4 million and $163.7 million, respectively, for 2014, which represents a slight increase as compared with $90.9 million and $154.6 million, respectively, for 2013, as the additional costs related to our recently acquired properties and increased property taxes resulting from annual assessments were partially offset by the impact of the disposition of properties in late 2013 and 2014. Tenant reimbursements and property operating costs are expected to fluctuate with changes in our portfolio.

Hotel income, net of hotel operating costs, was $4.1 million for 2014, which represents a decrease as compared with $5.4 million for 2013, primarily due to unfavorable weather in Cleveland, Ohio, and renovations at the Key Center Marriott, which resulted in lower occupancy during the first quarter of 2014. Hotel income and hotel operating costs are primarily driven by the local economic conditions and, as a result, are expected to fluctuate in the future primarily based on changes in the supply of, and demand for, hotel and banquet space in Cleveland, Ohio, similar to that offered by the Key Center Marriott hotel.

Other property income was $8.0 million for 2014, which represents an increase from $5.0 million for 2013, primarily due to fees earned in connection with a lease termination at one of the Market Square Buildings and the 222 East 41st Street Building in 2014. Future other property income is expected to fluctuate primarily as a result of lease restructuring and termination activities.

Asset and property management fees were $2.3 million for 2014, which represents a decrease from $6.4 million for 2013, due to the termination of the Advisory Agreement effective February 28, 2013. See Note 10, Related-Party Transactions and Agreements,for additional information. Future asset and property management fees are expected to fluctuate with acquisition and disposition activity, as no related-party asset or property management fees will be incurred.

Depreciation was $117.8 million for 2014, which represents an increase from $108.1 million for 2013, due to the timing of current year acquisitions, net of dispositions, and the completion of capital improvements at certain of our existing properties. Depreciation is expected to fluctuate in future periods due to additional changes in the composition of our portfolio and ongoing capital improvements at our existing properties.

Amortization was relatively stable at $78.8 million and $78.7 million for 2014 and 2013, respectively, as the impact of 2014 acquisitions was offset by the impact of 2013 and 2014 dispositions. Amortization is expected to fluctuate in future periods due to future leasing and future acquisitions and dispositions.

In 2014, we recognized the following impairment losses in connection with changing our investment strategy and disposition expectations for the following assets: $13.6 million on the 160 Park Avenue Building in Florham Park, New Jersey, in the first quarter of 2014 (sold in June 2014); $1.4 million on the 200 South Orange Building in Orlando, Florida, in the second quarter of 2014 (sold in June 2014); and $10.1 million on the Bannockburn Lake III Building in Bannockburn, Illinois, in the fourth quarter of 2014 (currently being marketed for sale). We have identified $500 million to $600 million of real estate assets that are candidates

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for near-term disposition. Future impairment losses on these properties will depend principally on the progress of our marketing efforts, and the disposition strategies evaluated and, ultimately, pursued.

General and administrative expenses were $31.3 million for 2014, which represents a decrease as compared with $61.9 million for 2013, primarily due to the impact of transitioning to a self-managed structure and the expiration of contracts related thereto. See Note 10, Related-Party Transactions and Agreements,of the accompanying financial statements for details. We expect general and administrative expenses to fluctuate somewhat in the near-term as we continue to develop our regionalized investment and asset management platform.

We incurred $4.1 million in listing costs during 2013 in connection with listing our shares on the New York Stock Exchange on October 10, 2013 and no listing costs in 2014.

We incurred total acquisition expenses of $14.1 million for 2014 in connection with acquiring two properties in San Francisco, California, and no acquisition expenses in 2013. See Note 3, Real Estate and Other Transactions, of the accompanying financial statements for additional details. We expect future acquisition expenses to fluctuate with acquisition activity.

Interest expense was $75.7 million for 2014, which represents a decrease as compared with $101.9 million for 2013, primarily due to settling $466.0 million of our $586.0 million total capital lease obligations, and the related and offsetting development authority bond investments, in December 2013. Interest expense is expected to fluctuate with future acquisitions and financing activities.

Interest and other income was $7.3 million for 2014, which represents a decrease from $34.0 million for 2013, due to the December 2013 settlement of $466.0 million of the $586.0 million total development authority bonds, and the related and offsetting obligations under capital leases. Interest income is expected to remain at comparable levels in future periods, as the majority of this activity consists of interest income earned on investments in development authority bonds, with a remaining term of approximately seven years as of December 31, 2014. Interest income earned on investments in development authority bonds is entirely offset by interest expense incurred on the corresponding capital leases.

We recognized a loss on interest rate swaps that do not qualify for hedge accounting treatment of approximately $0.4 million for 2014, as compared with $0.3 million for 2013. We anticipate that future gains and losses on interest rate swaps that do not qualify for hedge accounting treatment will fluctuate, primarily due to changes in the estimated fair value of our interest rate swaps relative to then-current market conditions. Market value adjustments to swaps that qualify for hedge accounting treatment are recorded directly to equity and therefore do not impact net income.

We recognized a loss on early extinguishment of debt of $23,000 in 2014, related to the early repayment of the $9.1 million mortgage note for the 544 Lakeview Building. This note was originally due on December 1, 2014, and fully repaid on October 8, 2014.

We recognized gains of sales of real estate assets of $75.3 million in 2014. In July 2014, we sold the 7031 Columbia Gateway Drive Building in Columbia, Maryland, for $59.5 million, exclusive of transaction costs, yielding a gain on sale of real estate assets of $7.7 million; in August 2014, we sold the 9 Technology Drive Building in Westborough, Massachusetts, for $47.0 million, exclusive of purchase price adjustments and transaction costs, yielding a gain on sale of real estate assets of $11.1 million; and in October 2014, we sold the Lenox Park Property in Atlanta, Georgia, for $290.0 million, exclusive of transaction costs, yielding a gain on sale of real estate assets of approximately $56.5 million.

Discontinued Operations

Loss from discontinued operations was $2.0 million for 2014, as compared with $10.1 million for 2013. The decrease in loss from discontinued operations is due to our adoption of Accounting Standards Update 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components on an Entity ("ASU 2014-08"), which requires only dispositions that represent a strategic shift in our operations be reclassified to discontinued operations. Therefore, the operating results of properties disposed of subsequent to April 1, 2014, have not been reclassified to discontinued operations. As further explained in Note 12, Discontinued Operations, to the accompanying consolidated financial statements, prior to our adoption of ASU 2014-08, properties meeting certain criteria for disposal were classified as "discontinued operations" in the accompanying consolidated statements of operations for all periods presented.

Net Income

Net income attributable to Columbia Property Trust was $92.6 million, or $0.74 per share, for 2014, which represents an increase from $15.7 million, or $0.12 per share, for 2013, primarily due to gains recognized on 2014 property sales. We expect future earnings to fluctuate as a result of leasing activity at our existing properties and acquisition and disposition activity.

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Comparison of the year ended December 31, 2013 versus the year ended December 31, 2012

Rental income was $406.9 million for 2013, which represents an increase from $381.8 million for 2012, primarily due to the acquisition of the 333 Market Street Building in December 2012.

Tenant reimbursements remained relatively stable at $90.9 million for 2013, as compared with $88.4 million for 2012. Property operating costs, however, increased to $154.6 million for 2013 from $147.2 million for 2012, primarily due to increases in property taxes resulting from annual reassessments; increased costs primarily driven by noncapital project initiatives, such as facade maintenance and build-outs to prepare space for leasing; and the acquisition of the 333 Market Street Building in December 2012. Tenant reimbursements of the additional 2013 property operating costs were neutralized by the impact of concessions offered with new and modified leases.

Hotel income, net of hotel operating costs, remained relatively stable at $5.4 million for 2013 and $4.7 million for 2012.

Other property income was $5.0 million for 2013, which represents an increase from $1.0 million for 2012, primarily due to fees earned in connection with lease restructurings and terminations during the fourth quarter of 2013.

Asset and property management fees were $6.4 million for 2013, which represents a decrease from $31.8 million for 2012, due to terminating the Advisory Agreement effective February 28, 2013, as further discussed in Note 10, Related-Party Transactions and Agreements.

Depreciation was $108.1 million for 2013, which represents an increase from $98.7 million for 2012, primarily due to the acquisition of the 333 Market Street Building in December 2012 and capital improvements at certain of our existing properties.

Amortization was $78.7 million for 2013, which represents a decrease from $86.5 million for 2012, primarily due to the expiration of in-place leases at our properties during 2012 and 2013 and lease terminations.

General and administrative expenses were $61.9 million for 2013, which represents an increase from $24.6 million for 2012, primarily due to the impact of transitioning to a self-managed platform (see Note 10, Related-Party Transactions and Agreements, for details).

We incurred $4.1 million in listing costs during 2013 in connection with listing our shares on the NYSE on October 10, 2013.

Acquisition fees and expenses were $1.9 million for 2012, attributable to the December 2012 acquisition of the 333 Market Street Building in San Francisco, California.

Interest expense was $101.9 million for 2013 and 2012, as the impact of the settlement of the development authority bonds in December 2012 and 2013 was offset by the 333 Market Street Building mortgage note, assumed at acquisition in December 2012.

Interest and other income was $34.0 million for 2013, which represents a decrease from $39.9 million for 2012, due to the settlement of the development authority bonds and the related obligations under capital lease in December 2012 and 2013.

We recognized a loss on interest rate swaps that do not qualify for hedge accounting treatment of approximately $0.3 million for 2013, as compared with $1.2 million for 2012.

Discontinued Operations

Income (loss) from discontinued operations was $(10.1) million for 2013, which represents a decrease from $26.6 million for 2012, primarily due to impairment charges related to the 18 Property Sale (as defined hereafter), which closed in 2013, and gains on 2012 property sales. As further explained in Note 12, Discontinued Operations, to the accompanying consolidated financial statements during 2012 and 2013, properties meeting certain criteria for disposal are classified as "discontinued operations" in the accompanying consolidated statements of operations for all periods presented. For 2013 and 2012, discontinued operations include the properties sold through December 31, 2013. See Note 12, Discontinued Operations, to the accompanying consolidated financial statements for additional discussion of these transactions.

Net Income

Net income attributable to Columbia Property Trust was $15.7 million, or $0.12 per share, for 2013, which represents a decrease from $48.0 million, or $0.35 per share, for 2012. The decrease is primarily due to impairment losses incurred in connection with the 18 Property Sale, partially offset by additional income from the full-year impact of acquiring 333 Market Street in December 2012 and new leases and lease restructuring activities in 2013.

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Funds From Operations

Funds from operations ("FFO") is not computed in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). This non-GAAP measure is used by many investors and analysts who follow the real estate industry to measure the performance of an equity REIT. We consider FFO a useful measure of our performance because it principally adjusts for the effects of GAAP depreciation and amortization of real estate assets, which assumes that the value of real estate diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, we believe that FFO provides a meaningful supplemental measure of our performance. We believe that the use of FFO, combined with the required GAAP presentations, is beneficial in improving our investors' understanding of our operating results and allowing for comparisons among other companies who define FFO as we do.

FFO, as defined by the National Association of Real Estate Investment Trusts ("NAREIT"), represents net income (computed in accordance with GAAP), excluding gains (losses) on sales of real estate and impairments of real estate assets, plus real estate-related depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures, for both continuing and discontinued operations. We compute FFO in accordance with NAREIT's definition, which may differ from the methodology for calculating FFO, or similarly titled measures, used by other companies, and this may not be comparable to those presentations.

FFO does not represent amounts available for management's discretionary use because of needed capital replacement or expansion, debt service obligations, or other commitments and uncertainties, nor is it indicative of funds available to fund our cash needs, including our ability to make distributions. Our presentation of FFO should not be considered as an alternative to net income (computed in accordance with GAAP) as an indicator of financial performance.

Reconciliations of net income to FFO (in thousands):

	Years ended December 31,
	2014			2013			2012
Reconciliation of Net Income to Funds From Operations:
Net income attributable to the common stockholders of Columbia Property Trust, Inc.	$	92,635		$	15,720		$	48,039
Adjustments:
Depreciation of real estate assets	117,766			119,835			120,307
Amortization of lease-related costs	78,843			86,300			102,234
Impairment loss on real estate assets	25,130			29,737			18,467
Gain on sale of real estate assets – continuing operations	(75,275		)	—			—
Gain (loss) on sale of real estate assets – discontinued operations	1,627			(11,225		)	(20,117		)
Total Funds From Operations adjustments	148,091			224,647			220,891
Funds From Operations	$	240,726		$	240,367		$	268,930

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Portfolio Information

As of December 31, 2014, we owned controlling interests in 35 office properties and one hotel, which includes 52 operational buildings. These properties comprise approximately 15.7 million square feet of commercial space located in 12 states and the District of Columbia. All of our office properties are wholly owned except for one, which is owned through a consolidated subsidiary. As of December 31, 2014, the office properties were approximately 93.3% leased. Annualized Lease Revenue is defined in Item 2, Properties.

As of December 31, 2014, our five highest geographic concentrations were as follows:

Location	2014 Annualized Lease Revenue (in thousands)		Leased Square Feet (in thousands)	Percentage of 2014 Annualized Lease Revenue
San Francisco	$	94,100	1,866	19	%
Washington, D.C.	61,072		878	12	%
Northern New Jersey	47,751		1,729	10	%
Houston	41,775		992	9	%
Cleveland	38,526		1,201	8	%
	$	283,224	6,666	58	%

As of December 31, 2014, our five highest tenant industry concentrations were as follows:

Industry	2014 Annualized Lease Revenue (in thousands)		Leased Square Feet (in thousands)	Percentage of 2014 Annualized Lease Revenue
Legal Services	$	87,285	1,564	18	%
Depository Institutions	69,314		2,003	14	%
Business Services	41,057		1,160	8	%
Electric, Gas & Sanitary Services	38,856		1,827	8	%
Security & Commodity Brokers	32,492		764	7	%
	$	269,004	7,318	55	%

As of December 31, 2014, our five highest tenant concentrations were as follows:

Tenant	2014 Annualized Lease Revenue (in thousands)		Percentage of 2014 Annualized Lease Revenue
Wells Fargo	$	27,924	6	%
Jones Day	27,581		6	%
AT&T	21,704		4	%
PSEG Services	20,735		4	%
IBM	20,506		4	%
	$	118,450	24	%

For more information on our portfolio, see Item 2, Properties.

Election as a REIT

We have elected to be taxed as a REIT under the Code, and have operated as such beginning with our taxable year ended December 31, 2003. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of our adjusted taxable income, as defined in the Code, to our stockholders, computed without regard to the dividends-paid deduction and by excluding our net capital gain. As a REIT, we generally will not be subject to federal income tax on income that we distribute to our stockholders. If we fail to qualify as a REIT in any taxable year, we will then be subject to federal income taxes on our taxable income for that year and for the four years following the year during which qualification is lost, unless the Internal Revenue Service grants us relief under certain statutory provisions. Such an event could

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materially affect our net income and net cash available for distribution to our stockholders. However, we believe that we are organized and operate in such a manner as to qualify for treatment as a REIT for federal income tax purposes.

Columbia Property Trust TRS, LLC ("Columbia TRS"), Columbia KCP TRS, LLC ("Columbia KCP TRS"), and Columbia Energy TRS, LCC ("Columbia Energy TRS"), (collectively the "TRS Entities") are wholly owned subsidiaries of Columbia Property Trust, are organized as Delaware limited liability companies, and operate, among other things, a full-service hotel. We have elected to treat the TRS Entities as taxable REIT subsidiaries. We may perform certain additional, noncustomary services for tenants of our buildings through the TRS Entities; however, any earnings related to such services are subject to federal and state income taxes. In addition, for us to continue to qualify as a REIT, we must limit our investments in taxable REIT subsidiaries to 25% of the value of our total assets. Deferred tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted rates expected to be in effect when the temporary differences reverse.

No provisions for federal income taxes have been made in our accompanying consolidated financial statements, other than the provisions relating to Columbia Property Trust TRS, Columbia KCP TRS, and Columbia Energy TRS, as we made distributions in excess of taxable income for the periods presented. We are subject to certain state and local taxes related to property operations in certain locations, which have been provided for in our accompanying consolidated financial statements.

Inflation

We are exposed to inflation risk, as income from long-term leases is the primary source of our cash flows from operations. There are provisions in the majority of our tenant leases that are intended to protect us from, and mitigate the risk of, the impact of inflation. These provisions include rent steps, reimbursement billings for operating expense pass-through charges, real estate tax and insurance reimbursements on a per-square-foot basis, or in some cases, annual reimbursement of operating expenses above a certain per-square-foot allowance. However, due to the long-term nature of the leases, the leases may not reset frequently enough to fully cover inflation.

Application of Critical Accounting Policies

Our accounting policies have been established to conform with GAAP. The preparation of financial statements in conformity with GAAP requires management to use judgment in the application of accounting policies, including making estimates and assumptions. These judgments affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. If our judgment or interpretation of the facts and circumstances relating to various transactions had been different, it is possible that different accounting policies would have been applied, thus resulting in a different presentation of the financial statements. Additionally, other companies may utilize different estimates that may impact the comparability of our results of operations to those of companies in similar businesses.

Investment in Real Estate Assets

We are required to make subjective assessments as to the useful lives of our depreciable assets. We consider the period of future benefit of the asset to determine the appropriate useful lives. These assessments have a direct impact on net income. The estimated useful lives of our assets by class are as follows:

Buildings	40 years
Building and site improvements	5-25 years
Tenant improvements	Shorter of economic life or lease term
Intangible lease assets	Lease term

Evaluating the Recoverability of Real Estate Assets

We continually monitor events and changes in circumstances that could indicate that the carrying amounts of the real estate and related intangible assets of both operating properties and properties under construction, in which we have an ownership interest, either directly or through investments in joint ventures, may not be recoverable. When indicators of potential impairment are present that suggest that the carrying amounts of real estate assets and related intangible assets (liabilities) may not be recoverable, we assess the recoverability of these assets by determining whether the respective carrying values will be recovered through the estimated undiscounted future operating cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying values, we adjust the carrying value of the real estate assets and related intangible assets to the estimated fair values, pursuant to the property, plant, and equipment accounting standard

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for the impairment or disposal of long-lived assets, and recognize an impairment loss. Estimated fair values are calculated based on the following information, in order of preference, depending upon availability: (i) recently quoted market prices; (ii) market prices for comparable properties; or (iii) the present value of future cash flows, including estimated salvage value. Certain of our assets may be carried at more than an amount that could be realized in a current disposition transaction.

Projections of expected future operating cash flows require that we estimate future market rental income amounts subsequent to the expiration of current lease agreements, property operating expenses, the number of months it takes to re-lease the property, and the number of years the property is held for investment, among other factors. The subjectivity of assumptions used in the future cash flow analysis, including discount rates, could result in an incorrect assessment of the property's fair value and could result in the misstatement of the carrying value of our real estate assets and related intangible assets and net income (loss).

In the third quarter of 2012, we focused on refining our portfolio by marketing and negotiating the sale of a collection of nine assets in outlying markets (the "Nine Property Sale"). We evaluated the recoverability of the carrying values of these assets pursuant to the accounting policy outlined above and determined that the carrying value of the 180 E 100 South property in Salt Lake City, Utah, one of the properties in the Nine Property Sale, was no longer recoverable due to the change in disposition strategy and the shortening of the expected hold period for this asset in the third quarter of 2012. As a result, we reduced the carrying value of the 180 E 100 South property to reflect fair value and recorded a corresponding property impairment loss of $18.5 million in the third quarter of 2012, which is included in operating income from discontinued operations in the accompanying statement of operations.

In connection with furthering our portfolio repositioning efforts, in the first quarter of 2013, we began to market 18 properties for sale. Pursuant to the accounting policy outlined above, we evaluated the recoverability of the carrying values of each of these properties and determined that the 120 Eagle Rock property in East Hanover, New Jersey, and the 333 & 777 Republic Drive property in Allen Park, Michigan, were no longer recoverable due to shortening the respective expected property holding periods in connection with these repositioning efforts. As a result, we reduced the carrying value of the 120 Eagle Rock property and the 333 & 777 Republic Drive property to reflect their respective fair values estimated, based on projected discounted future cash flows and recorded corresponding property impairment losses of $11.7 million and $5.2 million, respectively, in the first quarter of 2013, which are included in operating income (loss) from discontinued operations in the accompanying statement of operations. In connection with finalizing the terms of the sale agreement for these 18 properties (the "18 Property Sale") in November of 2013, we reduced the aggregate carrying value of the assets therein to fair value, as estimated based on the approximate contract price of $500 million, by recognizing an additional impairment loss of $12.9 million in the third quarter of 2013, which is included in operating income (loss) from discontinued operations in the accompanying statement of operations.

In the first quarter of 2014, we revised our investment strategy for the 160 Park Avenue Building (formerly known as the 180 Park Avenue, #103 Building) in Florham Park, New Jersey, to sell the property to a user in the near-term. As a result, management reduced its intended holding period for the building and reevaluated the property's carrying value as of March 31, 2014, pursuant to the accounting policy outlined above. We concluded that the 160 Park Avenue Building was not recoverable and reduced its carrying value to reflect its fair value, estimated based on recently quoted market prices (Level 2), by recording an impairment loss of approximately $13.6 million in the first quarter of 2014. The sale of the160 Park Avenue Building closed on June 4, 2014, for $10.2 million, exclusive of transaction costs.

In the second quarter of 2014, we decided to pursue a near-term sale of the 200 South Orange Building (formerly known as the SunTrust Building) in Orlando, Florida. As a result, management reduced its intended holding period for the building and reevaluated the property's carrying value in the second quarter of 2014. In connection with negotiating the terms of the sale, we reduced the carrying value of the 200 South Orange Building to reflect fair value, estimated based on an approximate net contract price of $18.4 million (Level 1), by recording an impairment loss of $1.4 million in the second quarter. The sale of the 200 South Orange Building closed on June 30, 2014, for $18.4 million, net of transaction costs.

In the fourth quarter of 2014, we identified $500 million to $600 million of properties in our portfolio that fall outside of our targeted investment strategy, which are candidates for near-term disposition. We are in the process of developing our marketing strategy for these assets. We plan to carefully evaluate the disposition options revealed through our marketing efforts, and to pursue those which provide the best opportunity to optimize shareholder value. In connection with initiating this process, we evaluated the recoverability of the carrying values of each of these properties and determined that the carrying value of the Bannockburn Lake III property, a vacant property located in Bannockburn, Illinois, is no longer recoverable due to reducing its expected property holding period to less than one year. As a result, in the fourth quarter of 2014, we reduced the carrying value of the Bannockburn Lake III property to $5.0 million, estimated based on current projected discounted future cash flows, by recording an impairment loss of $10.1 million.

The fair value measurements used in this evaluation of nonfinancial assets are considered to be Level 3 valuations within the fair value hierarchy outlined above, as there are significant unobservable inputs. Examples of inputs that were utilized in the fair value

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calculations include estimated holding periods, discount rates, market capitalization rates, expected lease rental rates, and potential sales prices. The table below represents the detail of the adjustments recognized, using Level 3 inputs.

Property	Net Book Value		Impairment Loss Recognized			Fair Value
2014
Bannockburn Lake III	$	15,148	$	(10,148	)	$	5,000
2013
120 Eagle Rock	$	23,808	$	(11,708	)	$	12,100
333 & 777 Republic Drive	$	13,359	$	(5,159	)	$	8,200
2012
180 E 100 South	$	30,847	$	(18,467	)	$	12,380

Allocation of Purchase Price of Acquired Assets

Upon the acquisition of real properties, we allocate the purchase price of properties to tangible assets, consisting of land and building, site improvements, and identified intangible assets and liabilities, including the value of in-place leases, based in each case on our estimate of their fair values.

The fair values of the tangible assets of an acquired property (which includes land and building) are determined by valuing the property as if it were vacant, and the "as-if-vacant" value is then allocated to land and building based on our determination of the relative fair value of these assets. We determine the as-if-vacant fair value of a property using methods similar to those used by independent appraisers. Factors we consider in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases, including leasing commissions and other related costs. In estimating carrying costs, we include real estate taxes, insurance, and other operating expenses during the expected lease-up periods based on current market demand.

Intangible Assets and Liabilities Arising from In-Place Leases Where We Are the Lessor

As further described below, in-place leases where we are the lessor may have values related to direct costs associated with obtaining a new tenant, opportunity costs associated with lost rentals that are avoided by acquiring an in-place lease, tenant relationships, and effective contractual rental rates that are above or below market rates:

• Direct costs associated with obtaining a new tenant, including commissions, tenant improvements, and other direct costs, are estimated based on management's consideration of current market costs to execute a similar lease. Such direct costs are included in intangible lease origination costs in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases.

• The value of opportunity costs associated with lost rentals avoided by acquiring an in-place lease is calculated based on the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. Such opportunity costs are included in intangible lease assets in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases.

• The value of tenant relationships is calculated based on expected renewal of a lease or the likelihood of obtaining a particular tenant for other locations. Values associated with tenant relationships are included in intangible lease assets in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases.

• The value of effective rental rates of in-place leases that are above or below the market rates of comparable leases is calculated based on the present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be received pursuant to the in-place leases and (ii) management's estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining terms of the leases. The capitalized above-market and below-market lease values are recorded as intangible lease assets or liabilities and amortized as an adjustment to rental income over the remaining terms of the respective leases.

Evaluating the Recoverability of Intangible Assets and Liabilities

The values of intangible lease assets and liabilities are determined based on assumptions made at the time of acquisition and have defined useful lives, which correspond with the lease terms. There may be instances in which intangible lease assets and liabilities become impaired, and we are required to write off the remaining asset or liability immediately or over a shorter period of time. Lease restructurings, including lease terminations and lease extensions, may impact the value and useful life of in-place leases.

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In-place leases that are terminated, partially terminated, or modified will be evaluated for impairment if the original in-place lease terms have been modified. In the event that the discounted cash flows of the original in-place lease stream do not exceed the discounted modified in-place lease stream, we adjust the carrying value of the intangible lease assets to the discounted cash flows and recognize an impairment loss. For in-place lease extensions that are executed more than one year prior to the original in-place lease expiration date, the useful life of the in-place lease will be extended over the new lease term with the exception of those in-place lease components, such as lease commissions and tenant allowances, which have been renegotiated for the extended term. Renegotiated in-place lease components, such as lease commissions and tenant allowances, will be amortized over the shorter of the useful life of the asset or the new lease term.

Intangible Assets and Liabilities Arising from In-Place Leases Where We Are the Lessee

In-place ground leases where we are the lessee may have value associated with effective contractual rental rates that are above or below market rates. Such values are calculated based on the present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place lease and (ii) management's estimate of fair market lease rates for the corresponding in-place lease, measured over a period equal to the remaining terms of the leases. The capitalized above-market and below-market in-place lease values are recorded as intangible lease liabilities or assets and amortized as an adjustment to property operating cost over the remaining term of the respective leases.

Related-Party Transactions and Agreements

During 2012 and 2013, we were party to agreements with our former advisor and its affiliates, whereby we incurred and paid fees and reimbursements for certain advisory services and property management services. On February 28, 2013, we terminated the related agreements and acquired Columbia Property Trust Advisory Services and Columbia Property Trust Services, including the employees necessary to perform the corporate and property management functions previously performed by our former advisor and property manager. See Note 10, Related-Party Transactions and Agreements, of our accompanying consolidated financial statements for details of our related-party transactions, agreements, and fees.

Commitments and Contingencies

We are subject to certain commitments and contingencies with regard to certain transactions. Refer to Note 6, Commitments and Contingencies, of our accompanying consolidated financial statements for further explanation. Examples of such commitments and contingencies include:

• obligations under operating leases;

• obligations under capital leases;

• commitments under existing lease agreements; and

• litigation.

Other Regulatory Matters

The SEC is conducting a formal, nonpublic investigation regarding Wells Investment Securities, Inc. ("WIS"), the former dealer-manager for our previous nonlisted public offerings. The investigation also relates to our company and another entity that also conducted public offerings through WIS. The investigation relates to whether there have been violations of certain provisions of the federal securities laws in connection with public offerings in which WIS served as dealer-manager, including a public offering of our shares that concluded in August 2010. In February 2013, we received a subpoena for documents and information, and we have been cooperating fully with the SEC. We are not in a position to estimate the timing of a conclusion of the investigation or whether the SEC may accuse us of any wrongdoing. To date, the costs related to our response to this subpoena have been covered by our insurance company, subject to a deductible, and we expect that any additional costs will be covered by insurance. However we may incur uninsured losses related to our response to the subpoena in the future.

Subsequent Events

We have evaluated subsequent events in connection with the preparation of our consolidated financial statements and notes thereto included in this report on Form 10-K and noted the following items in addition to those disclosed elsewhere in this report:

Property Acquisitions and Financing

During January 2015, we closed on the acquisitions of three properties. These acquisitions and the related financing transaction are described in Note 3, Real Estate and Other Transactions, and Note 4, Line of Credit, Term Loan, and Notes Payable, of the accompanying consolidated financial statements.

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Dividend Declaration

On February 11, 2015, our board of directors declared dividends for the first quarter of 2015 in the amount of $0.30 per share, payable on March 17, 2015 to stockholders of record on March 2, 2015.

ITEM 7A.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

As a result of our debt facilities, we are exposed to interest rate changes. Our interest rate risk management objectives are to limit the impact of interest rate changes on earnings and cash flow, primarily through a low to moderate level of overall borrowings. However, we currently have a substantial amount of debt outstanding. The majority of our borrowings are in the form of effectively fixed-rate financings, which helps to insulate our portfolio from interest rate risk. We closely monitor interest rates and will continue to consider the sources and terms of our borrowing facilities to determine whether we have appropriately guarded ourselves against the fluctuation of interest rates in future periods.

Additionally, we have entered into interest rate swaps, and may enter into other interest rate swaps, caps, or other arrangements to mitigate our interest rate risk on a related financial instrument. We do not enter into derivative or interest rate transactions for speculative purposes; however, certain of our derivatives may not qualify for hedge accounting treatment. All of our debt was entered into for other-than-trading purposes. As of December 31, 2014 and 2013, the estimated fair value of our line of credit and notes payable and bonds was $1.7 billion and $1.5 billion, respectively.

Our financial instruments consist of both fixed- and variable-rate debt. As of December 31, 2014, our consolidated debt consisted of the following, in thousands:

	2015			2016			2017			2018			2019			Thereafter			Total
Maturing debt:
Effectively variable-rate debt	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Effectively fixed-rate debt	$	210,821		$	494,460		$	253,728		$	275,041		$	121,016		$	325,000		$	1,680,066
Average interest rate:
Effectively variable-rate debt	—		%	—		%	—		%	—		%	—		%	—		%	—		%
Effectively fixed-rate debt	4.76		%	2.40		%	4.88		%	5.85		%	3.60		%	5.07		%	4.24		%

Our variable-rate borrowings consist of the JPMorgan Chase Credit Facility, the $450 Million Term Loan, and the 333 Market Street Building mortgage note. However, only the JPMorgan Chase Credit Facility bears interest at an effectively variable rate, as the variable rate on the $450 Million Term Loan and the 333 Market Street Building mortgage note have been effectively fixed through the interest rate swap agreements described herein.

As of December 31, 2014, we had no outstanding balance under the JPMorgan Chase Credit Facility; $450.0 million outstanding on the $450 Million Term Loan; $206.8 million outstanding on the 333 Market Street Building mortgage note; $249.2 million in 5.875% bonds outstanding; and $774.1million outstanding on fixed-rate, term mortgage loans. The weighted-average interest rate of all our debt instruments was 4.24% as of December 31, 2014.

Approximately $1,680.1 million of our total debt outstanding as of December 31, 2014, is subject to fixed rates, either directly or when coupled with an interest rate swap agreement. As of December 31, 2014, these balances incurred interest expense at an average interest rate of 4.24% and have expirations ranging from 2015 through 2023. A change in the market interest rate impacts the net financial instrument position of our fixed-rate debt portfolio; however, it has no impact on interest incurred or cash flows. The amounts outstanding on our variable-rate debt facilities in the future will largely depend upon future acquisition and disposition activity and other financing activities.

We do not believe there is any exposure to increases in interest rates related to the capital lease obligations of $120.0 million at December 31, 2014, as the obligations are at fixed interest rates.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The financial statements and supplementary data filed as part of this report are set forth beginning on page F-1 of this report.

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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

There were no disagreements with our independent registered public accountants during 2014, 2013, or 2012.

ITEM 9A. CONTROLS AND PROCEDURES

Management's Conclusions Regarding the Effectiveness of Disclosure Controls and Procedures

We carried out an evaluation, under the supervision and with the participation of management, including the Principal Executive Officer and Principal Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rule 13a-15(e) under the Securities Exchange Act of 1934 as of the end of the period covered by this report. Based upon that evaluation, the Principal Executive Officer and Principal Financial Officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this report in providing a reasonable level of assurance that information we are required to disclose in reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized, and reported within the time periods in SEC rules and forms, including providing a reasonable level of assurance that information required to be disclosed by us in such reports is accumulated and communicated to our management, including our Principal Executive Officer and our Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Report of Management on Internal Control Over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as a process designed by, or under the supervision of, the Principal Executive Officer and Principal Financial Officer and effected by our management and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP and includes those policies and procedures that:

• pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and disposition of our assets;

• provide reasonable assurance that the transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that our receipts and expenditures are being made only in accordance with authorizations of management and/or members of the board of directors; and

• provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the financial statements.

Because of the inherent limitations of internal control over financial reporting, including the possibility of human error and the circumvention or overriding of controls, material misstatements may not be prevented or detected on a timely basis. In addition, projections of any evaluation of effectiveness to future periods are subject to the risks that controls may become inadequate because of changes and conditions or that the degree of compliance with policies or procedures may deteriorate. Accordingly, even internal controls determined to be effective can provide only reasonable assurance that the information required to be disclosed in reports filed under the Securities Exchange Act of 1934 is recorded, processed, summarized, and represented within the time periods required.

Our management has assessed the effectiveness of our internal control over financial reporting at December 31, 2014. To make this assessment, we used the criteria for effective internal control over financial reporting described in the Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, our management believes that our system of internal control over financial reporting met those criteria, and therefore our management has concluded that we maintained effective internal control over financial reporting as of December 31, 2014.

The report of the Company's independent registered public accounting firm on internal control over financial reporting for the Company is included in Part IV, Item 15, of this annual report on Form 10-K and is incorporated herein by reference.

Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting during the quarter ended December 31, 2014, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders of

Columbia Property Trust, Inc.:

We have audited the internal control over financial reporting of Columbia Property Trust, Inc. and subsidiaries (the "Company") as of December 31, 2014, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Report of Management on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

A company's internal control over financial reporting is a process designed by, or under the supervision of, the company's principal executive and principal financial officers, or persons performing similar functions, and effected by the company's board of directors, management, and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of the inherent limitations of internal control over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may not be prevented or detected on a timely basis. Also, projections of any evaluation of the effectiveness of the internal control over financial reporting to future periods are subject to the risk that the controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2014, based on the criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated financial statements and financial statement schedule as of and for the year ended December 31, 2014 of the Company and our report dated February 12, 2015 expressed an unqualified opinion on those consolidated financial statements and financial statement schedule and included an explanatory paragraph regarding the Company’s change in method of accounting for and disclosure of discontinued operations.

/s/ DELOITTE & TOUCHE LLP

Atlanta, Georgia

February 12, 2015

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ITEM 9B. OTHER INFORMATION

During the fourth quarter of 2014, there was no information that was required to be disclosed in a report on Form 8-K that was not disclosed in a report on Form 8-K.

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PART III

We will file a definitive Proxy Statement for our 2015 Annual Meeting of Stockholders (the "2015 Proxy Statement") with the SEC, pursuant to Regulation 14A, not later than 120 days after the end of our fiscal year. Accordingly, certain information required by Part III has been omitted under General Instruction G(3) to Form 10-K. Only those sections of the 2015 Proxy Statement that specifically address the items required to be set forth herein are incorporated by reference.

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE

We have adopted a Code of Ethics that applies to all of our executive officers and directors, including but not limited to, our principal executive officer and principal financial officer. Our Code of Ethics may be found at http://www.columbiapropertytrust.com. Any amendments to, or waivers of, the Code of Ethics for our principal executive officer, principal financial officer, principal accounting officer, or controller or persons performing similar functions will be disclosed on our website promptly following the date of such amendment or waiver.

The other information required by this Item is incorporated by reference from our 2015 Proxy Statement.

ITEM 11. EXECUTIVE COMPENSATION

The information required by this Item is incorporated by reference from our 2015 Proxy Statement.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS

The information required by this Item is incorporated by reference from our 2015 Proxy Statement.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

The information required by this Item is incorporated by reference from our 2015 Proxy Statement.

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

The information required by this Item is incorporated by reference from our 2015 Proxy Statement.

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PART IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

(a) 1.    A list of the financial statements contained herein is set forth on page F-1 hereof.

(a) 2.    Schedule III – Real Estate Assets and Accumulated Depreciation

Information with respect to this item begins on page S-1 hereof. Other schedules are omitted because of the absence of conditions under which they are required or because the required information is given in the financial statements or notes thereto.

(a) 3. The Exhibits filed in response to Item 601 of Regulation S-K are listed on the Exhibit Index attached hereto.

(b)    See (a) 3 above.

(c)    See (a) 2 above.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		COLUMBIA PROPERTY TRUST, INC. (Registrant)
Dated:	February 12, 2015	By:	/s/ JAMES A. FLEMING
			JAMES A. FLEMING Executive Vice President and Chief Financial Officer (Principal Financial Officer)
Dated:	February 12, 2015		/s/ WENDY W. GILL
			WENDY W. GILL Principal Accounting Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacity as and on the date indicated.

Signature	Title	Date
/s/ Charles R. Brown	Independent Director
Charles R. Brown		February 12, 2015
/s/ Richard W. Carpenter	Independent Director
Richard W. Carpenter		February 12, 2015
/s/ Bud Carter	Independent Director
Bud Carter		February 12, 2015
/s/ John L. Dixon	Independent Director
John L. Dixon		February 12, 2015
/s/ Murray J. McCabe	Independent Director
Murray J. McCabe		February 12, 2015
/s/ E. Nelson Mills	President, Chief Executive Officer and Director (Principal Executive Officer)
E. Nelson Mills		February 12, 2015
/s/ Michael S. Robb	Independent Director
Michael S. Robb		February 12, 2015
/s/ Glenn J. Rufrano	Independent Director
Glenn J. Rufrano		February 12, 2015
/s/ George W. Sands	Independent Director
George W. Sands		February 12, 2015
/s/ Neil H. Strickland	Independent Director
Neil H. Strickland		February 12, 2015
/s/ Thomas G. Wattles	Independent Director
Thomas G. Wattles		February 12, 2015

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EXHIBIT INDEX

TO

2014 FORM 10-K OF

COLUMBIA PROPERTY TRUST, INC.

The following documents are filed as exhibits to this report. Exhibits that are not required for this report are omitted.

Ex.	Description
3.1	Second Amended and Restated Articles of Incorporation as Amended by the First Articles of Amendment (incorporated by reference to Exhibit 3.1 to the Company's Annual Report on Form 10-K filed with the Commission on March 1, 2013).
3.2	Second Articles of Amendment (incorporated by reference to Exhibit 3.1 to the Company's current Report on Form 8-K filed with the Commission on August 15, 2013).
3.3	Third Articles of Amendment (incorporated by reference to Exhibit 3.2 to the Company's current Report on Form 8-K filed with the Commission on August 15, 2013).
3.4	Articles Supplementary (incorporated by reference to Exhibit 3.1 to the Company's current Report on Form 8-K filed with the Commission on September 4, 2013).
3.5	Third Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to the Company's current Report on Form 8-K filed with the Commission on September 4, 2013).
4.1	Statement regarding restrictions on transferability of shares of common stock (to appear on stock certificate or to be sent upon request and without charge to stockholders issued shares without certificates) (incorporated by reference to Exhibit 4.1 to the Company's Annual Report on Form 10-K filed with the Commission on March 1, 2013).
10.1	Amended and Restated Term Loan Agreement dated as of August 21, 2013, by and among Columbia Property Trust Operating Partnership, L.P., as Borrower; J.P. Morgan Securities LLC and PNC Capital Markets LLC, as Joint Lead Arrangers and Joint Bookrunners; JPMorgan Chase Bank, N.A., as Administrative Agent; PNC Bank, National Association, as Syndication Agent; and Regions Bank, U.S. Bank National Association, and Union Bank, N.A., as Documentation Agents (incorporated by reference to Exhibit 10.4 to the Company's Quarterly Report on Form 10-Q filed with the Commission on November 5, 2013).
10.2	Supplemental Indenture dated as of February 3, 2012, among Wells Operating Partnership II, L.P., the Guarantors Party Hereto, and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q filed with the Commission on May 4, 2012).
10.3	Columbia Property Trust, Inc. Long-Term Incentive Plan (incorporated by reference to Exhibit A to the Company's Proxy Statement for its 2013 Annual Meeting of Stockholders filed with the Commission on April 25, 2013).
10.4	Form of Restricted Stock Award Agreement under the Columbia Property Trust, Inc. Long-Term Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company's current Report on Form 8-K filed with the Commission on January 24, 2014).
10.5	Executive Employment Agreement by and between Columbia Property Trust, Inc. and E. Nelson Mills (incorporated by reference to Exhibit 10.1 to the Company's current Report on Form 8-K filed with the Commission on September 4, 2013).
10.6	Executive Employment Agreement by and between Columbia Property Trust, Inc. and James A. Fleming (incorporated by reference to Exhibit 10.1 to the Company's current Report on Form 8-K filed with the Commission on September 4, 2013).
10.7	Amended and Restated Credit Agreement dated as of August 21, 2013, by and among Columbia Property Trust Operating Partnership, L.P., as Borrower; J.P. Morgan Securities LLC and PNC Capital Markets LLC, as Joint Lead Arrangers and Joint Bookrunners; JPMorgan Chase Bank, N.A., as Administrative Agent; PNC Bank, National Association, as Syndication Agent and Regions Bank; U.S. Bank National Association; and BMO Capital Market Financing, Inc., as Documentation Agents (incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q filed with the Commission on November 5, 2013).
10.8	Investor Services Agreement between the Company and Wells Real Estate Funds, Inc. dated February 28, 2013, and effective as of March 1, 2013 (incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q filed with the Commission on May 8, 2013).
10.9	Consulting Services Agreement between the Company and Wells Real Estate Funds, Inc. dated February 28, 2013, and effective as of March 1, 2013 (incorporated by reference to Exhibit 10.4 to the Company's Quarterly Report on Form 10-Q filed with the Commission on May 8, 2013).
10.10	Assignment and Assumption Agreement between Wells Real Estate Funds, Inc. to Wells Operating Partnership II, L.P., dated as of February 28, 2013 (related to Wells Real Estate Advisory Services II, LLC) (incorporated by reference to Exhibit 10.5 to the Company's Quarterly Report on Form 10-Q filed with the Commission on May 8, 2013).
10.11	Assignment and Assumption Agreement between Wells Real Estate Funds, Inc. to Wells Operating Partnership II, L.P. dated as of February 28, 2013 (related to Wells Real Estate Services, LLC) (incorporated by reference to Exhibit 10.6 to the Company's Quarterly Report on Form 10-Q filed with the Commission on May 8, 2013).
10.12*	Term Loan Agreement dated as of January 6, 2015, by and among the Columbia Property Trust Operating Partnership, L.P., J.P. Morgan Securities LLC, as sole lead arranger and sole bookrunner, JPMorgan Chase Bank, N.A., as administrative agent, PNC Bank, National Association, as syndication agent, Morgan Stanley Bank, N.A., U.S. Bank National Association and Wells Fargo Bank, National Association, as documentation agents, and each of the financial institutions a signatory thereto, as lenders
21.1*	Subsidiaries of Columbia Property Trust, Inc.
23.1*	Consent of Deloitte & Touche LLP.
31.1*	Certification of the Principal Executive Officer of the Company, pursuant to Securities Exchange Act Rules 13a-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	Certification of the Principal Financial Officer of the Company, pursuant to Securities Exchange Act Rules 13a-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*	Certification of the Principal Executive Officer and Principal Financial Officer of the Company, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS**	XBRL Instance Document.
101.SCH**	XBRL Taxonomy Extension Schema.

Page 41

Ex.	Description
101.CAL**	XBRL Taxonomy Extension Calculation Linkbase.
101.DEF**	XBRL Taxonomy Extension Definition Linkbase.
101.LAB**	XBRL Taxonomy Extension Label Linkbase.
101.PRE**	XBRL Taxonomy Extension Presentation Linkbase.
*	Filed herewith.
**	Furnished with this Form 10-K.

Page 42

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

Financial Statements	Page
Report of Independent Registered Public Accounting Firm	F-2
Consolidated Balance Sheets as of December 31, 2014 and 2013	F-3
Consolidated Statements of Operations for the Years Ended December 31, 2014, 2013, and 2012	F-4
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2014, 2013, and 2012	F-5
Consolidated Statements of Equity for the Years Ended December 31, 2014, 2013, and 2012	F-6
Consolidated Statements of Cash Flows for the Years Ended December 31, 2014, 2013, and 2012	F-7
Notes to Consolidated Financial Statements	F-8

F-1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders of

Columbia Property Trust, Inc.:

We have audited the accompanying consolidated balance sheets of Columbia Property Trust, Inc. and subsidiaries (the "Company") as of December 31, 2014 and 2013, and the related consolidated statements of operations, comprehensive income, equity, and cash flows for each of the three years in the period ended December 31, 2014. Our audits also included the financial statement schedule listed in the Index at Item 15. These financial statements and financial statement schedule are the responsibility of the Company's management. Our responsibility is to express an opinion on the financial statements and financial statement schedule based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such consolidated financial statements present fairly, in all material respects, the financial position of Columbia Property Trust, Inc. and subsidiaries as of December 31, 2014 and 2013, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2014, in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, such financial statement schedule, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein.

As discussed in Note 2 to the consolidated financial statements, the Company has changed its method of accounting for and disclosure of discontinued operations during the year ended December 31, 2014 due to the adoption of Accounting Standards Update 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Component of an Entity”.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Company's internal control over financial reporting as of December 31, 2014, based on the criteria established in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 12, 2015 expressed an unqualified opinion on the Company's internal control over financial reporting.

/s/ Deloitte & Touche LLP

Atlanta, Georgia

February 12, 2015

F-2

COLUMBIA PROPERTY TRUST, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per-share amounts)

	December 31,
	2014			2013
Assets:
Real estate assets, at cost:
Land	$	785,101		$	706,938
Buildings and improvements, less accumulated depreciation of $660,098 and $604,497, as of December 31, 2014 and 2013, respectively	3,026,431			2,976,287
Intangible lease assets, less accumulated amortization of $313,822 and $298,975, as of December 31, 2014 and 2013, respectively	247,068			281,220
Construction in progress	17,962			7,949
Total real estate assets	4,076,562			3,972,394
Cash and cash equivalents	149,790			99,855
Tenant receivables, net of allowance for doubtful accounts of $3 and $52, as of December 31, 2014 and 2013, respectively	6,945			7,414
Straight-line rent receivable	116,489			113,592
Prepaid expenses and other assets	52,143			32,423
Deferred financing costs, less accumulated amortization of $15,205 and $11,938, as of December 31, 2014 and 2013, respectively	8,426			10,388
Intangible lease origination costs, less accumulated amortization of $219,626 and $216,598, as of December 31, 2014 and 2013, respectively	105,528			148,889
Deferred lease costs, less accumulated amortization of $36,589 and $27,375, as of December 31, 2014 and 2013, respectively	102,995			87,527
Investment in development authority bonds	120,000			120,000
Total assets	$	4,738,878		$	4,592,482
Liabilities:
Line of credit, term loan, and notes payable	$	1,430,884		$	1,240,249
Bonds payable, net of discount of $818 and $1,070, as of December 31, 2014 and 2013, respectively	249,182			248,930
Accounts payable, accrued expenses, and accrued capital expenditures	106,276			99,678
Deferred income	24,753			21,938
Intangible lease liabilities, less accumulated amortization of $84,935 and $76,500, as of December 31, 2014 and 2013, respectively	74,305			73,864
Obligations under capital leases	120,000			120,000
Total liabilities	2,005,400			1,804,659
Commitments and Contingencies (Note 6)	—			—
Equity:
Common stock, $0.01 par value, 225,000,000 and 900,000,000 shares authorized, 124,973,304 and 124,830,122 shares issued and outstanding as of December 31, 2014 and 2013, respectively	1,249			1,248
Additional paid-in capital	4,601,808			4,600,166
Cumulative distributions in excess of earnings	(1,867,611		)	(1,810,284		)
Accumulated other comprehensive loss	(1,968		)	(3,307		)
Total equity	2,733,478			2,787,823
Total liabilities and equity	$	4,738,878		$	4,592,482

See accompanying notes.

F-3

COLUMBIA PROPERTY TRUST, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per-share amounts)

	Years ended December 31,
	2014			2013			2012
Revenues:
Rental income	$	414,541		$	406,907		$	381,796
Tenant reimbursements	95,375			90,875			88,402
Hotel income	22,885			23,756			23,049
Other property income	7,996			5,040			1,024
	540,797			526,578			494,271
Expenses:
Property operating costs	163,722			154,559			147,202
Hotel operating costs	18,792			18,340			18,362
Asset and property management fees:
Related-party	—			4,693			29,372
Other	2,258			1,671			2,421
Depreciation	117,766			108,105			98,698
Amortization	78,843			78,710			86,458
Impairment loss on real estate assets	25,130			—			—
General and administrative	31,275			61,866			24,613
Listing costs	—			4,060			—
Acquisition fees and expenses	14,142			—			1,876
	451,928			432,004			409,002
Real estate operating income	88,869			94,574			85,269
Other income (expense):
Interest expense	(75,711		)	(101,941		)	(101,886		)
Interest and other income	7,275			34,029			39,856
Loss on interest rate swaps	(371		)	(342		)	(1,225		)
Loss on the early extinguishment of debt	(23		)	—			—
	(68,830		)	(68,254		)	(63,255		)
Income before income tax expense and gains on sale of real estate	20,039			26,320			22,014
Income tax expense	(662		)	(500		)	(572		)
Income before gains of sale of real estate assets	19,377			25,820			21,442
Gains on sale of real estate assets	75,275			—			—
Income from continuing operations	94,652			25,820			21,442
Discontinued operations:
Operating income (loss) from discontinued operations	(390		)	(21,325		)	6,484
Gain (loss) on disposition of discontinued operations	(1,627		)	11,225			20,117
Income (loss) from discontinued operations	(2,017		)	(10,100		)	26,601
Net income	92,635			15,720			48,043
Less: net income attributable to nonredeemable noncontrolling interests	—			—			(4		)
Net income attributable to the common stockholders of Columbia Property Trust, Inc.	$	92,635		$	15,720		$	48,039
Per-share information – basic:
Income from continuing operations	$	0.76		$	0.19		$	0.16
Income (loss) from discontinued operations	$	(0.02	)	$	(0.08	)	$	0.19
Net income attributable to the common stockholders of Columbia Property Trust, Inc.	$	0.74		$	0.12		$	0.35
Weighted-average common shares outstanding – basic	124,860			134,085			136,672
Per-share information – diluted:
Income from continuing operations	$	0.76		$	0.19		$	0.16
Income (loss) from discontinued operations	$	(0.02	)	$	(0.08	)	$	0.19
Net income attributable to the common stockholders of Columbia Property Trust, Inc.	$	0.74		$	0.12		$	0.35
Weighted-average common shares outstanding – diluted	124,918			134,085			136,672

See accompanying notes.

F-4

COLUMBIA PROPERTY TRUST, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

	Years ended December 31,
	2014		2013			2012
Net income attributable to the common stockholders of Columbia Property Trust, Inc.	$	92,635	$	15,720		$	48,039
Foreign currency translation adjustment	—		(83		)	—
Market value adjustment to interest rate swap	1,339		1,997			(5,305		)
Comprehensive income attributable to the common stockholders of Columbia Property Trust, Inc.	93,974		17,634			42,734
Comprehensive income attributable to noncontrolling interests	—		—			4
Comprehensive income	$	93,974	$	17,634		$	42,738

See accompanying notes.

F-5

COLUMBIA PROPERTY TRUST, INC.

CONSOLIDATED STATEMENTS OF EQUITY

(in thousands, except per-share amounts)

	Stockholders' Equity
	Common Stock					Additional Paid-In Capital(1)			Cumulative Distributions in Excess of Earnings			Redeemable Common Stock			Accumulated Other Comprehensive Income (Loss)			Total Columbia Property Trust, Inc. Stockholders' Equity			Non- redeemable Non- controlling Interests			Total Equity
	Shares(1)		Amount(1)
Balance, December 31, 2011	136,550		$	1,365		$	4,884,903		$	(1,426,550	)	$	(113,147	)	$	84		$	3,346,655		$	317		$	3,346,972
Issuance of common stock	4,166		42			118,346			—			—			—			118,388			—			118,388
Redemptions of common stock	(3,815	)	(38		)	(101,358		)	—			—			—			(101,396		)	—			(101,396		)
Decrease in redeemable common stock	—		—			—			—			13,621			—			13,621			—			13,621
Distributions to common stockholders ($1.88 per share)	—		—			—			(256,020		)	—			—			(256,020		)	—			(256,020		)
Offering costs	—		—			(7		)	—			—			—			(7		)	—			(7		)
Distributions to noncontrolling interests	—		—			—			—			—			—			—			(15		)	(15		)
Acquisition of noncontrolling interest in consolidated joint venture	—		—			5			—			—			—			5			(306		)	(301		)
Net income attributable to common stockholders of Columbia Property Trust, Inc.	—		—			—			48,039			—			—			48,039			—			48,039
Net income attributable to noncontrolling interest	—		—			—			—			—			—			—			4			4
Market value adjustment to interest rate swap	—		—			—			—						(5,305		)	(5,305		)	—			(5,305		)
Balance, December 31, 2012	136,901		1,369			4,901,889			(1,634,531		)	(99,526		)	(5,221		)	3,163,980			—			3,163,980
Issuance of common stock	1,665		17			46,585			—			—			—			46,602			—			46,602
Stock compensation	—		—			855			—			—			—			855			—			855
Redemptions of common stock	(4,373	)	(44		)	(112,062		)	—			—			—			(112,106		)	—			(112,106		)
Decrease in redeemable common stock	—		—			—			—			99,526			—			99,526			—			99,526
Tender repurchase of common stock	(9,363	)	(94		)	(233,968		)	—			—			—			(234,062		)	—			(234,062		)
Distributions to common stockholders ($1.44 per share)	—		—			—			(191,473		)	—			—			(191,473		)	—			(191,473		)
Offering Costs	—		—			(3,133		)	—			—			—			(3,133		)	—			(3,133		)
Net income attributable to common stockholders of Columbia Property Trust, Inc.	—		—			—			15,720			—			—			15,720			—			15,720
Foreign currency translation adjustment	—		—			—			—			—			(83		)	(83		)	—			(83		)
Market value adjustment to interest rate swap	—		—			—			—			—			1,997			1,997			—			1,997
Balance, December 31, 2013	124,830		1,248			4,600,166			(1,810,284		)	—			(3,307		)	2,787,823			—			2,787,823
Common stock issued to employees and directors, and amortized (net of amounts withheld for income taxes)	143		1			1,642			—			—			—			1,643			—			1,643
Distributions to common stockholders ($1.20 per share)	—		—			—			(149,962		)	—			—			(149,962		)	—			(149,962		)
Net income attributable to common stockholders of Columbia Property Trust, Inc.	—		—			—			92,635			—			—			92,635			—			92,635
Market value adjustment to interest rate swap	—		—			—			—			—			1,339			1,339			—			1,339
Balance, December 31, 2014	124,973		$	1,249		$	4,601,808		$	(1,867,611	)	$	—		$	(1,968	)	$	2,733,478		$	—		$	2,733,478

⁽¹⁾ All share amounts and computations using such amounts have been retroactively adjusted to reflect the August 14, 2013, four-for-one reverse stock split (See Note 7, Stockholders'Equity).

See accompanying notes.

F-6

COLUMBIA PROPERTY TRUST, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

	Years ended December 31,
	2014			2013			2012
Cash Flows from Operating Activities:
Net income	$	92,635		$	15,720		$	48,043
Adjustments to reconcile net income to net cash provided by operating activities:
Straight-line rental income	(9,916		)	(22,793		)	(11,033		)
Depreciation	117,766			119,835			120,307
Amortization	74,212			84,630			100,482
Impairment losses on real estate assets	25,130			29,737			18,467
Noncash interest expense	3,055			3,602			3,881
Loss on interest rate swaps	(4,945		)	(5,530		)	(173		)
Gain on sale of real estate	(73,648		)	(11,225		)	(20,117		)
Loss on early extinguishment of debt	23			4,709			—
Stock-based compensation expense	1,975			1,055			—
Changes in assets and liabilities, net of acquisitions and dispositions:
Decrease (increase) in tenant receivables, net	(227		)	6,249			(4,767		)
Decrease (increase) in prepaid expenses and other assets	5,442			(4,097		)	2,344
Increase in accounts payable and accrued expenses	2,589			4,207			4,270
Decrease in due to affiliates	—			(1,801		)	(1,411		)
Increase (decrease) in deferred income	2,815			(5,969		)	(7,454		)
Net cash provided by operating activities	236,906			218,329			252,839
Cash Flows from Investing Activities:
Net proceeds from the sale of real estate	418,207			565,945			304,264
Real estate acquisitions	(335,986		)	—			(188,750		)
Earnest money paid	(27,000		)	—			—
Capital improvements	(54,005		)	(44,856		)	(45,048		)
Deferred lease costs paid	(25,004		)	(25,700		)	(39,419		)
Net cash provided by (used in) investing activities	(23,788		)	495,389			31,047
Cash Flows from Financing Activities:
Financing costs paid	(1,482		)	(3,721		)	(4,198		)
Proceeds from lines of credit and notes payable	283,000			301,000			599,000
Repayments of lines of credit and notes payable	(294,739		)	(461,940		)	(627,191		)
Prepayment penalty on early extinguishment of debt	—			(4,709		)	—
Issuance of common stock	—			46,402			118,388
Redemptions of common stock	—			(115,781		)	(99,381		)
Tender offer redemptions of common stock	—			(234,062		)	—
Distributions paid to stockholders	(149,962		)	(145,071		)	(137,632		)
Distributions paid to stockholders and reinvested in shares of our common stock	—			(46,402		)	(118,388		)
Redemption of noncontrolling interests	—			—			(301		)
Tender offer and offering costs paid	—			(3,133		)	(11		)
Distributions paid to nonredeemable noncontrolling interests	—			—			(15		)
Net cash used in financing activities	(163,183		)	(667,417		)	(269,729		)
Net increase in cash and cash equivalents	49,935			46,301			14,157
Effect of foreign exchange rate on cash and cash equivalents	—			(103		)	32
Cash and cash equivalents, beginning of period	99,855			53,657			39,468
Cash and cash equivalents, end of period	$	149,790		$	99,855		$	53,657

See accompanying notes.

F-7

COLUMBIA PROPERTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2014, 2013, AND 2012

1. Organization

Columbia Property Trust, Inc. ("Columbia Property Trust") (NYSE: CXP) is a Maryland corporation that operates as a real estate investment trust ("REIT") for federal income tax purposes and owns and operates commercial real estate properties. Columbia Property Trust was incorporated in 2003, commenced operations in 2004, and conducts business primarily through Columbia Property Trust Operating Partnership, L.P. ("Columbia Property Trust OP"), a Delaware limited partnership. Columbia Property Trust is the general partner and sole owner of Columbia Property Trust OP and possesses full legal control and authority over its operations. Columbia Property Trust OP acquires, develops, owns, leases, and operates real properties directly, through wholly owned subsidiaries, or through joint ventures. References to Columbia Property Trust, "we," "us," or "our" herein shall include Columbia Property Trust and all subsidiaries of Columbia Property Trust, direct and indirect, and consolidated joint ventures.

Columbia Property Trust typically invests in high-quality, income-generating office properties. As of December 31, 2014, Columbia Property Trust owned 35 office properties and one hotel, which included 52 operational buildings comprising approximately 15.7 million square feet of commercial space, located in 12 states and the District of Columbia. All of the office properties are wholly owned except for one property, which is owned through a consolidated subsidiary. As of December 31, 2014, the office properties were approximately 93.3% leased. In January 2015, Columbia Property Trust acquired three additional office properties comprising 0.9 million square feet. See Note 3, Real Estate and Other Transactions, for additional information.

2. Summary of Significant Accounting Policies

Basis of Presentation

The consolidated financial statements of Columbia Property Trust have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and include the accounts of Columbia Property Trust, Columbia Property Trust OP, and any variable interest entity ("VIE") in which Columbia Property Trust or Columbia Property Trust OP was deemed the primary beneficiary. With respect to entities that are not VIEs, Columbia Property Trust's consolidated financial statements shall also include the accounts of any entity in which Columbia Property Trust, Columbia Property Trust OP, or its subsidiaries own a controlling financial interest and any limited partnership in which Columbia Property Trust, Columbia Property Trust OP, or its subsidiaries own a controlling general partnership interest. In determining whether Columbia Property Trust or Columbia Property Trust OP has a controlling interest, the following factors are considered, among other things: the ownership of voting interests, protective rights, and participatory rights of the investors.

All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.

Fair Value Measurements

Columbia Property Trust estimates the fair value of its assets and liabilities (where currently required under GAAP) consistent with the provisions of Accounting Standard Codification 820, Fair Value Measurements ("ASC 820"). Under this standard, fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date. While various techniques and assumptions can be used to estimate fair value depending on the nature of the asset or liability, the accounting standard for fair value measurements and disclosures provides the following fair value technique parameters and hierarchy, depending upon availability:

Level 1 – Assets or liabilities for which the identical term is traded on an active exchange, such as publicly traded instruments or futures contracts.

Level 2 – Assets and liabilities valued based on observable market data for similar instruments.

Level 3 – Assets or liabilities for which significant valuation assumptions are not readily observable in the market. Such assets or liabilities are valued based on the best available data, some of which may be internally developed. Significant assumptions may include risk premiums that a market participant would consider.

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Real Estate Assets

Real estate assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the cost of acquisition or construction, and any tenant improvements or major improvements and betterments that extend the useful life of the related asset. All repairs and maintenance are expensed as incurred. Additionally, Columbia Property Trust capitalizes interest while the development of a real estate asset is in progress. No interest was capitalized during 2014 or 2013.

Columbia Property Trust is required to make subjective assessments as to the useful lives of its depreciable assets. Columbia Property Trust considers the period of future benefit of the asset to determine the appropriate useful lives. These assessments have a direct impact on net income. The estimated useful lives of its assets by class are as follows:

Buildings	40 years
Building and site improvements	5-25 years
Tenant improvements	Shorter of economic life or lease term
Intangible lease assets	Lease term

Evaluating the Recoverability of Real Estate Assets

Columbia Property Trust continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate and related intangible assets, of both operating properties and properties under construction, in which Columbia Property Trust has an ownership interest, either directly or through investments in joint ventures, may not be recoverable. When indicators of potential impairment are present that suggest that the carrying amounts of real estate assets and related intangible assets (liabilities) may not be recoverable, Columbia Property Trust assesses the recoverability of these assets by determining whether the respective carrying values will be recovered through the estimated undiscounted future operating cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying values, Columbia Property Trust adjusts the carrying value of the real estate assets and related intangible assets to the estimated fair values, pursuant to the property, plant, and equipment accounting standard for the impairment or disposal of long-lived assets, and recognizes an impairment loss. Estimated fair values are calculated based on the following information, in order of preference, depending upon availability: (i) recently quoted market prices, (ii) market prices for comparable properties, or (iii) the present value of future cash flows, including estimated salvage value. Certain of Columbia Property Trust's assets may be carried at more than an amount that could be realized in a current disposition transaction.

Projections of expected future operating cash flows require that Columbia Property Trust estimates future market rental income amounts subsequent to the expiration of current lease agreements, property operating expenses, the number of months it takes to re-lease the property, and the number of years the property is held for investment, among other factors. The subjectivity of assumptions used in the future cash flow analysis, including discount rates, could result in an incorrect assessment of the property's fair value and could result in the misstatement of the carrying value of Columbia Property Trust's real estate assets and related intangible assets and net income.

In the third quarter of 2012, Columbia Property Trust focused on refining the portfolio by marketing and negotiating the sale of a collection of nine assets in outlying markets (the "Nine Property Sale"). Columbia Property Trust evaluated the recoverability of the carrying values of these assets pursuant to the accounting policy outlined above and determined that the carrying value of the 180 E 100 South property in Salt Lake City, Utah, one of the properties in the Nine Property Sale, was no longer recoverable due to the change in disposition strategy and the shortening of the expected hold period for this asset in the third quarter of 2012. As a result, Columbia Property Trust reduced the carrying value of the 180 E 100 South property to reflect fair value and recorded a corresponding property impairment loss of $18.5 million in the third quarter of 2012, which is included in operating income (loss) from discontinued operations in the accompanying statement of operations.

In connection with furthering its portfolio repositioning efforts, in the first quarter of 2013, Columbia Property Trust initiated a process to market 18 properties for sale. Pursuant to the accounting policy outlined above, Columbia Property Trust evaluated the recoverability of the carrying values of each of these properties and determined that the 120 Eagle Rock property in East Hanover, New Jersey, and the 333 & 777 Republic Drive property in Allen Park, Michigan, were no longer recoverable due to shortening the respective expected property holding periods in connection with these repositioning efforts. As a result, Columbia Property Trust reduced the carrying value of the 120 Eagle Rock property and the 333 & 777 Republic Drive property to reflect their respective fair values estimated, based on projected discounted future cash flows and recorded corresponding property impairment losses of $11.7 million and $5.2 million, respectively, in the first quarter of 2013, which are included in operating income (loss) from discontinued operations in the accompanying statement of operations. In connection with finalizing the terms of the sale agreement for these 18 properties (the "18 Property Sale") in November 2013, Columbia Property Trust reduced the aggregate

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carrying value of the assets therein to fair value, as estimated based on the approximate contract price of $500 million, by recognizing an additional impairment loss of $12.9 million in the third quarter of 2013, which is included in operating income (loss) from discontinued operations in the accompanying statement of operations.

In the first quarter of 2014, Columbia Property Trust revised its investment strategy for the 160 Park Avenue Building (formerly known as the 180 Park Avenue, #103 Building) in Florham Park, New Jersey, to sell the property to a user in the near-term. As a result, management reduced its intended holding period for the building and reevaluated the property's carrying value as of March 31, 2014, pursuant to the accounting policy outlined above. Columbia Property Trust concluded that the 160 Park Avenue Building was not recoverable and reduced its carrying value to reflect its fair value, estimated based on recently quoted market prices (Level 2), by recording an impairment loss of approximately $13.6 million in the first quarter of 2014. The sale of the160 Park Avenue Building closed on June 4, 2014, for $10.2 million, exclusive of transaction costs.

In the second quarter of 2014, Columbia Property Trust decided to pursue a near-term sale of the 200 South Orange Building (formerly known as the SunTrust Building) in Orlando, Florida. As a result, management reduced its intended holding period for the building and reevaluated the property's carrying value in the second quarter of 2014. In connection with negotiating the terms of the sale, Columbia Property Trust reduced the carrying value of the 200 South Orange Building to reflect fair value, estimated based on an approximate net contract price of $18.4 million (Level 1), by recording an impairment loss of $1.4 million in the second quarter. The sale of the 200 South Orange Building closed on June 30, 2014, for $18.4 million, net of transaction costs.

In the fourth quarter of 2014, Columbia Property Trust identified $500 million to $600 million of properties in its portfolio that fall outside of its targeted investment strategy, which are candidates for near-term disposition. Columbia Property Trust is in the process of developing our marketing strategy for these assets. Columbia Property Trust plans to carefully evaluate the disposition options revealed through our marketing efforts, and to pursue those which provide the best opportunity to optimize shareholder value. In connection with initiating this process, Columbia Property Trust evaluated the recoverability of the carrying values of each of these properties and determined that the carrying value of the Bannockburn Lake III property, a vacant property located in Bannockburn, Illinois, is no longer recoverable due to reducing its expected property holding period to less than one year. As a result, in the fourth quarter of 2014, Columbia Property Trust reduced the carrying value of the Bannockburn Lake III property to $5.0 million, estimated based on current projected discounted future cash flows, by recording an impairment loss of $10.1 million.

The fair value measurements used in this evaluation of nonfinancial assets are considered to be Level 3 valuations within the fair value hierarchy outlined above, as there are significant unobservable inputs. Examples of inputs that were utilized in the fair value calculations include estimated holding periods, discount rates, market capitalization rates, expected lease rental rates, and potential sales prices. The table below represents the detail of the adjustments recognized for 2014, 2013 and 2012 (in thousands) using Level 3 inputs.

Property	Net Book Value		Impairment Loss Recognized			Fair Value
2014
Bannockburn Lake III	$	15,148	$	(10,148	)	$	5,000
2013
120 Eagle Rock	$	23,808	$	(11,708	)	$	12,100
333 & 777 Republic Drive	$	13,359	$	(5,159	)	$	8,200
2012
180 E 100 South	$	30,847	$	(18,467	)	$	12,380

Assets Held for Sale

Columbia Property Trust classifies assets as held for sale according to Accounting Standard Codification 360, Accounting for the Impairment or Disposal of Long-Lived Assets ("ASC 360"). According to ASC 360, assets are considered held for sale when the following criteria are met:

• Management, having the authority to approve the action, commits to a plan to sell the property.

• The property is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such property.

• An active program to locate a buyer and other actions required to complete the plan to sell the property have been initiated.

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• The sale of the property is probable, and transfer of the property is expected to qualify for recognition as a completed sale, within one year.

• The property is being actively marketed for sale at a price that is reasonable in relation to its current fair value.

• Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

At such time that a property is determined to be held for sale, its carrying amount is reduced to the lower of its depreciated book value or its estimated fair value, less costs to sell, and depreciation is no longer recognized. As of December 31, 2014, none of Columbia Property Trust's properties met the criteria to be classified as held for sale in the accompanying balance sheet.

Allocation of Purchase Price of Acquired Assets

Upon the acquisition of real properties, Columbia Property Trust allocates the purchase price of properties to tangible assets, consisting of land, building, site improvements, and identified intangible assets and liabilities, including the value of in-place leases, based in each case on Columbia Property Trust's estimate of their fair values in accordance with ASC 820 (see Fair Value Measurements section above for additional details).

The fair values of the tangible assets of an acquired property (which includes land, building, and site improvements) are determined by valuing the property as if it were vacant, and the "as-if-vacant" value is then allocated to land, building, and site improvements based on management's determination of the relative fair value of these assets. Management determines the as-if-vacant fair value of a property using methods similar to those used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases, including leasing commissions and other related costs. In estimating carrying costs, management includes real estate taxes, insurance, and other operating expenses during the expected lease-up periods based on current market demand.

Intangible Assets and Liabilities Arising from In-Place Leases Where Columbia Property Trust is the Lessor

As further described below, in-place leases with Columbia Property Trust as the lessor may have values related to: direct costs associated with obtaining a new tenant, opportunity costs associated with lost rentals that are avoided by acquiring an in-place lease, tenant relationships, and effective contractual rental rates that are above or below market rates:

• Direct costs associated with obtaining a new tenant, including commissions, tenant improvements, and other direct costs, are estimated based on management's consideration of current market costs to execute a similar lease. Such direct costs are included in intangible lease origination costs in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases.

• The value of opportunity costs associated with lost rentals avoided by acquiring an in-place lease is calculated based on contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. Such opportunity costs ("Absorption Period Costs") are included in intangible lease assets in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases.

• The value of tenant relationships is calculated based on expected renewal of a lease or the likelihood of obtaining a particular tenant for other locations. Values associated with tenant relationships are included in intangible lease assets in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases.

• The value of effective rental rates of in-place leases that are above or below the market rates of comparable leases is calculated based on the present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be received pursuant to the in-place leases and (ii) management's estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining terms of the leases. The capitalized above-market and below-market lease values are recorded as intangible lease assets or liabilities and amortized as an adjustment to rental income over the remaining terms of the respective leases.

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As of December 31, 2014 and 2013, Columbia Property Trust had the following gross intangible in-place lease assets and liabilities (in thousands):

		Intangible Lease Assets						Intangible Lease Origination Costs			Intangible Below-Market In-Place Lease Liabilities
		Above-Market In-Place Lease Assets			Absorption Period Costs
December 31, 2014	Gross	$	79,805		$	370,412		$	325,154		$	159,240
	Accumulated Amortization	(61,619		)	(237,084		)	(219,626		)	(84,935		)
	Net	$	18,186		$	133,328		$	105,528		$	74,305
December 31, 2013	Gross	$	80,836		$	388,686		$	365,487		$	150,364
	Accumulated Amortization	(56,859		)	(229,065		)	(216,598		)	(76,500		)
	Net	$	23,977		$	159,621		$	148,889		$	73,864

During 2014, 2013, and 2012, Columbia Property Trust recognized the following amortization of intangible lease assets and liabilities (in thousands):

	Intangible Lease Assets				Intangible Lease Origination Costs		Intangible Below-Market In-Place Lease Liabilities
	Above-Market In-Place Lease Assets		Absorption Period Costs
For the years ended December 31,
2014	$	5,368	$	36,474	$	33,037	$	15,507
2013	$	6,077	$	38,879	$	38,978	$	14,411
2012	$	8,901	$	48,997	$	42,866	$	15,324

The remaining net intangible assets and liabilities as of December 31, 2014, will be amortized as follows (in thousands):

	Intangible Lease Assets				Intangible Lease Origination Costs		Intangible Below-Market In-Place Lease Liabilities
	Above-Market In-Place Lease Assets		Absorption Period Costs
For the years ending December 31,
2015	$	4,480	$	35,284	$	28,483	$	17,198
2016	3,748		24,942		21,587		11,895
2017	1,879		16,687		14,777		8,073
2018	1,075		12,297		10,269		6,596
2019	1,035		10,969		9,198		5,893
Thereafter	5,969		33,149		21,214		24,650
	$	18,186	$	133,328	$	105,528	$	74,305
Weighted-Average Amortization Period	3 years		4 years		4 years		6 years

Intangible Assets and Liabilities Arising from In-Place Leases Where Columbia Property Trust is the Lessee

In-place ground leases where Columbia Property Trust is the lessee may have value associated with effective contractual rental rates that are above or below market rates at the time of execution or assumption. Such values are calculated based on the present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place lease and (ii) management's estimate of fair market lease rates for the corresponding in-place lease at the time of execution or assumption, measured over a period equal to the remaining terms of the leases. The capitalized above-market and below-market in-place lease values are recorded as intangible lease liabilities and assets, respectively, and are amortized as an adjustment to property operating cost over the remaining term of the respective leases. Columbia Property Trust had gross below-market lease assets of approximately $110.7 million as of December 31, 2014 and 2013, net of accumulated amortization of $15.1 million and $13.1 million as of December 31, 2014 and 2013, respectively. Columbia Property Trust

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recognized amortization expense related to these assets of approximately $2.1 million for each of the years ended 2014, 2013, and 2012.

As of December 31, 2014, the remaining net below-market lease asset will be amortized as follows (in thousands):

For the years ending December 31:
2015	$	2,069
2016	2,069
2017	2,069
2018	2,069
2019	2,069
Thereafter	85,209
	$	95,554
Weighted-Average Amortization Period	47 years

Cash and Cash Equivalents

Columbia Property Trust considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value as of December 31, 2014 and 2013.

Tenant Receivables, net

Tenant receivables comprise rental and reimbursement billings due from tenants and the cumulative amount of future adjustments necessary to present rental income on a straight-line basis. Tenant receivables are recorded at the original amount earned, less an allowance for any doubtful accounts, which approximates fair value. Management assesses the realizability of tenant receivables on an ongoing basis and provides for allowances as such balances, or portions thereof, become uncollectible.

Columbia Property Trust adjusted the allowance for doubtful accounts by recording a provision for doubtful accounts, net of recoveries, in general and administrative expenses in the accompanying consolidated statements of operations of approximately $0.5 million and $(0.1) million for 2014 and 2013, respectively.

Prepaid Expenses and Other Assets

Prepaid expenses and other assets primarily include earnest money deposits, escrow accounts held by lenders to pay future real estate taxes, insurance and tenant improvements, notes receivable, non-tenant receivables, prepaid taxes, insurance and operating costs, certain corporate assets, hotel inventory, and deferred tax assets. Prepaid expenses and other assets will be expensed as incurred. As of December 31, 2014, prepaid expenses and other assets included $27.0 million of earnest money deposits paid in 2014 for the January 2015 property acquisitions described in Note 3, Real Estate and Other Transactions. These deposits were applied to the purchase prices at closing.

Deferred Financing Costs

Deferred financing costs comprise costs incurred in connection with securing financing from third-party lenders and are capitalized and amortized over the term of the related financing arrangements. Columbia Property Trust recognized amortization of deferred financing costs for the years ended December 31, 2014, 2013, and 2012, of approximately $3.5 million, $3.8 million, and $3.2 million, respectively, which is included in interest expense in the accompanying consolidated statements of operations.

Deferred Lease Costs

Deferred lease costs comprise costs incurred to procure leases, which are capitalized and recognized as amortization expense on a straight-line basis over the terms of the lease. Such costs are capitalized and recognized as operating expenses over the lease term. Columbia Property Trust recognized amortization of deferred lease costs of approximately $12.2 million, $13.1 million, and $10.9 million for 2014, 2013, and 2012, respectively, the majority of which is recorded as amortization expense. Upon receiving notification of a tenant's intention to terminate a lease, unamortized deferred lease costs are amortized over the shortened lease period.

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Investments in Development Authority Bonds and Obligations Under Capital Leases

In connection with the acquisition of certain real estate assets, Columbia Property Trust has assumed investments in development authority bonds and corresponding obligations under capital leases of land or buildings. The county development authority issued bonds to developers to finance the initial development of these projects, a portion of which was then leased back to the developer under a capital lease. This structure enabled the developer to receive property tax abatements over the concurrent terms of the development authority bonds and capital leases. The remaining property tax abatement benefits transferred to Columbia Property Trust upon assumption of the bonds and corresponding capital leases at acquisition. The development authority bonds and the obligations under the capital leases are both recorded at their net present values, which Columbia Property Trust believes approximates fair value. The related amounts of interest income and expense are recognized as earned in equal amounts and, accordingly, do not impact net income. In December 2013, upon maturity, Columbia Property Trust settled the $216.0 million and $250.0 million development authority bonds and the corresponding obligations under capital leases related to the Lenox Park Buildings and Lindbergh Center, respectively. In December 2012, upon maturity, Columbia Property Trust settled the $60.0 million development authority bond and the corresponding obligation under capital lease related to the One Glenlake Parkway Building.

Line of Credit and Notes Payable

Certain mortgage notes included in line of credit, term loan, and notes payable in the accompanying consolidated balance sheets were assumed upon the acquisition of real properties. When debt is assumed, Columbia Property Trust records the loan at fair value. The fair value adjustment is amortized to interest expense over the term of the loan using the effective interest method.

Bonds Payable

On April 4, 2011, Columbia Property Trust sold $250.0 million of its seven-year unsecured 5.875% senior notes at 99.295% of their face value (the "2018 Bonds Payable"). The discount on bonds payable is amortized to interest expense over the term of the bonds using the effective-interest method.

Noncontrolling Interests

Noncontrolling interests represent the equity interests of consolidated subsidiaries that are not owned by Columbia Property Trust. Noncontrolling interests are adjusted for contributions, distributions, and earnings attributable to the noncontrolling interest holders of the consolidated joint ventures. Pursuant to the terms of the consolidated joint venture agreements, all earnings and distributions are allocated to joint ventures in accordance with the terms of the respective joint venture agreements. Earnings allocated to such noncontrolling interest holders are recorded as net loss (income) attributable to noncontrolling interests in the accompanying consolidated statements of operations.

In April 2012, Columbia Property Trust purchased the remaining 0.7% interest in the Robbins Road Property for $0.3 million from an unaffiliated party. The purchase price approximated the book value of the noncontrolling interest at the time of purchase.

Redeemable Common Stock

In preparation for listing, Columbia Property Trust terminated its former share redemption program (the "SRP") effective July 31, 2013. Previously, under the SRP, the decision to honor redemptions, subject to certain plan requirements and limitations, fell outside the control of Columbia Property Trust. As a result, until the termination of the SRP, Columbia Property Trust recorded redeemable common stock in the temporary equity section of its consolidated balance sheet.

Preferred Stock

Columbia Property Trust is authorized to issue up to 100.0 million shares of one or more classes or series of preferred stock with a par value of $0.01 per share. Columbia Property Trust's board of directors may determine the relative rights, preferences, and privileges of each class or series of preferred stock issued, which may be more beneficial than the rights, preferences, and privileges attributable to Columbia Property Trust's common stock. To date, Columbia Property Trust has not issued any shares of preferred stock.

Common Stock

The par value of Columbia Property Trust's issued and outstanding shares of common stock is classified as common stock, with the remainder allocated to additional paid-in capital.

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Distributions

To maintain its status as a REIT, Columbia Property Trust is required by the Internal Revenue Code of 1986, as amended (the "Code"), to make distributions to stockholders each taxable year equal to at least 90% of its REIT taxable income, computed without regard to the dividends-paid deduction and by excluding net capital gains attributable to stockholders ("REIT taxable income"). Distributions to the stockholders are determined by the board of directors of Columbia Property Trust and are dependent upon a number of factors relating to Columbia Property Trust, including funds available for payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements, and annual distribution requirements in order to maintain Columbia Property Trust's status as a REIT under the Code.

Interest Rate Swap Agreements

Columbia Property Trust enters into interest rate swap contracts to mitigate its interest rate risk on the related financial instruments. Columbia Property Trust does not enter into derivative or interest rate transactions for speculative purposes; however, certain of its derivatives may not qualify for hedge accounting treatment. Columbia Property Trust records the fair value of its interest rate swaps either as prepaid expenses and other assets or as accounts payable, accrued expenses, and accrued capital expenditures. Changes in the fair value of the effective portion of interest rate swaps that are designated as cash flow hedges are recorded as other comprehensive income, while changes in the fair value of the ineffective portion of a hedge, if any, is recognized currently in earnings. Changes in the fair value of interest rate swaps that do not qualify for hedge accounting treatment are recorded as gain (loss) on interest rate swaps. Amounts received or paid under interest rate swap agreements are recorded as interest expense for contracts that qualify for hedge accounting treatment and as loss on interest rate swaps for contracts that do not qualify for hedge accounting treatment.

The following tables provide additional information related to Columbia Property Trust's interest rate swaps as of December 31, 2014 and 2013 (in thousands):

		Estimated Fair Value as of
		December 31,
Instrument Type	Balance Sheet Classification	2014			2013
Derivatives designated as hedging instruments:
Interest rate contracts	Accounts payable	$	(1,968	)	$	(3,307	)
Derivatives not designated as hedging instruments:
Interest rate contracts	Accounts payable	$	(2,633	)	$	(7,579	)

Columbia Property Trust applied the provisions of ASC 820 in recording its interest rate swaps at fair value. The fair values of the interest rate swaps, classified under Level 2, were determined using a third-party proprietary model that is based on prevailing market data for contracts with matching durations, current and anticipated London Interbank Offered Rate ("LIBOR") information, and reasonable estimates about relevant future market conditions. Columbia Property Trust has determined that the fair value, as determined by the third party, is reasonable. The fair value of Columbia Property Trust's interest rate swaps were $(4.6) million and $(10.9) million at December 31, 2014 and 2013, respectively.

	Years ended December 31,
	2014			2013			2012
Market value adjustment to interest rate swaps designated as hedging instruments and included in other comprehensive income	$	1,339		$	1,997		$	(5,305	)
Loss on interest rate swap recognized through earnings	$	(371	)	$	(342	)	$	(1,225	)

During the periods presented, there was no hedge ineffectiveness required to be recognized into earnings on the interest rate swaps that qualified for hedge accounting treatment.

Revenue Recognition

All leases on real estate assets held by Columbia Property Trust are classified as operating leases, and the related base rental income is generally recognized on a straight-line basis over the terms of the respective leases. Tenant reimbursements are recognized as revenue in the period that the related operating cost is incurred and are billed to tenants pursuant to the terms of the underlying leases. Rental income and tenant reimbursements collected in advance are recorded as deferred income in the accompanying

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consolidated balance sheets. Lease termination fees are recorded as other property income and recognized once the tenant has lost the right to lease the space and Columbia Property Trust has satisfied all obligations under the related lease or lease termination agreement.

In conjunction with certain acquisitions, Columbia Property Trust has entered into master lease agreements with various sellers, whereby the sellers are obligated to pay rent pertaining to certain nonrevenue-producing spaces either at the time of, or subsequent to, the property acquisition. These master leases were established at the time of acquisition to mitigate the potential negative effects of lost rental revenues and expense reimbursement income. Columbia Property Trust records payments received under master lease agreements as a reduction of the basis of the underlying property rather than rental income. There were no proceeds received from master leases during 2014, 2013, or 2012.

Columbia Property Trust owns a full-service hotel through a taxable REIT subsidiary. Revenues derived from the operations of the hotel include, but are not limited to, revenues from rental of rooms, food and beverage sales, telephone usage, and other service revenues. Revenue is recognized when rooms are occupied, when services have been performed, and when products are delivered.

Income Taxes

Columbia Property Trust has elected to be taxed as a REIT under the Code, and has operated as such beginning with its taxable year ended December 31, 2003. To qualify as a REIT, Columbia Property Trust must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its REIT taxable income, as defined by the Code, to its stockholders. As a REIT, Columbia Property Trust generally is not subject to income tax on income it distributes to stockholders. Columbia Property Trust's stockholder distributions typically exceed its taxable income due to the inclusion of noncash expenses, such as depreciation, in taxable income. As a result, Columbia Property Trust typically does not incur federal income taxes other than as described in the following paragraph. Columbia Property Trust is, however, subject to certain state and local taxes related to the operations of properties in certain locations, which have been provided for in the accompanying consolidated financial statements.

Columbia Property Trust TRS, LLC ("Columbia TRS"), Columbia KCP TRS, LLC ("Columbia KCP TRS"), and Columbia Energy TRS, LLC ("Columbia Energy TRS") (collectively, the "TRS Entities") are wholly owned subsidiaries of Columbia Property Trust, are organized as Delaware limited liability companies, and operate, among other things, a full-service hotel. Columbia Property Trust has elected to treat the TRS Entities as taxable REIT subsidiaries. Columbia Property Trust may perform certain additional, noncustomary services for tenants of its buildings through the TRS Entities; however, any earnings related to such services are subject to federal and state income taxes. In addition, for Columbia Property Trust to continue to qualify as a REIT, Columbia Property Trust must limit its investments in taxable REIT subsidiaries to 25% of the value of the total assets. The TRS Entities' deferred tax assets and liabilities represent temporary differences between the financial reporting basis and the tax basis of assets and liabilities based on the enacted rates expected to be in effect when the temporary differences reverse. If applicable, Columbia Property Trust records interest and penalties related to uncertain tax positions as general and administrative expense in the accompanying consolidated statements of operations.

Operating Segments

Columbia Property Trust establishes its operating segments at the building level, and none of its operating segments meet the quantitative or qualitative thresholds to be considered an individual reportable segment. Therefore, Columbia Property Trust aggregates all of its operating segments into one reporting segment.

Reclassification

Certain prior period amounts may be reclassified to conform with the current-period financial statement presentation, including discontinued operations (see Note 12, Discontinued Operations) and equity accounts impacted by the Reverse Stock Split (see Note 7, Stockholders' Equity).

Recent Accounting Pronouncements

In April 2014, Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components on an Entity ("ASU 2014-08"), which raises the threshold used to determine whether revenues and expenses associated with dispositions are reclassified to discontinued operations in the statement of operations. Under the new standard, typical asset sales will remain in continuing operations, whereas, asset sales that represent a strategic shift in operations (for example, exiting a major geographical area) would be reclassified to discontinued operations. ASU 2014-08 is required beginning with the first quarter of 2015; however, Columbia Property Trust elected to adopt the new standard effective April 1, 2014.

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In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"), which establishes a comprehensive model to account for revenue arising from contracts with customers. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB's Accounting Standards Codification such as real estate leases. ASU 2014-09 will require companies to perform a five-step analysis of transactions to determine when and how revenue is recognized. ASU 2014-09 will be effective for Columbia Property Trust beginning on January 1, 2017, and early adoption is not permitted. Columbia Property Trust is currently in the process of evaluating the potential impact, if any, ASU 2014-09 will have on its financial statements and disclosures.

In August 2014, the FASB issued Accounting Standards Update 2014-15, Presentation of Financial Statements – Going Concern ("ASU 2014-15"), which provides guidance about the responsibility of management to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures if necessary. ASU 2014-15 will be effective for Columbia Property Trust beginning on January 1, 2017, and early adoption is permitted. Columbia Property Trust does not expect the adoption of ASU 2014-15 to have a material impact on its financial statements and disclosures.

3. Real Estate and Other Transactions

Acquisitions

During 2014, Columbia Property Trust acquired interests in the following properties (in thousands). Columbia Property Trust did not acquire any real estate assets during 2013.

	2014
	221 Main Street Building			650 California Street Building
Location	San Francisco, CA			San Francisco, CA
Date acquired	April 22, 2014			September 9, 2014
Purchase price:
Land	$	60,509		$	75,384
Building and improvements	161,853			221,135
Intangible lease assets	12,776			19,306
Intangible lease origination costs	3,475			4,290
Intangible below market lease liability	(10,323		)	(9,908		)
Total purchase price	$	228,290		$	310,207

Note 2, Summary of Significant Accounting Policies, providesa discussion of the estimated useful life for each asset class.

221 Main Street Building

On April 22, 2014, Columbia Property Trust acquired the 221 Main Street Building, a 388,000-square-foot office building in San Francisco, California (the "221 Main Street Building"), for $228.8 million, exclusive of transaction costs. The acquisition was funded with a $73.0 million assumed mortgage note, $116.0 million of borrowings on the JPMorgan Chase Credit Facility (the "JPMorgan Chase Credit Facility"), and cash on hand. Columbia Property Trust recognized revenues of $12.7 million and a net loss of $10.9 million from the 221 Main Street Building acquisition for the period from April 22, 2014 to December 31, 2014. The net loss includes acquisition-related expenses of $6.1 million.

As of the acquisition date, the 221 Main Street Building was 82.8% leased to 40 tenants, including DocuSign, Inc. (16%), and no other tenant leases more than 10% of the building based on annualized lease revenue.

650 California Street Building

On September 9, 2014, Columbia Property Trust acquired the 650 California Street Building, a 478,000-square-foot office building in San Francisco, California (the "650 California Street Building"), for $310.2 million, exclusive of transaction costs. The acquisition was funded with a $130.0 million assumed mortgage note, $118.0 million of borrowings on the JPMorgan Chase Credit Facility, and cash on hand. Columbia Property Trust recognized revenues of $8.0 million and a net loss of $9.7 million from the 650 California Street Building acquisition for the period from September 9, 2014 to December 31, 2014. The net loss includes acquisition-related expenses of $8.0 million.

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As of the acquisition date, the 650 California Street Building was 88.1% leased to 18 tenants, including Littler Mendelson (24%), Credit Suisse (13%), and Goodby Silverstein (11%).

2015 Acquisitions

On January 7, 2015, Columbia Property Trust acquired a portfolio of two assets, which includes 315 Park Avenue South, a 341,000-square-foot office building in New York, New York (the "315 Park Avenue South Building") and 1881 Campus Commons, a 245,000-square-foot office building in Reston, Virginia (the "1881 Campus Commons Building"). This portfolio was acquired for $436.0 million, exclusive of transaction costs. An earnest money deposit of $17.0 million was prepaid for this transaction in December 2014, and is included in prepaid expenses and other assets in the accompanying consolidated balance sheet.

On January 8, 2015, Columbia Property Trust acquired a 274,000-square-foot office building in Boston, Massachusetts (the "116 Huntington Avenue Building"), for $152.0 million, inclusive of capital credits. An earnest money deposit of $10.0 million was prepaid for this transaction in December 2014, and is included in prepaid expenses and other assets in the accompanying consolidated balance sheet.

These acquisitions were funded with $300.0 million in proceeds from the the Bridge Loan (as described in Note 4, Line of Credit, Term Loan, and Notes Payable), $140.0 million of borrowings on the JPMorgan Chase Credit Facility (as described in Note 4, Line of Credit, Term Loan, and Notes Payable), and cash on hand.

Pro Forma Financial Information

The following unaudited pro forma statements of operations presented for 2014, 2013, and 2012 have been prepared for Columbia Property Trust to give effect to the acquisition of both the 650 California Street Building and the 221 Main Street Building as if the acquisitions occurred on January 1, 2012. The following unaudited pro forma financial results for Columbia Property Trust have been prepared for informational purposes only and are not necessarily indicative of future results or of actual results that would have been achieved had the acquisitions of the 650 California Street Building and the 221 Main Street Building been consummated as of January 1, 2012 (in thousands).

	2014		2013			2012
Revenues	$	555,472	$	550,675		$	517,958
Net income (loss)	$	90,999	$	(17,969	)	$	(665	)
Net income (loss) per share – basic	$	0.73	$	(0.13	)	$	—
Net income (loss) per share – diluted	$	0.73	$	(0.13	)	$	—

Dispositions

As a result of adopting ASU 2014-08 effective April 1, 2014 (see Note 2, Significant Accounting Policies), for all periods presented in the accompanying consolidated statements of operations, the revenues and expenses associated with the second and third quarter 2014 property sales described below are included in continuing operations, while the revenues and expenses associated with sales executed before April 1, 2014, are classified as discontinued operations.

160 Park Avenue Building

On June 4, 2014, Columbia Property Trust closed on the sale of the 160 Park Avenue Building (formerly known as the 180 Park Avenue, #103 Building) in Florham Park, New Jersey, for $10.2 million, exclusive of transaction costs. Columbia Property Trust recognized an impairment loss of $13.6 million related to this building in the first quarter of 2014, as further described in Note 2, Significant Accounting Policies.

200 South Orange Building

On June 30, 2014, Columbia Property Trust closed on the sale of the 200 South Orange Building in Orlando, Florida, for $18.8 million, exclusive of transaction costs. This transaction resulted in a $1.4 million impairment loss in the second quarter of 2014, as further described in Note 2, Significant Accounting Policies.

7031 Columbia Gateway Drive Building

On July 1, 2014, Columbia Property Trust closed on the sale of the 7031 Columbia Gateway Drive Building in Columbia, Maryland, for $59.5 million, exclusive of transaction costs, yielding a gain on sale of real estate assets of $7.7 million.

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9 Technology Drive Building

On August 22, 2014, Columbia Property Trust closed on the sale of the 9 Technology Drive Building in Westborough, Massachusetts, for $47.0 million, exclusive of purchase price adjustments and transaction costs, yielding a gain on sale of real estate assets of $11.1 million.

Lenox Park Property

On October 3, 2014, Columbia Property Trust closed on the sale of the five buildings comprising the Lenox Park Property in Atlanta, Georgia, for $290.0 million, exclusive of transaction costs, yielding a gain on sale of real estate assets of $56.5 million in the fourth quarter of 2014.

18 Property Sale

On November 5, 2013, Columbia Property Trust closed on the 18 Property Sale to an unaffiliated third party for $521.5 million, exclusive of closing costs. In connection with marketing these assets for sale and finalizing the terms of the sale agreement, Columbia Property Trust recognized aggregate impairment losses of $29.7 million. After considering the impact of these impairment losses, upon closing in the fourth quarter of 2013, the 18 Property Sale yielded a loss of $0.4 million, which is included in gain (loss) on disposition of discontinued operations in the accompanying consolidated statement of operations.

The following properties make up the 18 Property Sale:

2500 Windy Ridge Parkway	Sterling Commerce Center	11200 West Parkland Avenue
4100-4300 Wildwood Parkway	4300 Centreway Place	One Century Place
4200 Wildwood Parkway	919 Hidden Ridge	1200 Morris Drive
4241 Irwin Simpson	333 & 777 Republic Drive	15815 25th Avenue West
8990 Duke Road	120 Eagle Rock	16201 25th Avenue West
Chase Center Building	College Park Plaza	13655 Riverport Drive

Dvintsev Business Center – Tower B

On March 21, 2013, Columbia Property Trust closed on the sale of the Dvintsev Business Center – Tower B building in Moscow, Russia, and its holding entity, Landlink Ltd., which was 100% owned by Columbia Property Trust, for $67.5 million, exclusive of transaction costs, resulting in a gain on disposition of discontinued operations in the accompanying consolidated statement of operations of $10.0 million.

Other Transactions

As described in Note 10, Related-Party Transactions and Agreements, Columbia Property Trust acquired Columbia Property Trust Advisory Services, LLC ("Columbia Property Trust Advisory Services") and Columbia Property Trust Services, LLC ("Columbia Property Trust Services") on February 28, 2013. The following unaudited pro forma statements of operations presented for 2013 and 2012, have been prepared for Columbia Property Trust to give effect to the acquisitions of Columbia Property Trust Advisory Services and Columbia Property Trust Services as if the acquisitions occurred on January 1, 2012. The following unaudited pro forma financial results for Columbia Property Trust have been prepared for informational purposes only and are not necessarily indicative of future results or of actual results that would have been achieved had the acquisitions of Columbia Property Trust Advisory Services and Columbia Property Trust Services been consummated as of January 1, 2012 (in thousands).

	As of December 31,
	2014	2013		2012
Revenues	*	$	526,966	$	479,056
Net income attributable to common shareholders	*	$	47,661	$	47,591

* Columbia Property Trust owned Columbia Property Trust Advisory Services and Columbia Property Trust Services for all of 2014.

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4. Line of Credit, Term Loan, and Notes Payable

As of December 31, 2014 and 2013, Columbia Property Trust had the following line of credit, term loan, and notes payable indebtedness outstanding (excluding bonds payable; see Note 5, Bonds Payable) in thousands:

	Rate as of December 31, 2014			Term Debt or Interest Only		Outstanding Balance as of December 31,
Facility					Maturity	2014		2013
$450 Million Term Loan	LIBOR + 130 bp		(1)	Interest only	2/3/2016	$	450,000	$	450,000
Market Square Buildings mortgage note	5.07	%		Interest only	7/1/2023	325,000		325,000
333 Market Street Building mortgage note	LIBOR + 202 bp		(2)	Interest only	7/1/2015	206,810		207,559
650 California Street Building mortgage note	3.60	%		Interest only	7/1/2019	130,000		—
100 East Pratt Street Building mortgage note	5.08	%		Interest only	6/11/2017	105,000		105,000
221 Main Building mortgage note	3.95	%		Interest only	5/10/2017	73,000		—
263 Shuman Boulevard Building mortgage note	5.55	%		Interest only	7/1/2017	49,000		49,000
SanTan Corporate Center mortgage notes	5.83	%		Interest only	10/11/2016	39,000		39,000
One Glenlake Building mortgage note	5.80	%		Term debt	12/10/2018	32,074		34,713
215 Diehl Road Building mortgage note	5.55	%		Interest only	7/1/2017	21,000		21,000
544 Lakeview Building mortgage note	5.54	%		Interest only	12/1/2014	—		8,977
JPMorgan Chase Credit Facility	LIBOR + 110 bp		(3)	Interest only	8/21/2017	—		—
Total indebtedness						$	1,430,884	$	1,240,249

⁽¹⁾  Columbia Property Trust is party to an interest rate swap agreement, which effectively fixes its interest rate on the $450 Million Term Loan (the "450 Million Term Loan") at 2.07% per annum and terminates on February 3, 2016. This interest rate swap agreement qualifies for hedge accounting treatment; therefore, changes in fair value are recorded as a market value adjustment to interest rate swap in the accompanying consolidated statements of other comprehensive income.

⁽²⁾  Columbia Property Trust is party to an interest rate swap agreement, which effectively fixes its interest rate on the 333 Market Street Building mortgage note at 4.75% per annum and terminates on July 1, 2015. This interest rate swap agreement does not qualify for hedge accounting treatment; therefore, changes in fair value are recorded as loss on interest rate swaps in the accompanying consolidated statements of operations.

⁽³⁾  JPMorgan Chase Credit Facility debt bears interest at a rate based on, at the option of Columbia Property Trust, LIBOR for seven-day or one-, two-, three-, or six-month periods, plus an applicable margin ranging from 1.00% to 1.70%, or the alternate base rate for any day is the greatest of the rate of interest publicly announced by JPMorgan Chase Bank ("JPMorgan Chase Bank") as its prime rate in effect in its principal office in New York City for such day plus an applicable margin ranging from 0.00% to 0.70%.

221 Main Street Building Mortgage Note

In April 2014, in connection with acquiring the 221 Main Street Building in San Francisco, California, Columbia Property Trust assumed a $73.0 million mortgage note payable (the "221 Main Street Building Mortgage Note"), which is secured by the property. At the time of acquisition, Columbia Property Trust evaluated the 221 Main Street Building Mortgage Note and determined that the face value of the note approximates its fair value. The fair value of the 221 Main Street Building Mortgage Note was estimated by obtaining estimates for similar facilities from multiple market participants as of the respective reporting dates (Level 2). The 221 Main Street Building Mortgage Note is due on May 10, 2017, and requires monthly interest-only payments at an interest rate of 3.95% per annum.

650 California Street Building Mortgage Note

In September 2014, in connection with acquiring the 650 California Street Building in San Francisco, California, Columbia Property Trust assumed a $130.0 million mortgage note payable (the "650 California Street Building Mortgage Note"), which is secured by the property. At the time of acquisition, Columbia Property Trust evaluated the 650 California Street Building Mortgage Note and determined that the face value of the note approximates its fair value. The fair value of the 650 California Street Building Mortgage Note was estimated by obtaining estimates for similar facilities from multiple market participants as of the respective reporting dates (Level 2). The 650 California Building Mortgage Note is due on July 1, 2019. Through June 2015, the 650 California Street Building Mortgage Note requires monthly, interest-only payments at an interest rate of 3.60% per annum. Beginning in July 2015, monthly payments will be $591,000monthly ($7.1 million annually), consisting of principal and interest.

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Bridge Loan

On January 6, 2015, Columbia Property Trust entered into a $300 million, six-month, unsecured loan with a syndicate of banks led by JPMorgan Chase Bank (the "Bridge Loan") to finance a portion of the the real estate assets purchased in January 2015. At the Columbia Property Trust's option, borrowings under the Bridge Loan bear interest at either (i) an alternate base rate plus an applicable margin ranging from 0.00% to 0.80% or (ii) LIBOR plus an applicable margin based on four stated pricing levels ranging from 1.00% to 1.80%, in each case based on Columbia Property Trust's credit rating. Subject to customary conditions, Columbia Property Trust may increase the borrowings under the Bridge Loan up to two times up to an aggregate amount of $150 million. Each increase must be in an increment of $25 million.

The Bridge Loan matures on July 6, 2015, with a six-month extension at the option of Columbia Property Trust, and may be prepaid by Columbia Property Trust at any time without premium or penalty. In addition, amounts under the Bridge Loan must be repaid by Columbia Property Trust with the net cash proceeds of certain financing activities and asset sales, including (i) the issuance of common or preferred equity securities, (ii) the incurrence of mortgage indebtedness on any property, (iii) the incurrence of unsecured indebtedness, or (iv) the sale of certain real estate assets or any equity interests.

Debt Covenants

Columbia Property Trust is subject to a $25.0 million limitation on letters of credit that may be issued under the JPMorgan Chase Credit Facility. The JPMorgan Chase Credit Facility, and the Bridge Loan contain the following restrictive covenants:

• limits the ratio of debt to total asset value, as defined, to 50% or less during the term of the facility;

• limits the ratio of secured debt to total asset value, as defined, to 40% or less during the term of the facility;

• requires the ratio of unencumbered asset value, as defined, to total unsecured debt to be at least 2:1 at all times;

• requires maintenance of certain interest and fixed-charge coverage ratios;

• limits the ratio of secured recourse debt to total asset value, as defined, to 10% or less at all times;

• requires maintenance of certain minimum tangible net worth balances; and

• limits investments that fall outside Columbia Property Trust's core investments of improved office properties located in the United States.

As of December 31, 2014, Columbia Property Trust believes it was in compliance with the restrictive covenants on its outstanding debt obligations.

Fair Value of Debt

The estimated fair value of Columbia Property Trust's line of credit, term loan, and notes payable as of December 31, 2014 and 2013, was approximately $1,465.2 million and $1,245.3 million, respectively. Columbia Property Trust estimated the fair value of its line of credit by obtaining estimates for similar facilities from multiple market participants as of the respective reporting dates. Therefore, the fair values determined are considered to be based on observable market data for similar instruments (Level 2). The fair values of all other debt instruments were estimated based on discounted cash flow analyses using the current incremental borrowing rates for similar types of borrowing arrangements as of the respective reporting dates. The discounted cash flow method of assessing fair value results in a general approximation of value, and such value may never actually be realized.

Interest Paid

As of December 31, 2014 and 2013, Columbia Property Trust's weighted-average interest rate on its line of credit and notes payable was approximately 3.95% and 4.08%, respectively. Columbia Property Trust made interest payments of approximately $56.1 million, $59.6 million, and $50.1 million during 2014, 2013, and 2012, respectively, none of which was capitalized.

Debt Maturities and Extinguishment

On October 8, 2014, Columbia Property Trust repaid the mortgage note for the 544 Lakeview Building for $9.1 million, resulting in a loss on early extinguishment of debt of $23,000. The original maturity date for the 544 Lakeview Building mortgage note was December 1, 2014. There were no other debt maturities during 2014.

F-21

The following table summarizes the aggregate maturities of Columbia Property Trust's line of credit, term loan, and notes payable as of December 31, 2014 (in thousands):

2015	$	210,821
2016	494,460
2017	253,728
2018	25,860
2019	121,015
Thereafter	325,000
Total	$	1,430,884

5. Bonds Payable

In 2011, Columbia Property Trust issued $250.0 million of its seven-year, unsecured 5.875% senior notes at 99.295% of their face value. Columbia Property Trust received proceeds from the 2018 Bonds Payable, net of fees, of $246.7 million. The 2018 Bonds Payable require semiannual interest payments in April and October based on a contractual annual interest rate of 5.875%, which is subject to adjustment in certain circumstances. In the accompanying consolidated balance sheets, the 2018 Bonds Payable are shown net of the initial issuance discount of approximately $1.8 million, which is amortized to interest expense over the term of the 2018 Bonds Payable using the effective interest method. The principal amount of the 2018 Bonds Payable is due and payable on the maturity date, April 1, 2018. Interest payments of $14.7 million were made on the 2018 Bonds Payable during 2014 and 2013.

The restrictive covenants on the 2018 Bonds Payable as defined pursuant to an indenture include:

• limits to Columbia Property Trust's ability to merge or consolidate with another entity or transfer all or substantially all of Columbia Property Trust's property and assets, subject to important exceptions and qualifications;

• a limitation on the ratio of debt to total assets, as defined, to 60%;

• limits to Columbia Property Trust's ability to incur debt if the consolidated income available for debt service to annual debt service charge, as defined, for four previous consecutive fiscal quarters is less than 1.5:1 on a pro forma basis;

• limits to Columbia Property Trust's ability to incur liens if, on an aggregate basis for Columbia Property Trust, the secured debt amount would exceed 40% of the value of the total assets; and

• a requirement that the ratio of unencumbered asset value, as defined, to total unsecured debt be at least 150% at all times.

As of December 31, 2014, Columbia Property Trust believes it was in compliance with the restrictive covenants on its 2018 Bonds Payable. The 2018 Bonds Payable were originally issued through a private offering and subsequently registered.

The estimated fair value of the 2018 Bonds Payable as of December 31, 2014 and 2013 was approximately $250.6 million and $250.8 million, respectively. The fair value of the 2018 Bonds Payable was estimated based on discounted cash flow analyses using the current incremental borrowing rates for similar types of borrowing as the 2018 Bonds Payable arrangements, as of the respective reporting dates (Level 2). The discounted cash flow method of assessing fair value results in a general approximation of value, and such value may never actually be realized.

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6. Commitments and Contingencies

Obligations Under Operating Leases

Columbia Property Trust owns three properties that are subject to ground leases with expiration dates of December 31, 2058; February 28, 2062; and July 31, 2099. We incurred $2.1 million in rent expense related to such ground leases in 2014, 2013, and 2012. As of December 31, 2014, the remaining required payments under the terms of these ground leases are as follows (in thousands):

2015	$	2,557
2016	2,557
2017	2,702
2018	2,731
2019	2,731
Thereafter	202,798
Total	$	216,076

Obligations Under Capital Leases

The Three Glenlake Building is subject to a capital lease of land. This obligation requires payments equal to the amounts of principal and interest receivable from related investments in development authority bonds, which matures in 2021. The required payments under the terms of the leases are as follows as of December 31, 2014 (in thousands):

2015	$	7,200
2016	7,200
2017	7,200
2018	7,200
2019	7,200
Thereafter	134,400
	170,400
Amounts representing interest	(50,400		)
Total	$	120,000

Commitments Under Existing Lease Agreements

Certain lease agreements include provisions that, at the option of the tenant, may obligate Columbia Property Trust to expend capital to expand an existing property or provide other expenditures for the benefit of the tenant. As of December 31, 2014, no tenants have exercised such options that had not been materially satisfied.

Litigation

Columbia Property Trust is subject to various legal proceedings, claims, and administrative proceedings arising in the ordinary course of business, some of which are expected to be covered by liability insurance. Management makes assumptions and estimates concerning the likelihood and amount of any reasonably possible loss relating to these matters using the latest information available. Columbia Property Trust records a liability for litigation if an unfavorable outcome is probable and the amount of loss or range of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, Columbia Property Trust accrues the best estimate within the range. If no amount within the range is a better estimate than any other amount, Columbia Property Trust accrues the minimum amount within the range. If an unfavorable outcome is probable but the amount of the loss cannot be reasonably estimated, Columbia Property Trust discloses the nature of the litigation and indicates that an estimate of the loss or range of loss cannot be made. If an unfavorable outcome is reasonably possible and the estimated loss is material, Columbia Property Trust discloses the nature and estimate of the possible loss of the litigation. Columbia Property Trust does not disclose information with respect to litigation where the possibility of an unfavorable outcome is considered to be remote. Based on current expectations, such matters, both individually and in the aggregate, are not expected to have a material adverse effect on the liquidity, results of operations, business, or financial condition of Columbia Property Trust. Columbia Property Trust

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is not currently involved in any legal proceedings of which management would consider the outcome to be reasonably likely to have a material adverse effect on the results of operations or financial condition of Columbia Property Trust.

7. Stockholders' Equity

Long-Term Incentive Plan

Columbia Property Trust maintains a long-term incentive plan that provides for grants of stock to be made to certain employees and independent directors of Columbia Property Trust (the "Long-Term Incentive Plan"). In July 2013, Columbia Property Trust's shareholders approved the Long-Term Incentive Plan, and 2,000,000 shares were authorized and reserved for issuance under the Long-Term Incentive Plan.

Employee Grants

On January 21, 2014, Columbia Property Trust granted 143,740 shares of common stock to employees, net of 12,752 shares withheld to settle the related tax liability, under the Long-Term Incentive Plan for 2013 performance (the "2013 LTIP Employee Grant"), of which 25% vested upon grant, and the remaining shares will vest ratably, with the passage of time, on January 31, 2015, 2016, and 2017. Employees will receive quarterly dividends related to their entire grant, including the unvested shares, on each dividend payment date. A summary of the activity for the employee stock grants under the Long-Term Incentive Plan for 2014, follows:

	Shares (in thousands)			Weighted-Average, Grant-Date Fair Value(1)
Unvested shares as of January 1, 2014	—			$	—
Granted	144			$	24.82
Vested	(39	)		$	24.82
Forfeited	(1	)		$	24.82
Unvested shares as of December 31, 2014	104		(2)	$	24.82

⁽¹⁾  Columbia Property Trust determined the weighted-average grant-date fair value using the market closing price on the date of the grant.

⁽²⁾  As of December 31, 2014, we expect approximately 98,800 of the 104,000 unvested shares to ultimately vest, assuming a forfeiture rate of 5%, which was determined based on peer company data, adjusted for the specifics of the Long-Term Incentive Plan.

On January 21, 2015, Columbia Property Trust granted 123,187 shares of common stock to employees, net of 11,368 shares withheld to settle the related tax liability, under the Long-Term Incentive Plan (the "2014 LTIP Employee Grant"), of which 25% vested upon grant, and the remaining shares will vest ratably, with the passage of time, on January 31, 2016, 2017, and 2018.

Independent Director Grants

Beginning in January 2014, Columbia Property Trust pays quarterly installments of the independent directors' annual equity retainers by granting shares to the independent directors, which vest at the time of grant. In October 2013, Columbia Property Trust paid the annual equity retainer for 2013. A summary of these grants, made under the Long-Term Incentive Plan, follows:

Date of Grant	Shares	Weighted-Average Grant-Date Fair Value
2015 Director Grants:
January 2, 2015	5,850	$	25.75
2014 Director Grants:
January 21, 2014	3,344	$	24.82
April 1, 2014	2,968	$	27.22
July 1, 2014	3,016	$	25.78
October 1, 2014	4,960	$	23.89
2013 Director Grant:
September 13, 2013	6,820	$	29.32

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Stock-Based Compensation Expense

In 2014, Columbia Property Trust incurred $2.0 million in stock-based compensation expense, of which $0.4 million related to the issuance of shares to independent directors as described above, $0.7 million related to the amortization of unvested awards under the 2013 LTIP Employee Grant, and $0.9 million related to the 2014 LTIP Employee Grant, which was authorized, and employee service related to these awards began on January 1, 2014. The 2014 LTIP Employee Grant was granted in January 2015, with 25% of the grant vesting on the grant date and the remaining shares vesting ratably on January 31, 2016, 2017, and 2018. In 2013, Columbia Property Trust incurred approximately $1.1 million of stock-based compensation expense, of which $0.2 million related to the issuance of shares to independent directors and $0.9 million related to future employee awards related to service during 2013, which were granted in January 2014. These expenses are included in general and administrative expenses in the accompanying consolidated statement of operations. There was $1.7 million and $0.9 million of unrecognized compensation costs related to unvested awards under the 2013 LTIP Employee Grant as of December 31, 2014 and December 31, 2013, respectively. This amount will be amortized over the respective vesting period, ranging from one year to three years at the time of grant.

Reverse Stock Split

On August 6, 2013, Columbia Property Trust's board of directors approved a four-for-one reverse stock split (the "Reverse Stock Split"). The Reverse Stock Split became effective on August 14, 2013 (the "Effective Date"), causing every four shares of common stock that were issued and outstanding as of the Effective Date to be automatically combined into one issued and outstanding share of common stock. The share combination affected all shareholders uniformly and did not affect any shareholder's percentage ownership interest or any shareholder rights. In addition, the par value and number of authorized shares of common stock remained unchanged. The Reverse Stock Split requires retroactive adjustment; therefore, all share and per-share data for prior periods has been adjusted to reflect the Reverse Stock Split.

Authorized Shares

On July 1, 2014, Columbia Property Trust reduced the number of common shares authorized from 900,000,000 to 225,000,000, which is proportionally equal to the reduction in shares outstanding as a result of the Reverse Stock Split.

Listing

On October 10, 2013, Columbia Property Trust listed its shares of common stock on the New York Stock Exchange (the "NYSE") under the ticker symbol "CXP." Columbia Property Trust has incurred $4.1 million of costs related to the listing during 2013, primarily related to professional and legal fees associated with the listing. Such fees have been recorded separately as listing costs in the accompanying statement of operations.

Tender Offer

On October 10, 2013, Columbia Property Trust commenced a modified "Dutch-auction" tender offer to purchase for cash up to $300.0 million in value of shares of its common stock (the "Tender Offer"). As a result of the Tender Offer, on November 18, 2013, we accepted for purchase 9.4 millionshares of common stock at a purchase price of $25.00 per share, for an aggregate cost to Columbia Property Trust of $234.1 million, exclusive of fees and expenses related to the Tender Offer.

Independent Director Stock Option Plan

Columbia Property Trust maintains an independent director stock option plan that provides for grants of stock to be made to independent directors of Columbia Property Trust (the "Director Plan").On April 24, 2008, the Conflicts Committee of the Board of Directors suspended the Director Plan in connection with the registration of a public offering of shares of its common stock in certain states. A total of 25,000 shares have been authorized and reserved for issuance under the Director Plan.

Under the Director Plan, options to purchase 625 shares of common stock at $48.00 per share were granted upon initially becoming an independent director of Columbia Property Trust. Of these options, 20% are exercisable immediately on the date of grant. An additional 20% of these options become exercisable on each anniversary for four years following the date of grant. Additionally, effective on the date of each annual stockholder meeting, beginning in 2004, each independent director was granted options to purchase 250 additional shares of common stock at the greater of (1) $48.00 per share or (2) the fair market value (as defined in the Director Plan) on the last business day preceding the date of the annual stockholder meeting. These options are 100% exercisable two years after the date of grant. All options granted under the Director Plan expire no later than the tenth anniversary of the date of grant and may expire sooner if the independent director dies, is disabled, or ceases to serve as a director. In the event of a corporate transaction or other recapitalization event, the Conflicts Committee will adjust the number of shares, class of shares, exercise price, or other terms of the Director Plan to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Director Plan or with respect to any option as necessary. No stock option may be exercised if such exercise would jeopardize Columbia Property Trust's status as a REIT under the Code, and no stock option may be granted if the

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grant, when combined with those issuable upon exercise of outstanding options or warrants granted to Columbia Property Trust's advisor, directors, officers, or any of their affiliates, would exceed 10% of Columbia Property Trust's outstanding shares. No option may be sold, pledged, assigned, or transferred by an independent director in any manner other than by will or the laws of descent or distribution.

A summary of stock option activity under the Director Plan during 2014, 2013, and 2012, follows:

	Number		Exercise Price	Exercisable
Outstanding as of December 31, 2011	7,375		$48	7,250
Granted	—
Expired	—
Outstanding as of December 31, 2012	7,375		$48	7,375
Granted	—
Expired	—
Outstanding as of December 31, 2013	7,375		$48	7,375
Granted	—
Expired	(3,500	)
Outstanding as of December 31, 2014	3,875		$48	3,875

Columbia Property Trust has evaluated the fair values of options granted under the Director Plan using the Black-Scholes-Merton model and concluded that such values are insignificant as of the end of the period presented. The weighted-average contractual remaining life for options that were exercisable as of December 31, 2014, was approximately 1.75 years.

8.Operating Leases

Columbia Property Trust's real estate assets are leased to tenants under operating leases for which the terms vary, including certain provisions to extend the lease agreement, options for early terminations, subject to specified penalties, and other terms and conditions as negotiated. Columbia Property Trust retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. Amounts required as security deposits vary depending upon the terms of the respective leases and the creditworthiness of the tenant; however, such deposits generally are not significant. Therefore, exposure to credit risk exists to the extent that the receivables exceed this amount. Security deposits related to tenant leases are included in accounts payable, accrued expenses, and accrued capital expenditures in the accompanying consolidated balance sheets.

Based on 2014 Annualized Lease Revenue, as defined, none of our tenants comprised more than 6% of Columbia Property Trust's portfolio. Tenants in the legal services, banking, and business services industries each comprise 18%, 14%, and 8%, respectively, of Columbia Property Trust's 2014 Annualized Lease Revenue. Columbia Property Trust's properties are located in 12 states and the District of Columbia.

As of December 31, 2014, approximately 19%, 12%, and 10% of Columbia Property Trust's office properties are located in San Francisco, metropolitan District of Columbia, and northern New Jersey, respectively.    

The future minimum rental income from Columbia Property Trust's investment in real estate assets under noncancelable operating leases, excluding properties under development, as of December 31, 2014, is as follows (in thousands):

2015	$	376,623
2016	361,085
2017	306,788
2018	269,712
2019	248,991
Thereafter	1,070,022
Total	$	2,633,221

F-26

9.     Supplemental Disclosures of Noncash Investing and Financing Activities

Outlined below are significant noncash investing and financing activities for the years ended December 31, 2014, 2013, and 2012 (in thousands):

	Years ended December 31,
	2014		2013			2012
Investment in real estate funded with other assets	$	3,807	$	—		$	—
Other assets assumed upon acquisition	$	2,493	$	741		$	130
Other liabilities assumed upon acquisition	$	2,004	$	741		$	—
Other liabilities settled at disposition	$	—	$	872		$	—
Interest rate swap assumed upon acquisition of property	$	—	$	—		$	11,560
Notes payable assumed at acquisition	$	203,000	$	—		$	208,330
Interest accruing into notes payable	$	—	$	186		$	306
Amortization of discounts (premiums) on debt	$	396	$	(363	)	$	364
Market value adjustment to interest rate swaps that qualify for hedge accounting treatment	$	1,339	$	1,997		$	(5,305	)
Accrued capital expenditures and deferred lease costs	$	17,283	$	15,997		$	16,325
Accrued deferred financing costs	$	—	$	—		$	35
Common stock issued to employees and directors, and amortized (net of amounts withheld for taxes)	$	1,642	$	—		$	—
Accrued redemptions of common stock	$	—	$	—		$	3,655
Transfer of development authority bonds	$	—	$	466,000		$	60,000
Stock-based compensation expense	$	—	$	1,055		$	—
Increase (decrease) in redeemable common stock	$	—	$	(99,526	)	$	13,621

F-27

10. Related-Party Transactions and Agreements

During 2013, Columbia Property Trust was party to agreements with various entities of Wells Real Estate Funds ("WREF"), which served as our Advisor (the "Advisor"). Since January 1, 2014, Columbia Property Trust has had no contractual relationship with WREF.

• Transition Services Agreement – Columbia Property Trust exercised the option to acquire Columbia Property Trust Advisory Services and Columbia Property Trust Services from WREF (the "Assignment Options") on February 13, 2013, as provided for in the Transition Services Agreement, as amended (the "Transition Services Agreement"). No payment was associated with the Assignment Options; however, Columbia Property Trust was required to pay WREF a total of $8.8 million, for the work required to transfer sufficient employees, proprietary systems and processes, and assets to Columbia Property Trust Advisory Services and Columbia Property Trust Services.

• Consulting Services Agreement – Under the Consulting Services Agreement, WREF provided consulting services with respect to the same matters that were provided under the Advisory Agreement, described below (the "Consulting Services Agreement"). The Consulting Services Agreement terminated on December 31, 2013. The fees incurred under the Consulting Services Agreement are included in general and administrative expense in the accompanying consolidated statement of operations.

• Advisory Agreement – Under the terms of the advisory agreement in place from January 1, 2013 to February 27, 2013 (the "Advisory Agreement"), Columbia Property Trust incurred fees and reimbursements payable to the Advisor for asset management and administrative services.

Related-Party Costs

Pursuant to the terms of the agreements described above, Columbia Property Trust incurred the following related-party costs during 2014, 2013, and 2012, respectively (in thousands):

	Years ended December 31,
	2014		2013		2012
Consulting services	$	—	$	25,417	$	—
Transition services	—		5,750		3,008
Asset management fees	—		5,083		32,000
Administrative reimbursements, net(1)	—		1,939		11,099
Investor services	—		829		—
Property management fees	—		523		4,462
Construction fees(2)	—		139		220
Other	—		69		126
Acquisition fees	—		—		1,500
Disposition fees	—		—		1,311
Total	$	—	$	39,749	$	53,726

⁽¹⁾  Administrative reimbursements are presented net of reimbursements from tenants of approximately $0.7 million and $4.4 million for the years ended December 31, 2013 and 2012, respectively.

⁽²⁾  Construction fees are capitalized to real estate assets as incurred.

There were no amounts due to affiliates as of December 31, 2014 or December 31, 2013.

F-28

11. Income Taxes

Columbia Property Trust's income tax basis net income during 2014, 2013, and 2012 (in thousands) follows:

	2014			2013			2012
GAAP basis financial statement net income attributable to the common stockholders of Columbia Property Trust, Inc.	$	92,635		$	15,720		$	48,039
Increase (decrease) in net income resulting from:
Depreciation and amortization expense for financial reporting purposes in excess of amounts for income tax purposes	69,832			72,554			81,681
Rental income accrued for financial reporting purposes in excess of amounts for income tax purposes	(8,437		)	(26,565		)	(24,798		)
Net amortization of above-/below-market lease intangibles for financial reporting purposes less than amounts for income tax purposes	(9,394		)	(8,186		)	(3,423		)
Gain on interest rate swaps that do not qualify for hedge accounting treatment for financial reporting purposes in excess of amounts for income tax purposes	(4,945		)	(5,530		)	(173		)
Bad debt expense for financial reporting purposes less than amounts for income tax purposes	(1		)	(65		)	(5,034		)
Gains or losses on disposition of real property for financial reporting purposes that are more favorable than amounts for income tax purposes	(47,159		)	(78,559		)	(61,198		)
Other expenses for financial reporting purposes in excess of amounts for income tax purposes	31,991			9,710			7,349
Income tax basis net income (loss), prior to dividends-paid deduction	$	124,522		$	(20,921	)	$	42,443

As of December 31, 2014, the tax basis carrying value of Columbia Property Trust's total assets was approximately $5.2 billion. For income tax purposes, distributions to common stockholders are characterized as ordinary income, capital gains, or as a return of a stockholder's invested capital. Columbia Property Trust's distributions per common share are summarized as follows:

	2014		2013		2012
Ordinary income	83.1	%	—	%	16	%
Capital gains	—	%	—	%	—	%
Return of capital	16.9	%	100	%	84	%
Total	100	%	100	%	100	%

As of December 31, 2014, returns for the calendar years 2010 through 2014 remain subject to examination by U.S. or various state tax jurisdictions.

No provisions for federal income taxes have been made in the accompanying consolidated financial statements, other than the provisions relating to Columbia TRS, Columbia KCP TRS, and Columbia Energy TRS, as we made distributions in excess of taxable income for the periods presented. We are subject to certain state and local taxes related to property operations in certain locations, which have been provided for in our accompanying consolidated financial statements. The income taxes recorded by the TRS Entities for the years ended December 31, 2014, 2013, and 2012, are as follows:

	Years ended December 31,
	2014		2013		2012
Federal income tax	$	318	$	307	$	265
State income tax	35		2		14
Total income tax	$	353	$	309	$	279

As of December 31, 2014 and 2013, Columbia Property Trust had no deferred tax liabilities. As of December 31, 2014 and 2013, Columbia Property Trust had a deferred tax asset of $0.3 million and $0.6 million, respectively, included in prepaid expenses and other assets in the accompanying consolidated balance sheets. Columbia Property Trust has assessed its ability to realize this deferred tax asset and determined that it is more likely than not that the deferred tax asset of $0.3 million as of December 31, 2014, is realizable.

F-29

12. Discontinued Operations

As a result of implementing ASU 2014-08 effective April 1, 2014 (see Note 2, Significant Accounting Policies), beginning in the second quarter of 2014, the operating results for properties sold will generally be included in continuing operations. The following properties were sold prior to implementing ASU 2014-08 and are, therefore, included in discontinued operations in the accompanying consolidated statements of operations for all periods presented:

• the properties included in the 18 Property Sale, which closed on November 5, 2013, for $521.5 million and resulted in a net loss of $0.4 million;

• Dvintsev Business Center – Tower B in Moscow, Russia, which sold on March 21, 2013, along with its holding entity, Landlink, Ltd., which was 100% owned by Columbia Property Trust, for $67.5 million and resulted in a gain of $10.0 million;

• the properties included in the Nine Property Sale, which closed in December 2012 for $260.5 million and resulted in a net gain of $3.2 million;

• 5995 Opus Parkway and Emerald Point, both of which closed in January 2012 for $60.1 million and resulted in aggregate gains of $16.9 million.

The following table shows the revenues and expenses of the above-described discontinued operations (in thousands). 2014 amounts reflect post closing adjustments and true ups related to the 18 Property Sale, which closed prior to our adoption of ASU 2014-08.

	Years ended December 31,
	2014			2013			2012
Revenues:
Rental income	$	4		$	48,550		$	91,132
Tenant reimbursements	115			11,205			18,059
Other property income	—			291			5,471
	119			60,046			114,662
Expenses:
Property operating costs	(250		)	21,232			36,996
Asset and property management fees	7			1,501			7,974
Depreciation	—			11,730			21,609
Amortization	—			7,590			15,776
Impairment loss on real estate assets	—			29,737			18,467
General and administrative	755			1,360			748
Total expenses	512			73,150			101,570
Operating income (loss)	(393		)	(13,104		)	13,092
Other income (expense):
Interest expense	3			(3,804		)	(6,610		)
Interest and other income	—			293			16
Loss on early extinguishment of debt	—			(4,709		)	—
Income (loss) from discontinued operations before income tax expense	(390		)	(21,324		)	6,498
Income tax expense	—			(1		)	(14		)
Income (loss) from discontinued operations	(390		)	(21,325		)	6,484
Gain (loss) on disposition of discontinued operations	(1,627		)	11,225			20,117
Income (loss) from discontinued operations	$	(2,017	)	$	(10,100	)	$	26,601

F-30

13.    Earnings Per Share

For 2014, the basic and diluted earnings-per-share computations, net income, and income from continuing operations have been reduced for the dividends paid on unvested shares related to the 2013 LTIP Employee Grant and the 2014 LTIP Employee Grant. The following table reconciles the numerator for the basic and diluted earnings per share computations shown on the consolidated statements of income for 2014, 2013, and 2012 (in thousands):

	2014			2013		2012
Net income	$	92,635		$	15,720	$	48,039
Distributions paid on unvested shares	(128		)	—		—
Net income used to calculate basic and diluted earnings per share	$	92,507		$	15,720	$	48,039

The following table reconciles the denominator for the basic and diluted earnings-per-share computations shown on the consolidated statements of income for 2014, 2013, and 2012 (in thousands):

	2014	2013	2012
Weighted-average common shares – basic	124,860	134,085	136,672
Plus incremental weighted-average shares from time-vested conversions less assumed share repurchases:
2013 LTIP Employee Grant	29	—	—
2014 LTIP Employee Grant	29	—	—
Weighted-average common shares – diluted	124,918	134,085	136,672

F-31

14.Quarterly Results (unaudited)

Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2014 and 2013(in thousands, except per-share data):

	2014
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Revenues	$	129,168	$	136,757	$	136,981	$	137,891
Net income attributable to common stockholders of Columbia Property Trust, Inc.	$	3,400	$	8,021	$	24,988	$	56,226	(1)
Basic net income attributable to common stockholders of Columbia Property Trust, Inc. per share	$	0.03	$	0.06	$	0.20	$	0.45
Diluted net income attributable to common stockholders of Columbia Property Trust, Inc. per share	$	0.03	$	0.06	$	0.20	$	0.45
Distributions declared per share	$	0.30	$	0.30	$	0.30	$	0.30

	2013
	First Quarter				Second Quarter		Third Quarter		Fourth Quarter
Revenues(2)	$	128,792			$	131,897	$	132,502	$	133,387
Net income (loss) attributable to common stockholders of Columbia Property Trust, Inc.	$	(22,608	)	(3)	$	20,601	$	4,800	$	12,927
Basic net income (loss) attributable to common stockholders of Columbia Property Trust, Inc. per share(4)	$	(0.17	)		$	0.15	$	0.04	$	0.10
Diluted net income (loss) attributable to common stockholders of Columbia Property Trust, Inc. per share(4)	$	(0.17	)		$	0.15	$	0.04	$	0.10
Distributions declared per share(4)	$	0.38			$	0.38	$	0.38	$	0.30

⁽¹⁾  Net income for the fourth quarter of 2014 includes gains on sales of real estate of $56.6 million (See Note 3, Real Estate and Other Transactions), partially offset by impairment losses of $10.1 million.

⁽²⁾  Prior-period amounts adjusted to conform with current-period presentation, including classifying revenues generated by properties sold as discontinued operations for all periods presented (see Note 12, Discontinued Operations).

⁽³⁾  Net income for the first quarter of 2013 reflects the incurrence of nonrecurring fees under the Consulting and Transitions Services Agreements (See Note 10, Related-Party Transactions and Agreements).

⁽⁴⁾  All computations using share amounts have been retroactively adjusted to reflect the August 14, 2013, four-for-one reverse stock split (See Note 7, Stockholders'Equity).

15.     Financial Information for Parent Guarantor, Other Guarantor Subsidiaries, and Non-Guarantor Subsidiaries

The 2018 Bonds Payable (see Note 5, Bonds Payable) were issued by Columbia Property Trust OP and are guaranteed by Columbia Property Trust. As a result of amending the $450 Million Term Loan and the JPMorgan Chase Credit Facility in August 2013, all of the indirect and direct subsidiaries of Columbia Property Trust that previously guaranteed the $450 Million Term Loan, the JPMorgan Chase Credit Facility, and the 2018 Bonds Payable were released under customary circumstances as guarantors, which resulted in the reclassification of prior-period amounts from the guarantor to the non-guarantor groupings within the condensed consolidating financial statements to conform with the current period presentation. In accordance with SEC Rule 3-10(c), Columbia Property Trust includes herein condensed consolidating financial information in lieu of separate financial statements of the subsidiary issuer (Columbia Property Trust OP) and Subsidiary Guarantors, as defined in the bond indenture, because all of the following criteria are met:

(1) the subsidiary issuer (Columbia Property Trust OP) is 100% owned by the parent company guarantor (Columbia Property Trust);

(2) the guarantees are full and unconditional; and

(3) the guarantees are joint and several.

Columbia Property Trust uses the equity method with respect to its investment in subsidiaries included in its condensed consolidating financial statements. Set forth below are Columbia Property Trust's condensed consolidating balance sheets as of December 31,

F-32

2014 and 2013 (in thousands), as well as its condensed consolidating statements of operations and its condensed consolidating statements of comprehensive income for 2014, 2013, and 2012 (in thousands); and its condensed consolidating statements of cash flows for 2014, 2013, and 2012 (in thousands).

Condensed Consolidating Balance Sheets (in thousands)

	As of December 31, 2014
	Columbia Property Trust (Parent)		Columbia Property Trust OP  (the Issuer)		Non- Guarantors		Consolidating Adjustments			Columbia Property Trust (Consolidated)
Assets:
Real estate assets, at cost:
Land	$	—	$	6,241	$	778,860	$	—		$	785,101
Buildings and improvements, net	—		29,899		2,996,532		—			3,026,431
Intangible lease assets, net	—		—		247,068		—			247,068
Construction in progress	—		433		17,529		—			17,962
Total real estate assets	—		36,573		4,039,989		—			4,076,562
Cash and cash equivalents	119,488		10,504		19,798		—			149,790
Investment in subsidiaries	2,409,941		2,120,018		—		(4,529,959		)	—
Tenant receivables, net of allowance	—		246		6,699		—			6,945
Straight-line rent receivable	—		781		115,708		—			116,489
Prepaid expenses and other assets	204,079		148,226		19,734		(319,896		)	52,143
Deferred financing costs, net	—		6,020		2,406		—			8,426
Intangible lease origination costs, net	—		—		105,528		—			105,528
Deferred lease costs, net	—		1,658		101,337		—			102,995
Investment in development authority bonds	—		—		120,000		—			120,000
Total assets	$	2,733,508	$	2,324,026	$	4,531,199	$	(4,849,855	)	$	4,738,878
Liabilities:
Line of credit, term loan, and notes payable	$	—	$	450,000	$	1,299,232	$	(318,348	)	$	1,430,884
Bonds payable, net	—		249,182		—		—			249,182
Accounts payable, accrued expenses, and accrued capital expenditures	30		9,749		96,497		—			106,276
Due to affiliates	—		24		1,524		(1,548		)	—
Deferred income	—		171		24,582		—			24,753
Intangible lease liabilities, net	—		—		74,305		—			74,305
Obligations under capital leases	—		—		120,000		—			120,000
Total liabilities	30		709,126		1,616,140		(319,896		)	2,005,400
Equity:
Total equity	2,733,478		1,614,900		2,915,059		(4,529,959		)	2,733,478
Total liabilities, redeemable common stock, and equity	$	2,733,508	$	2,324,026	$	4,531,199	$	(4,849,855	)	$	4,738,878

F-33

Condensed Consolidating Balance Sheets (in thousands)

	As of December 31, 2013
	Columbia Property Trust (Parent)		Columbia Property Trust OP  (the Issuer)			Non- Guarantors		Consolidating Adjustments			Columbia Property Trust (Consolidated)
Assets:
Real estate assets, at cost:
Land	$	—	$	6,241		$	700,697	$	—		$	706,938
Building and improvements, net	—		24,185			2,952,102		—			2,976,287
Intangible lease assets, net	—		—			281,220		—			281,220
Construction in progress	—		28			7,921		—			7,949
Total real estate assets	—		30,454			3,941,940		—			3,972,394
Cash and cash equivalents	53,322		20,708			25,825		—			99,855
Investment in subsidiaries	2,557,347		2,286,982			—		(4,844,329		)	—
Tenant receivables, net of allowance	—		—			7,414		—			7,414
Straight-line rent receivable	—		22			113,570		—			113,592
Prepaid expenses and other assets	177,185		150,806			26,602		(322,170		)	32,423
Deferred financing costs, net	—		8,762			1,626		—			10,388
Intangible lease origination costs, net	—		—			148,889		—			148,889
Deferred lease costs, net	—		1,495			86,032		—			87,527
Investment in development authority bonds	—		—			120,000		—			120,000
Total assets	$	2,787,854	$	2,499,229		$	4,471,898	$	(5,166,499	)	$	4,592,482
Liabilities:
Lines of credit, term loan, and notes payable	$	—	$	450,000		$	1,110,838	$	(320,589	)	$	1,240,249
Bonds payable, net	—		248,930			—		—			248,930
Accounts payable, accrued expenses, and accrued capital expenditures	31		11,816			87,831		—			99,678
Due to affiliates	—		(925		)	2,506		(1,581		)	—
Deferred income	—		146			21,792		—			21,938
Intangible lease liabilities, net	—		—			73,864		—			73,864
Obligations under capital leases	—		—			120,000		—			120,000
Total liabilities	31		709,967			1,416,831		(322,170		)	1,804,659
Equity:
Total equity	2,787,823		1,789,262			3,055,067		(4,844,329		)	2,787,823
Total liabilities, redeemable common stock, and equity	$	2,787,854	$	2,499,229		$	4,471,898	$	(5,166,499	)	$	4,592,482

F-34

Consolidating Statements of Operations (in thousands)

	For the Year Ended December 31, 2014
	Columbia Property Trust (Parent)			Columbia Property Trust OP (the Issuer)			Non- Guarantors			Consolidating Adjustments			Columbia Property Trust (Consolidated)
Revenues:
Rental income	$	—		$	1,150		$	413,752		$	(361	)	$	414,541
Tenant reimbursements	—			222			95,153			—			95,375
Hotel income	—			—			22,885			—			22,885
Other property income	—			—			8,220			(224		)	7,996
	—			1,372			540,010			(585		)	540,797
Expenses:
Property operating costs	—			2,716			161,367			(361		)	163,722
Hotel operating costs	—			—			18,792			—			18,792
Asset and property management fees:
Related-party	—			17			—			(17		)	—
Other	—			—			2,258			—			2,258
Depreciation	—			1,795			115,971			—			117,766
Amortization	—			121			78,722			—			78,843
Impairment loss on real estate assets	—			—			25,130			—			25,130
General and administrative	149			9,701			21,632			(207		)	31,275
Acquisition expenses	—			—			14,142			—			14,142
	149			14,350			438,014			(585		)	451,928
Real estate operating income (loss)	(149		)	(12,978		)	101,996			—			88,869
Other income (expense):
Interest expense	—			(30,271		)	(64,105		)	18,665			(75,711		)
Interest and other income	7,969			10,724			7,247			(18,665		)	7,275
Loss on interest rate swaps	—			—			(371		)	—			(371		)
Loss on early extinguishment of debt	—			—			(23		)	—			(23		)
Income from equity investment	84,815			113,976			—			(198,791		)	—
	92,784			94,429			(57,252		)	(198,791		)	(68,830		)
Income before income tax expense	92,635			81,451			44,744			(198,791		)	20,039
Income tax expense	—			(4		)	(658		)	—			(662		)
Income before gains of sale of real estate assets	92,635			81,447			44,086			(198,791		)	19,377
Gains on sale of real estate assets	—			—			75,275			—			75,275
Income from continuing operations	92,635			81,447			119,361			(198,791		)	94,652
Discontinued operations:
Operating loss from discontinued operations	—			—			(390		)	—			(390		)
Loss on disposition of discontinued operations	—			—			(1,627		)	—			(1,627		)
Loss from discontinued operations	—			—			(2,017		)	—			(2,017		)
Net income attributable to the common stockholders of Columbia Property Trust, Inc.	$	92,635		$	81,447		$	117,344		$	(198,791	)	$	92,635

F-35

Consolidating Statements of Operations (in thousands)

	For the Year Ended December 31, 2013
	Columbia Property Trust (Parent)			Columbia Property Trust OP (the Issuer)			Non- Guarantors			Consolidating Adjustments			Columbia Property Trust (Consolidated)
Revenues:
Rental income	$	—		$	403		$	406,791		$	(287	)	$	406,907
Tenant reimbursements	—			149			90,726			—			90,875
Hotel income	—			—			23,756			—			23,756
Other property income	—			17			5,208			(185		)	5,040
	—			569			526,481			(472		)	526,578
Expenses:
Property operating costs	—			1,966			152,880			(287		)	154,559
Hotel operating costs	—			—			18,340			—			18,340
Asset and property management fees:
Related-party	4,397			15			313			(32		)	4,693
Other	—			—			1,671			—			1,671
Depreciation	—			1,247			106,858			—			108,105
Amortization	—			28			78,682			—			78,710
General and administrative	16			43,555			18,448			(153		)	61,866
Listing fees	317			3,743			—			—			4,060
	4,730			50,554			377,192			(472		)	432,004
Real estate operating income (loss)	(4,730		)	(49,985		)	149,289			—			94,574
Other income (expense):
Interest expense	—			(32,659		)	(88,137		)	18,855			(101,941		)
Interest and other income	7,987			10,874			34,023			(18,855		)	34,029
Loss on interest rate swaps	—			—			(342		)	—			(342		)
Income from equity investment	12,463			86,101			—			(98,564		)	—
	20,450			64,316			(54,456		)	(98,564		)	(68,254		)
Income before income tax expense	15,720			14,331			94,833			(98,564		)	26,320
Income tax expense	—			(3		)	(497		)	—			(500		)
Income from continuing operations	15,720			14,328			94,336			(98,564		)	25,820
Discontinued operations:
Operating income (loss) from discontinued operations	—			658			(21,983		)	—			(21,325		)
Gain on disposition of discontinued operations	—			—			11,225			—			11,225
Income (loss) from discontinued operations	—			658			(10,758		)	—			(10,100		)
Net income attributable to the common stockholders of Columbia Property Trust, Inc.	$	15,720		$	14,986		$	83,578		$	(98,564	)	$	15,720

F-36

Consolidating Statements of Operations (in thousands)

	For the Year Ended December 31, 2012
	Columbia Property Trust (Parent)			Columbia Property Trust OP (the Issuer)			Non- Guarantors			Consolidating Adjustments			Columbia Property Trust (Consolidated)
Revenues:
Rental income	$	—		$	1,649		$	380,280		$	(133	)	$	381,796
Tenant reimbursements	—			103			90,756			(2,457		)	88,402
Hotel income	—			—			23,049			—			23,049
Other property income	—			86			1,024			(86		)	1,024
	—			1,838			495,109			(2,676		)	494,271
Expenses:
Property operating costs	—			1,634			148,025			(2,457		)	147,202
Hotel operating costs	—			—			18,495			(133		)	18,362
Asset and property management fees:
Related-party	26,264			58			4,191			(1,141		)	29,372
Other	—			—			2,421			—			2,421
Depreciation	—			710			97,988			—			98,698
Amortization	—			357			86,101			—			86,458
General and administrative	49			21,436			3,128			—			24,613
Acquisition fees and expenses	—			—			1,876			—			1,876
	26,313			24,195			362,225			(3,731		)	409,002
Real estate operating income (loss)	(26,313		)	(22,357		)	132,884			1,055			85,269
Other income (expense):
Interest expense	—			(32,469		)	(88,414		)	18,997			(101,886		)
Interest and other income	7,988			11,018			39,847			(18,997		)	39,856
Loss on interest rate swaps	—			—			(1,225		)	—			(1,225		)
Income from equity investment	66,364			92,228			—			(158,592		)	—
	74,352			70,777			(49,792		)	(158,592		)	(63,255		)
Income before income tax expense	48,039			48,420			83,092			(157,537		)	22,014
Income tax expense	—			(14		)	(558		)	—			(572		)
Income from continuing operations	48,039			48,406			82,534			(157,537		)	21,442
Discontinued operations:
Operating income from discontinued operations	—			5,942			542			—			6,484
Gain on disposition of discontinued operations	—			—			20,117			—			20,117
Income from discontinued operations	—			5,942			20,659			—			26,601
Net income	48,039			54,348			103,193			(157,537		)	48,043
Less: net income attributable to noncontrolling interests	—			—			(4		)	—			(4		)
Net income attributable to the common stockholders of Columbia Property Trust, Inc.	$	48,039		$	54,348		$	103,189		$	(157,537	)	$	48,039

F-37

Consolidating Statements of Comprehensive Income (in thousands)

	For the Year Ended December 31, 2014
	Columbia Property Trust (Parent)		Columbia Property Trust OP (the Issuer)		Non- Guarantors		Consolidating Adjustments			Columbia Property Trust (Consolidated)
Net income attributable to the common stockholders of Columbia Property Trust, Inc.	$	92,635	$	81,447	$	117,344	$	(198,791	)	$	92,635
Market value adjustment to interest rate swap	1,339		1,339		—		(1,339		)	1,339
Comprehensive income	$	93,974	$	82,786	$	117,344	$	(200,130	)	$	93,974

	For the Year Ended December 31, 2013
	Columbia Property Trust (Parent)			Columbia Property Trust OP (the Issuer)		Non- Guarantors			Consolidating Adjustments			Columbia Property Trust (Consolidated)
Net income attributable to the common stockholders of Columbia Property Trust, Inc.	$	15,720		$	14,986	$	83,578		$	(98,564	)	$	15,720
Foreign currency translation adjustment	(83		)	—		(83		)	83			(83		)
Market value adjustment to interest rate swap	1,997			1,997		—			(1,997		)	1,997
Comprehensive income	$	17,634		$	16,983	$	83,495		$	(100,478	)	$	17,634

	For the Year Ended December 31, 2012
	Columbia Property Trust (Parent)			Columbia Property Trust OP (the Issuer)			Non- Guarantors		Consolidating Adjustments			Columbia Property Trust (Consolidated)
Net income attributable to the common stockholders of Columbia Property Trust, Inc.	$	48,039		$	54,348		$	103,189	$	(157,537	)	$	48,039
Market value adjustment to interest rate swap	(5,305		)	(5,305		)	—		5,305			(5,305		)
Comprehensive income attributable to the common stockholders of Columbia Property Trust, Inc.	42,734			49,043			103,189		(152,232		)	42,734
Comprehensive income attributable to noncontrolling interests	—			—			4		—			4
Comprehensive income	$	42,734		$	49,043		$	103,193	$	(152,232	)	$	42,738

F-38

Consolidating Statements of Cash Flows (in thousands)

	For the Year Ended December 31, 2014
	Columbia Property Trust (Parent)			Columbia Property Trust OP (the Issuer)			Non- Guarantors			Consolidating Adjustments			Columbia Property Trust (Consolidated)
Cash flows from operating activities	$	(122	)	$	(38,618	)	$	275,646		$	—		$	236,906
Cash flows from investing activities:
Net proceeds from sale of real estate	—			418,207			—			—			418,207
Investment in real estate and related assets	(5,000		)	(366,380		)	(70,615		)	—			(441,995		)
Investments in subsidiaries	67,403			—			—			(67,403		)	—
Net cash provided by (used in) investing activities	62,403			51,827			(70,615		)	(67,403		)	(23,788		)
Cash flows from financing activities:
Borrowings, net of fees and prepayment penalty on early extinguishment of debt	—			282,807			(1,289		)	—			281,518
Repayments	—			(283,000		)	(11,739		)	—			(294,739		)
Loss on early extinguishment of debt	—			—			—			—			—
Redemptions of common stock and fees, net of issuances	—			—			—			—			—
Distributions	(149,962		)	—			—			—			(149,962		)
Intercompany transfers, net	153,847			(23,220		)	(198,030		)	67,403			—
Net cash provided by (used in) financing activities	3,885			(23,413		)	(211,058		)	67,403			(163,183		)
Net increase (decrease) in cash and cash equivalents	66,166			(10,204		)	(6,027		)	—			49,935
Cash and cash equivalents, beginning of period	53,322			20,708			25,825			—			99,855
Cash and cash equivalents, end of period	$	119,488		$	10,504		$	19,798		$	—		$	149,790

F-39

Consolidating Statements of Cash Flows (in thousands)

	For the Year Ended December 31, 2013
	Columbia Property Trust (Parent)			Columbia Property Trust OP (the Issuer)			Non- Guarantors			Columbia Property Trust (Consolidated)
Cash flows from operating activities	$	(331	)	$	(84,270	)	$	302,930		$	218,329
Cash flows from investing activities:
Net proceeds from sale of real estate	14,127			551,818			—			565,945
Investment in real estate and related assets	—			(5,270		)	(65,286		)	(70,556		)
Net cash provided by (used in) investing activities	14,127			546,548			(65,286		)	495,389
Cash flows from financing activities:
Borrowings, net of fees	—			297,320			(41		)	297,279
Repayments	—			(343,000		)	(118,940		)	(461,940		)
Loss on early extinguishment of debt	—			—			(4,709		)	(4,709		)
Redemptions of common stock and fees, net of issuances	(306,574		)	—			—			(306,574		)
Distributions	(191,473		)	—			—			(191,473		)
Intercompany transfers	516,659			(400,712		)	(115,947		)	—
Net cash provided by (used in) financing activities	18,612			(446,392		)	(239,637		)	(667,417		)
Net increase (decrease) in cash and cash equivalents	32,408			15,886			(1,993		)	46,301
Effect of foreign exchange rate on cash and cash equivalents	—			—			(103		)	(103		)
Cash and cash equivalents, beginning of period	20,914			4,822			27,921			53,657
Cash and cash equivalents, end of period	$	53,322		$	20,708		$	25,825		$	99,855

	For the Year Ended December 31, 2012
	Columbia Property Trust (Parent)			Columbia Property Trust OP (the Issuer)			Non- Guarantors			Columbia Property Trust (Consolidated)
Cash flows from operating activities	$	(49	)	$	(83,489	)	$	336,377		$	252,839
Cash flows from investing activities:
Net proceeds from sale of real estate	30,441			273,823			—			304,264
Investment in real estate and related assets	—			(193,410		)	(79,807		)	(273,217		)
Net cash provided by (used in) investing activities	30,441			80,413			(79,807		)	31,047
Cash flows from financing activities:
Borrowings, net of fees	—			595,731			(929		)	594,802
Repayments	—			(591,000		)	(36,191		)	(627,191		)
Issuance of common stock, net of redemptions and fees	18,996			—			—			18,996
Distributions	(256,020		)	—			(15		)	(256,035		)
Intercompany transfers	216,255			(7,430		)	(208,825		)	—
Redemptions of noncontrolling interest	—			—			(301		)	(301		)
Net cash used in financing activities	(20,769		)	(2,699		)	(246,261		)	(269,729		)
Net increase (decrease) in cash and cash equivalents	9,623			(5,775		)	10,309			14,157
Effect of foreign exchange rate on cash and cash equivalents	—			—			32			32
Cash and cash equivalents, beginning of period	11,291			10,597			17,580			39,468
Cash and cash equivalents, end of period	$	20,914		$	4,822		$	27,921		$	53,657

F-40

16. Subsequent Events

Columbia Property Trust has evaluated subsequent events in connection with the preparation of its consolidated financial statements and notes thereto included in this report on Form 10-K and noted the following items in addition to those disclosed elsewhere in this report:

Property Acquisitions and Financing

During January 2015, Columbia Property Trust closed on the acquisitions of three properties. These acquisitions and the related financing transaction are described in Note 3, Real Estate and Other Transactions, and Note 4, Line of Credit, Term Loan, and Notes Payable, of the accompanying consolidated financial statements.

Dividend Declaration

On February 11, 2015, the board of directors declared dividends for the first quarter of 2015 in the amount of $0.30 per share, payable on March 17, 2015 to stockholders of record on March 2, 2015.

F-41

Columbia Property Trust, Inc. Schedule III – Real Estate Assets and Accumulated Depreciation and Amortization December 31, 2014 (in thousands)
							Initial Costs						Costs Capitalized Subsequent to Acquisition			Gross Amount at Which Carried at December 31, 2014						Accumulated Depreciation and Amortization				Life on Which Depreciation and Amortization is Computed(d)
Description	Location	Owner- ship %		Encumbrances			Land		Buildings and Improvements		Total					Land		Buildings and Improvements		Total				Date of Construction	Date Acquired
515 POST OAK	Houston, TX	100	%	None			$	6,100	$	28,905	$	35,005	$	9,761		$	6,241	$	38,525	$	44,766	$	8,267	1980	2/10/2004	0 to 40 years
170 PARK AVENUE	Florham Park, NJ	100	%	None			10,802		62,595		73,397		(54,688		)	4,125		14,584		18,709		3,729		1982	6/23/2004	0 to 40 years
ONE GLENLAKE PARKWAY	Atlanta, GA	100	%	$	34,713		5,846		66,681		72,527		742			5,934		67,335		73,269		23,777		2003	6/25/2004	0 to 40 years
80 M STREET	Washington, DC	100	%	None			26,248		76,269		102,517		(5,816		)	26,806		69,895		96,701		23,496		2001	6/29/2004	0 to 40 years
ACXIOM	Downers Grove, IL	100	%	None			10,504		51,795		62,299		958			10,640		52,617		63,257		15,599		1988/1999	8/4/2004	0 to 40 years
800 NORTH FREDERICK	Gaithersburg, MD	100	%	None			22,758		43,174		65,932		582			20,195		46,319		66,514		20,559		1986	10/22/2004	0 to 40 years
THE CORRIDORS III	Downers Grove, IL	100	%	None			2,524		35,016		37,540		(2,034		)	2,558		32,948		35,506		10,876		2001	11/1/2004	0 to 40 years
HIGHLAND LANDMARK III	Downers Grove, IL	100	%	None			3,028		47,454		50,482		(3,592		)	3,055		43,835		46,890		13,122		2000	12/27/2004	0 to 40 years
180 PARK AVENUE	Florham Park, NJ	100	%	None			4,501		47,957		52,458		(3,016		)	4,501		44,941		49,442		11,184		2001	3/14/2005	0 to 40 years
215 DIEHL ROAD	Naperville, IL	100	%	$	21,000		3,452		17,456		20,908		4,144			3,472		21,580		25,052		8,366		1988	4/19/2005	0 to 40 years
100 EAST PRATT	Baltimore, MD	100	%	$	105,000		31,234		140,217		171,451		35,139			31,777		174,813		206,590		60,604		1975/1991	5/12/2005	0 to 40 years
ROBBINS ROAD	Westford, MA	100	%	None			8,341		66,332		74,673		250			8,341		66,582		74,923		27,538		1981/2001	8/18/2005	0 to 40 years
UNIVERSITY CIRCLE	East Palo Alto, CA	100	%	None			27,493		278,288		305,781		(19,915		)	27,756		258,110		285,866		63,652		2001/2002/ 2003	9/20/2005	0 to 40 years
5 HOUSTON CENTER	Houston, TX	100	%	None			8,186		147,653		155,839		(17,528		)	8,186		130,125		138,311		39,497		2002	12/20/2005	0 to 40 years
KEY CENTER TOWER	Cleveland, OH	100	%	None		(a)	7,269		244,424		251,693		20,566			7,454		264,805		272,259		87,912		1991	12/22/2005	0 to 40 years
KEY CENTER MARRIOTT	Cleveland, OH	100	%	None			3,473		34,458		37,931		16,278			3,629		50,580		54,209		17,287		1991	12/22/2005	0 to 40 years
SANTAN CORPORATE CENTER	Chandler, AZ	100	%	$	39,000		8,045		46,282		54,327		(1,867		)	8,193		44,267		52,460		11,495		2000/2003	4/18/2006	0 to 40 years
263 SHUMAN BOULEVARD	Naperville, IL	100	%	$	49,000		7,142		41,535		48,677		6,890			7,233		48,334		55,567		19,327		1986	7/20/2006	0 to 40 years
80 PARK PLAZA	Newark, NJ	100	%	None			31,766		109,952		141,718		22,484			32,221		131,981		164,202		47,027		1979	9/21/2006	0 to 40 years
INTERNATIONAL FINANCIAL TOWER	Jersey City, NJ	100	%	None			29,061		141,544		170,605		17,407			29,712		158,300		188,012		49,998		1989	10/31/2006	0 to 40 years
STERLING COMMERCE	Irving, TX	100	%	None			8,639		43,980		52,619		2,637			8,752		46,504		55,256		21,305		1999	12/21/2006	0 to 40 years
PASADENA CORPORATE PARK	Pasadena, CA	100	%	None			53,099		59,630		112,729		352			53,099		59,982		113,081		14,267		1965/2000/ 2002/2003	7/11/2007	0 to 40 years
222 EAST 41ST STREET	New York City, NY	100	%	None		(a)	—		324,520		324,520		(429		)	—		324,091		324,091		72,842		2001	8/17/2007	0 to 40 years
BANNOCKBURN LAKE III	Bannockburn, IL	100	%	None			7,635		11,002		18,637		(12,030		)	2,797		3,810		6,607		1,608		1987	9/10/2007	0 to 40 years
SOUTH JAMAICA STREET	Englewood, CO	100	%	None			13,429		109,781		123,210		3,252			13,735		112,727		126,462		32,657		2002/2003/ 2007	9/26/2007	0 to 40 years
LINDBERGH CENTER	Atlanta, GA	100	%	None		(a)	—		262,468		262,468		3,252			—		265,720		265,720		52,966		2002	7/1/2008	0 to 40 years
THREE GLENLAKE BUILDING	Atlanta, GA	100	%	$	120,000	(b)	7,517		88,784		96,301		891			8,055		89,137		97,192		18,906		2008	7/31/2008	0 to 40 years
1580 WEST NURSERY ROAD	Linthicum, MD	100	%	None			11,410		78,988		90,398		1,212			11,745		79,865		91,610		20,336		1992	9/5/2008	0 to 40 years
550 KING STREET BUILDINGS	Boston, MA	100	%	None			8,632		74,625		83,257		8,177			8,632		82,802		91,434		19,457		1984	4/1/2010	0 to 40 years

S-1

Columbia Property Trust, Inc. Schedule III – Real Estate Assets and Accumulated Depreciation and Amortization December 31, 2014 (in thousands)
							Initial Costs						Costs Capitalized Subsequent to Acquisition		Gross Amount at Which Carried at December 31, 2014						Accumulated Depreciation and Amortization				Life on Which Depreciation and Amortization is Computed(d)
Description	Location	Owner- ship %			Encumbrances		Land		Buildings and Improvements		Total				Land		Buildings and Improvements		Total				Date of Construction	Date Acquired
CRANBERRY WOODS DRIVE	Cranberry Township, PA	100	%		None		$	15,512	$	173,062	$	188,574	$	3,542	$	15,512	$	176,604	$	192,116	$	29,050	2009/2010	6/1/2010	0 to 40 years
HOUSTON ENERGY CENTER I	Houston, TX	100	%		None		4,734		79,344		84,078		5,045		4,734		84,389		89,123		15,015		2008	6/28/2010	0 to 40 years
MARKET SQUARE BUILDINGS	Washington, DC	100	%		$	325,000	152,629		450,757		603,386		12,158		152,629		462,915		615,544		79,798		1990	3/7/2011	0 to 40 years
544 LAKEVIEW	Vernon Hills, IL	100	%	(c)	None		3,006		3,100		6,106		2,701		3,006		5,801		8,807		742		1994	4/1/2011	0 to 40 years
333 MARKET STREET	San Francisco, CA	100	%		$	206,500	114,483		292,840		407,323		—		114,483		292,840		407,323		18,406		1979	12/21/2012	0 to 40 years
221 MAIN STREET	San Francisco, CA	100	%		$	73,000	60,509		174,629		235,138		2,604		60,509		177,233		237,742		8,486		1974	4/22/2014	0 to 40 years
650 CALIFORNIA STREET	San Francisco, CA	100	%		$	130,000	75,384		240,441		315,825		44		75,384		240,485		315,869		4,767		1964	9/9/2014	0 to 40 years
TOTAL REAL ESTATE ASSETS							$	794,391	$	4,195,938	$	4,990,329	$	60,153	$	785,101	$	4,265,381	$	5,050,482	$	973,920

^(a)  Property is owned subject to a long-term ground lease.

^(b)  As a result of the acquisition of the Three Glenlake Building, Columbia Property Trust acquired investments in bonds and certain obligations under capital leases in the amount of $120.0 million.

^(c)  544 Lakeview is owned through a subsidiary in which Columbia Property Trust holds a 50% ownership interest and owns 100% of the economic interest.

^(d)  Columbia Property Trust assets are depreciated or amortized using the straight-line method over the useful lives of the assets by class. Generally, tenant improvements are amortized over the shorter of economic life or lease term, lease intangibles are amortized over the respective lease term, building improvements are depreciated over 5-25 years and buildings are depreciated over 40 years.

S-2

Columbia Property Trust, Inc.

Schedule III – Real Estate Assets and Accumulated Depreciation and Amortization

(in thousands)

	For the Years Ended December 31,
	2014			2013			2012
Real Estate:
Balance at beginning of year	$	4,875,866		$	5,507,769		$	5,483,193
Additions to/improvements of real estate	610,510			51,422			453,541
Sale/transfer of real estate	(399,499		)	(614,822		)	(328,804		)
Impairment of real estate	(25,130		)	(29,737		)	(18,467		)
Write-offs of building and tenant improvements	(1,230		)	(492		)	(301		)
Write-offs of intangible assets(1)	(5,251		)	(466		)	(1,311		)
Write-offs of fully depreciated assets	(4,784		)	(37,808		)	(80,082		)
Balance at end of year	$	5,050,482		$	4,875,866		$	5,507,769
Accumulated Depreciation and Amortization:
Balance at beginning of year	$	903,472		$	896,174		$	867,975
Depreciation and amortization expense	161,133			166,720			181,155
Sale/transfer of real estate	(80,607		)	(120,981		)	(71,654		)
Write-offs of tenant improvements	(690		)	(212		)	(196		)
Write-offs of intangible assets(1)	(4,604		)	(421		)	(1,024		)
Write-offs of fully depreciated assets	(4,784		)	(37,808		)	(80,082		)
Balance at end of year	$	973,920		$	903,472		$	896,174

⁽¹⁾  Consists of write-offs of intangible lease assets related to lease restructurings, amendments, and terminations.

S-3

EX-10.12

Exhibit 10.12

Execution Version

TERM lOAN AGREEMENT

DATED AS OF JANUARY 6, 2015

BY AND AMONG

COLUMBIA PROPERTY TRUST OPERATING PARTNERSHIP, L.P.,

AS BORROWER,

J.P. MORGAN SECURITIES LLC

AS SOLE LEAD ARRANGER AND SOLE BOOKRUNNER,

JPMORGAN CHASE BANK, N.A.,

AS ADMINISTRATIVE AGENT

PNC BANK, NATIONAL ASSOCIATION,

AS SYNDICATION AGENT

MORGAN STANLEY BANK, N.A., U.S. BANK NATIONAL ASSOCIATION,

AND WELLS FARGO BANK, NATIONAL ASSOCIATION,

AS DOCUMENTATION AGENTS

AND

THE FINANCIAL INSTITUTIONS PARTY HERETO

AND THEIR ASSIGNEES UNDER SECTION 12.5,

AS LENDERS

Table of Contents

Page

ARTICLE I. Definitions1

Section 1.1 Definitions1

Section 1.2 General; References to Times31

Section 1.3 Accounting Terms; GAAP31

ARTICLE II. Credit Facility32

Section 2.1 Term Loans32

Section 2.2 Termination or Reduction of Commitments33

Section 2.3 [Reserved]33

Section 2.4 Rates and Payment of Interest on Loans33

Section 2.5 Number of Interest Periods34

Section 2.6 Repayment of Loans34

Section 2.7 Optional Prepayments; Mandatory Prepayments34

Section 2.8 Continuation35

Section 2.9 Conversion36

Section 2.10 Notes36

Section 2.11 [Reserved]37

Section 2.12 Extension of Termination Date37

Section 2.13 [Reserved]37

Section 2.14 Incremental Term Loans37

Section 2.15 Advances by Agent38

ARTICLE III. Payments, Fees and Other General Provisions38

Section 3.1 Payments38

Section 3.2 Pro Rata Treatment39

Section 3.3 Sharing of Payments, Etc40

Section 3.4 Several Obligations40

Section 3.5 Minimum Amounts41

Section 3.6 Fees41

Section 3.7 Computations41

Section 3.8 Usury41

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Section 3.9 Agreement Regarding Interest and Charges41

Section 3.10 Statements of Account42

Section 3.11 Defaulting Lenders42

Section 3.12 Taxes42

Section 3.13 Interest Rate Protection Arrangements46

ARTICLE IV. Yield Protection, Etc.46

Section 4.1 Additional Costs; Capital Adequacy46

Section 4.2 Market Disruption and Alternate Rate of Interest47

Section 4.3 Illegality48

Section 4.4 Compensation48

Section 4.5 Affected Lenders49

Section 4.6 Treatment of Affected Loans49

Section 4.7 Change of Lending Office50

Section 4.8 Assumptions Concerning Funding of LIBOR Rate Loans50

ARTICLE V. Conditions Precedent50

Section 5.1 Initial Conditions Precedent50

Section 5.2 Additional Conditions Precedent53

Section 5.3 Conditions as Covenants53

ARTICLE VI. Representations and Warranties53

Section 6.1 Representations and Warranties53

Section 6.2 Survival of Representations and Warranties, Etc62

ARTICLE VII. Affirmative Covenants63

Section 7.1 Preservation of Existence and Similar Matters63

Section 7.2 Compliance with Applicable Law and Contracts63

Section 7.3 Maintenance of Property63

Section 7.4 Conduct of Business64

Section 7.5 Insurance64

Section 7.6 Payment of Taxes and Claims64

Section 7.7 Visits and Inspections64

Section 7.8 Use of Proceeds65

Section 7.9 Environmental Matters65

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Section 7.10 Books and Records66

Section 7.11 Further Assurances66

Section 7.12 Guarantors66

Section 7.13 REIT Status67

Section 7.14 Distribution of Income to the Borrower67

Section 7.15 Reporting Company68

Section 7.16 Maintenance of Rating68

ARTICLE VIII. Information68

Section 8.1 Quarterly Financial Statements68

Section 8.2 Year-End Statements69

Section 8.3 Compliance Certificate69

Section 8.4 Other Information70

Section 8.5 Additions and Substitutions to and Removals From Unencumbered Assets.72

ARTICLE IX. Negative Covenants72

Section 9.1 Financial Covenants72

Section 9.2 Indebtedness73

Section 9.3 [Reserved]73

Section 9.4 [Reserved]73

Section 9.5 Liens; Negative Pledges; Other Matters73

Section 9.6 Restricted Payments; Stock Repurchases74

Section 9.7 Merger, Consolidation, Sales of Assets and Other Arrangements74

Section 9.8 Fiscal Year75

Section 9.9 Modifications to Certain Agreements75

Section 9.10 Transactions with Affiliates75

Section 9.11 ERISA Exemptions76

Section 9.12 Restriction on Prepayment of Indebtedness76

Section 9.13 Modifications to Governing Documents76

Section 9.14 Occupancy of Unencumbered Assets76

ARTICLE X. Default76

Section 10.1 Events of Default76

Section 10.2 Remedies Upon Event of Default80

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Section 10.3 Allocation of Proceeds81

Section 10.4 [Reserved]81

Section 10.5 Performance by Agent81

Section 10.6 Rights Cumulative82

ARTICLE XI. The Agent82

Section 11.1 Authorization and Action82

Section 11.2 Agent’s Reliance, Etc83

Section 11.3 Notice of Defaults83

Section 11.4 JPMorgan Chase Bank, N.A84

Section 11.5 Approvals of Lenders84

Section 11.6 Lender Credit Decision, Etc84

Section 11.7 Indemnification of Agent85

Section 11.8 Successor Agent86

Section 11.9 Titled Agents86

Section 11.10 Other Loans by Lenders to Obligors87

ARTICLE XII. Miscellaneous87

Section 12.1 Notices87

Section 12.2 Expenses89

Section 12.3 Setoff90

Section 12.4 Governing Law; Litigation; Jurisdiction; Other Matters; Waivers90

Section 12.5 Successors and Assigns91

Section 12.6 Amendments94

Section 12.7 Nonliability of Agent and Lenders95

Section 12.8 Confidentiality96

Section 12.9 Indemnification97

Section 12.10 Termination; Survival99

Section 12.11 Severability of Provisions99

Section 12.12 [Reserved]99

Section 12.13 Counterparts99

Section 12.14 Obligations with Respect to Obligors and Subsidiaries99

Section 12.15 Limitation of Liability100

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Section 12.16 Entire Agreement100

Section 12.17 Construction100

Section 12.18 Time of the Essence100

Section 12.19 Patriot Act100

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SCHEDULES AND EXHIBITS

SCHEDULE ICommitments

SCHEDULE CBDCBD or Urban Infill Properties

SCHEDULE 6.1(b)Ownership Structure

SCHEDULE 6.1(f)Properties

SCHEDULE 6.1(g)Existing Indebtedness

SCHEDULE 6.1(i)Litigation

SCHEDULE 6.1(k)Financial Statements

SCHEDULE 6.1(p)Environmental Matters

SCHEDULE 6.1(y)List of Unencumbered Assets

SCHEDULE 6.1(ee)Eminent Domain Proceedings

SCHEDULE 12.20Guarantors to be Released

EXHIBIT AForm of Assignment and Acceptance Agreement

EXHIBIT BForm of Contribution Agreement

EXHIBIT CForm of Guaranty

EXHIBIT DForm of Joinder Agreement

EXHIBIT EForm of Notice of Borrowing

EXHIBIT FNotice of Continuation

EXHIBIT GNotice of Conversion

EXHIBIT H[Reserved]

EXHIBIT I[Reserved]

EXHIBIT JForm of Note

EXHIBIT KForm of Compliance Certificate

EXHIBIT LForms of U.S. Tax Compliance Certificates

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THIS TERM LOAN AGREEMENT (this “Agreement”) dated as of January 6, 2015 by and among COLUMBIA PROPERTY TRUST OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (“Borrower”), each of the financial institutions initially a signatory hereto together with their assignees pursuant to Section 12.5(d) (collectively, the “Lenders” and individually a “Lender”) and JPMORGAN CHASE BANK, N.A., as Administrative Agent (the “Agent”).

WHEREAS, the Borrower has requested that the Agent and the Lenders make term loans to the Borrower in the aggregate amount of up to $300,000,000, and the Agent and the Lenders are willing to make such term loans on the terms and conditions contained herein.

NOW, THEREFORE, in consideration of the recitals herein and mutual covenants and agreements contained herein, the parties hereto hereby covenant and agree as follows:

ARTICLE I. Definitions

Section 1.1 Definitions.

In addition to terms defined elsewhere herein, the following terms shall have the following meanings for the purposes of this Agreement:

“Additional Costs” has the meaning given to that term in Section 4.1.

“Additional Credit Extension Amendment” means an amendment to this Agreement providing for any New Term Loans which shall be consistent with the applicable provisions of this Agreement relating to New Term Loans otherwise satisfactory to the Agent and the Borrower.

“Adjusted EBITDA” means as of any date of determination the sum of (a) EBITDA of the Borrower for the immediately preceding calendar quarter less (b) the Capital Reserve for such period.

“Affiliate” means, as to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with such Person. For purposes of this definition, “control” (including with correlative meanings, the terms “controlling”, “controlled by” and “under common control with”) means the possession directly or indirectly of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities or by contract or otherwise. In no event shall the Agent or any Lender be deemed to be an Affiliate of the Borrower.

“Agent” means JPMorgan Chase Bank, N.A., in its capacity as administrative agent for the Lenders under the terms of this Agreement, and any of its successors.

“Agent Parties” has the meaning given to that term in Section 12.1.

“Agreement Date” means the date as of which this Agreement is dated.

“Alternate Base Rate” means for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus ½ of 1% and (c) the LIBOR Rate for a one month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%, provided that, for the avoidance of doubt, the LIBOR Rate for any day shall be based on the LIBO Screen Rate at approximately 11:00 a.m. London time on such day, unless such rate is not available pursuant to Section 4.2, in which case the utilization of the LIBOR Rate for determining the Alternate Base Rate shall be suspended. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the LIBOR Rate shall be effective from and

including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the LIBOR Rate, respectively.

“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Borrower or any of its Affiliates from time to time concerning or relating to bribery or corruption.

“Applicable Credit Ratings” means the Borrower’s corporate credit or issuer ratings (which may be a private rating) issued by S&P or Moody’s.

“Applicable Law” means all applicable provisions of constitutions, statutes, rules, regulations and orders of all governmental bodies and all orders and decrees of all courts, tribunals and arbitrators.

“Applicable Margin” means, for any day with respect to any Loans, the applicable rate per annum set forth below under the caption “Base Rate - Applicable Margin” or “LIBOR Rate - Applicable Margin”, as the case may be, based upon the Rating of the Borrower in the table below:

RATINGS LEVEL	MOODY’S/ S&P APPLICABLE CREDIT RATING	BASE RATE - APPLICABLE MARGIN	LIBOR RATE ‑ APPLICABLE MARGIN
Level I Rating	Baa1/BBB+ or higher	0.00%	1.00%
Level II Rating	Baa2/BBB	0.15%	1.15%
Level III Rating	Baa3/BBB-	0.40%	1.40%
Level IV Rating	Below Baa3/BBB-	0.80%	1.80%

For purposes hereof (A) if the Borrower has only one Rating, such Rating shall determine pricing, (B) if the Borrower has two Ratings and the Ratings of the Rating Agencies do not match, then the higher of two Applicable Credit Ratings shall determine pricing; provided, however, that if the two Applicable Credit Ratings are two gradations apart, then the rating that is between the two differing Applicable Credit Ratings shall determine pricing and (C) if the Applicable Credit Ratings established or deemed to have been established by the Rating Agencies for such debt of the Borrower shall be changed (other than as a result of change in the rating system of any such Rating Agency), such change shall be effective as of the date on which it is first announced by the applicable Rating Agency, irrespective of when notice of such change shall have been furnished by the Borrower to the Agent and the Lenders pursuant to the terms of the Loan Documents. Each change in the Applicable Margin under this clause (i) shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such changes. If the rating system of a Rating Agency shall change, the Borrower and the Requisite Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system of such Rating Agency, and pending the effectiveness of any such amendment, the Applicable Margin shall be determined by reference to the rating most recently in effect prior to such change.

The credit rating in effect on any date for the purposes hereof is that in effect at the close of business on such date. If at any time the Borrower has no Moody’s Rating and no S&P Rating, then the Applicable Margin shall be determined by reference to (x) the Level IV Rating if the Debt to Total Asset Value Ratio as of the end of the most recent fiscal quarter for which financial statements are available is greater than thirty-five percent (35%) and (y) the Level III Rating if the Debt to Total Asset Value Ratio as of the end of the most recent fiscal quarter for which financial statements are available is equal to or less than thirty-five percent (35%).

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Any adjustment in the Applicable Margin shall be applicable to all existing Loans.

Any recalculation of interest required by this provision shall survive termination of this Agreement and this provision shall not in any way limit any of the Agent’s and the Lenders’ other rights and remedies under the Loan Documents.

“Approved Bond Transaction” means those real property projects and any other real property developments (a) in which the Borrower, any Qualified Subsidiary or any Guarantor acquires an interest as a lessee in real property subject to a bond transaction encumbering the property wherein the Borrower, such Qualified Subsidiary or such Guarantor is also the owner of the applicable bonds; (b) pursuant to which rental payments of the Borrower, the applicable Qualified Subsidiary or the applicable Guarantor as lessee ultimately run to the Borrower, such Qualified Subsidiary or such Guarantor in the form of payments on the applicable bonds and are in an amount that are equivalent (or nearly so) with the required payments under the bonds; and (c) which lease (i) has a remaining term of not less than twenty (20) years or provides a purchase option in favor of the Borrower, the applicable Qualified Subsidiary or the applicable Guarantor for the underlying land that is exercisable by the Borrower, such Qualified Subsidiary or such Guarantor at the option of the Borrower, such Qualified Subsidiary or such Guarantor, as appropriate, prior to or simultaneously with the expiration of the lease and for a de minimus or nominal purchase price, (ii) under which any required rental payment or other payment due under such lease from the Borrower, the applicable Qualified Subsidiary or the applicable Guarantor to the lessor have been assigned to secure the bonds held by the Borrower, the applicable Qualified Subsidiary or the applicable Guarantor and no payment default has occurred and no other default has occurred which would permit the termination of the lease, (iii) where no party to such lease is the subject of a Bankruptcy Event, (iv) contains customary provisions either (A) protective of any lender to the lessee or (B) whereby the lessor expressly agrees upon request to subordinate the lessor’s fee interest to the rights and remedies of such a lender, (v) where the Borrower’s, the applicable Qualified Subsidiary’s or the applicable Guarantor’s interest in the real property or the lease is not subject to (A) any Lien other than Permitted Liens of the types described in clauses (a), (c) and (d) of the definition of Permitted Liens and the instruments securing the bonds held by the Borrower, the applicable Qualified Subsidiary or the applicable Guarantor, and (vi) such lease and bond documents permits reasonable transferability thereof (including the right to sublease to occupancy tenants), in each case, documented and structured in a manner satisfactory to the Agent in its reasonable discretion.

“Assignee” has the meaning given to that term in Section 12.5(d).

“Assignment and Acceptance Agreement” means an Assignment and Acceptance Agreement among a Lender, an Assignee and the Agent, substantially in the form of Exhibit A.

“Bankruptcy Code” means Title 11, U.S.C.A., as amended from time to time or any successor statute thereto.

“Bankruptcy Event” means, with respect to any Person, the occurrence of any of the following: (a) the entry of a decree or order for relief by a court or governmental agency in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or the appointment by a court or governmental agency of a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of such Person or for any substantial part of its property or the ordering of the winding up or liquidation of its affairs by a court or governmental agency; or (b) the commencement against such Person of an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or of any case, proceeding or other action for the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of such Person or for any substantial part of its property or for the winding up or liquidation of its affairs, and such involuntary case or other case, proceeding or other action

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shall remain undismissed for a period of ninety (90) consecutive days, or the repossession or seizure by a creditor of such Person of a substantial part of its property; or (c) such Person shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consent to the entry of an order for relief in an involuntary case under any such law, or consent to the appointment of or the taking possession by a receiver, liquidator, assignee, creditor in possession, custodian, trustee, sequestrator (or similar official) of such Person or for any substantial part of its property or make any general assignment for the benefit of creditors; or (d) such Person shall admit in writing its inability to pay its debts generally as they become due.

“Base Rate Loan” means a Loan bearing interest at a rate based on the Alternate Base Rate.

“Benefit Arrangement” means at any time an employee benefit plan within the meaning of Section 3(3) of ERISA which is not a Plan or a Multiemployer Plan and which is maintained or otherwise contributed to by any member of the ERISA Group.

“Board” means the Board of Governors of the Federal Reserve System of the United States of America.

“Borrower” has the meaning set forth in the introductory paragraph hereof.

“Business Day” means (a) any day other than a Saturday, Sunday or other day on which banks in New York, New York are authorized or required to close and (b) with reference to a LIBOR Rate Loan, any such day that is also a day on which dealings in Dollar deposits are carried out in the London interbank market.

“Capital Reserves” means, for any period and with respect to a Property, an amount equal to (a) $1.00 per square foot per annum for all office Properties, $0.50 per square foot per annum for all industrial Properties and $0.15 per square foot per annum for all other Properties multiplied by (b) a fraction, the numerator of which is the number of days in such period and the denominator of which is 365. Any portion of a Property leased under a ground lease to a third party that owns the improvements on such portion of such Property shall not be included in the determination of Capital Reserves. If the term Capital Reserves is used without reference to any specific Property, then the amount shall be determined on an aggregate basis with respect to all Properties of the Borrower, the REIT Guarantor and their Subsidiaries and a proportionate share of all Properties of all Unconsolidated Affiliates.

“Capitalization Rate” means (i) six and three-quarters percent (6.75%) for CBD or Urban Infill Properties and (ii) seven and three-quarters percent (7.75%) for all other Properties.

“Capitalized Lease Obligations” means obligations under a lease that are required to be capitalized for financial reporting purposes in accordance with GAAP. The amount of a Capitalized Lease Obligation is the capitalized amount of such obligation as would be required to be reflected on a balance sheet of the applicable Person prepared in accordance with GAAP as of the applicable date.

“Cash Equivalents” means: (a) securities issued, guaranteed or insured by the United States of America or any of its agencies with maturities of not more than one year from the date acquired; (b) certificates of deposit with maturities of not more than one year from the date acquired which are issued by a United States federal or state chartered commercial bank of recognized standing, or a commercial bank organized under the laws of any other country which is a member of the Organization for Economic Cooperation and Development, or a political subdivision of any such country, acting through a branch or agency, which bank at the time of the acquisition thereof has capital and unimpaired surplus in excess of $500,000,000 and which

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bank or its holding company at the time of the acquisition thereof has a short‑term commercial paper rating of at least A-2 or the equivalent by S&P or at least P‑2 or the equivalent by Moody’s; (c) reverse repurchase agreements with terms of not more than seven days from the date acquired, for securities of the type described in clause (a) above and entered into only with commercial banks having the qualifications described in clause (b) above; (d) commercial paper issued by any Person incorporated under the laws of the United States of America or any State thereof and rated at the time of the acquisition thereof at least A‑2 or the equivalent thereof by S&P or at least P-2 or the equivalent thereof by Moody’s, in each case with maturities of not more than one year from the date acquired; and (e) investments in money market funds registered under the Investment Company Act of 1940, which have at the time of the acquisition thereof net assets of at least $500,000,000 and at least 85% of whose assets consist of securities and other obligations of the type described in clauses (a) through (d) above.

“CBD or Urban Infill Property” means, (a) any Property listed on Schedule CBD attached hereto and identified as a CBD or Urban Infill Property, (b) any improved Property which is located in Manhattan in New York, New York, the Back Bay, Financial District, Cambridge and Seaport areas of Boston, Massachusetts, San Francisco, California, Los Angeles, California, or Washington, D.C., or (c) any other improved Property which is located in markets with characteristics similar to those identified in clause (a) or (b) and is designated by the Borrower, and reasonably approved by the Agent, as a CBD or Urban Infill Property from time to time.

“Change of Control” means the occurrence of any of the following:

(a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that a Person will be deemed to have “beneficial ownership” of all securities that such Person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than thirty-three percent (33%) of the total voting power of the then outstanding voting stock of the REIT Guarantor;

(b) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) acquires, directly or indirectly, by contract or otherwise, the power to exercise control over the Equity Interests of the REIT Guarantor representing more than thirty-three percent (33%) of the total voting power represented by the issued and outstanding Equity Interests of the REIT Guarantor;

(c) during any period of 12 consecutive months, a majority of the Board of Trustees or Directors of the REIT Guarantor consists of individuals who were not either (i) trustees or directors of the REIT Guarantor as of the corresponding date of the previous year, (ii) selected or nominated to become trustees or directors by the Board of Trustees or Directors of the REIT Guarantor of which a majority consisted of individuals described in clause (b)(i) above, or (iii) selected or nominated to become trustees or directors by the Board of Trustees or Directors of the REIT Guarantor of which a majority consisted of individuals described in clause (b)(i) above and individuals described in clause (b)(ii), above;

(d) the REIT Guarantor shall fail to be the sole general partner of the Borrower or shall fail to own, directly or indirectly, free of any liens, encumbrances or adverse claims, at least sixty-six and two-thirds percent (66-2/3%) of the voting Equity Interests of the Borrower; or

(e) Borrower or the REIT Guarantor fails to own, directly or indirectly, free of any liens, encumbrances or adverse claims, at least seventy-five percent (75%) of the Equity Interests of each Guarantor (other than the REIT Guarantor), control all major decisions of such Guarantor (including, without limitation,

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decisions to sell or encumber property) and otherwise possess the ordinary voting power to elect a majority of the board of directors, or other persons performing similar functions, of each such Guarantor.

“Commitment” means, as to each Lender, (a) such Lender’s obligation to make Loans pursuant to Section 2.1 on the Effective Date in an amount up to, but not exceeding the amount set forth for such Lender on Schedule I hereto as such Lender’s “Commitment Amount” or as set forth in the applicable Assignment and Acceptance Agreement, as the same may be increased pursuant to Section 2.14, or adjusted as appropriate to reflect any assignments to or by such Lender effected in accordance with Section 12.5 or (b) any New Term Loan Commitment of such Lender. The aggregate Commitments of the Lenders at the Effective Date is $300,000,000.

“Commitment Percentage” means, as to each Lender, (a) during the Commitment Period, the ratio, expressed as a percentage, of (i) the amount of such Lender’s Commitment to (ii) the aggregate amount of the Commitments of all Lenders hereunder and (b) after the Commitment Period has terminated or expired, the ratio expressed as a percentage, of (i) the unpaid principal amount of such Lender’s Loan to (ii) the aggregate unpaid principal amount of all Loans.

“Commitment Period” means the period from the Effective Date to the earlier to occur of (a) the date on which Loans have been made in an amount equal to the total Commitments, and (b) April 6, 2015.

“Communications” has the meaning given to that term in Section 12.1.

“Compliance Certificate” has the meaning given to that term in Section 8.3.

“Construction-in-Process” means cash expenditures for land and improvements (including indirect costs internally allocated and development costs) determined in accordance with GAAP on all Properties that are under development or are scheduled to commence development within twelve (12) months of any date of determination.

“Contingent Liabilities” as to any Person, but without duplication of any amount included or includable in items (a) through (h), (j) and (k) of Indebtedness, as applied to any obligation, means and includes liabilities or obligations with respect to: (a) a guaranty (other than by endorsement of negotiable instruments for collection in the ordinary course of business), directly or indirectly, in any manner, of any part or all of such obligation; (b) an agreement, direct or indirect, contingent or otherwise, and whether or not constituting a guaranty, the practical effect of which is to assure the payment or performance (or payment of damages in the event of nonperformance) of any part or all of such obligation, whether by: (i) the purchase of securities or obligations, (ii) the purchase, sale or lease (as lessee or lessor) of property or the purchase or sale of services primarily for the purpose of enabling the obligor with respect to such obligation to make any payment (or payment of damages in the event of nonperformance) of or on account of any part or all of such obligation, or to assure the owner of such obligation against loss, (iii) the supplying of funds to or in any other manner investing in the obligor with respect to such obligation, (iv) repayment of amounts drawn down by beneficiaries of letters of credit, or (v) the supplying of funds to or investing in a Person on account of all or any part of such Person’s obligation under a guaranty of any obligation or indemnifying or holding harmless, in any way, such Person against any part or all of such obligation; (c) all obligations, contingent or otherwise, of such Person under any synthetic lease, tax retention operating lease, or similar off balance sheet financing arrangement; (d) all obligations of such Person with respect to any take-out commitment or forward equity commitment; (e) purchase obligations net of asset value; and (f) all obligations under performance and/or completion guaranties (or other agreements the practical effect of which is to assure performance or completion of such obligations) as and to the extent such obligations are required to be included as liabilities on the balance sheet of such Person in accordance with GAAP.

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“Continue”, “Continuation” and “Continued” each refers to the continuation of a LIBOR Rate Loan from one Interest Period to another Interest Period pursuant to Section 2.8.

“Contribution Agreement” means the Contribution Agreement of even date herewith in substantially the form of Exhibit B to be executed by the Borrower and the Guarantors.

“Convert”, “Conversion” and “Converted” each refers to the conversion of a Loan of one Type into a Loan of another Type pursuant to Section 2.9.

“Credit Event” means the making (or deemed making) of any Loan.

“Debt to Total Asset Value Ratio” means the ratio (expressed as a percentage) of (a) Total Indebtedness to (b) Total Asset Value. For purposes of calculating such ratio, (i) Total Indebtedness shall be adjusted by deducting therefrom an amount equal to the lesser of (x) Total Indebtedness that by its terms is scheduled to mature on or before the date that is twenty-four (24) months from the date of calculation (“Maturing Indebtedness”), and (y) unrestricted cash and Cash Equivalents in excess of $25,000,000, and (ii) Total Asset Value shall be adjusted by deducting therefrom the amount deducted from Total Indebtedness pursuant to clause (i).

“Default” means any of the events specified in Section 10.1, whether or not there has been satisfied any requirement for the giving of notice, the lapse of time, or both.

“Defaulting Lender” means any Lender, as determined by the Agent, that has (a) failed to fund any portion of its Loans within three (3) Business Days of the date required to be funded by it hereunder, unless such Lender notifies the Agent in writing that such failure to fund a Loan is the result of such Lender’s good faith determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, (b) notified the Borrower, the Agent or any Lender in writing that it does not intend to comply with any of its funding obligations under this Agreement or has made a public statement to the effect that it does not intend to comply with its funding obligations under this Agreement or generally under other agreements in which it commits to extend credit unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s good faith determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied, (c) otherwise failed to pay over to the Agent or any other Lender any other amount required to be paid by it hereunder within three (3) Business Days of the date when due, unless the subject of a good faith dispute, or (d) (i) become or is insolvent or has a parent company that has become or is insolvent or (ii) become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or custodian, appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment or has a parent company that has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment; unless in the case of (i) or (ii) the bankruptcy court or such receiver, conservator, trustee, administrator, assignee or other Person or custodian confirms or affirms that such Lender will continue to comply with its funding obligations under this Agreement; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any Equity Interest in such Lender or parent company thereof by a Governmental Authority or agency thereof.

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“Delayed Loan Borrowing” has the meaning given that term in Section 2.1(a).

“Derivatives Contract” means any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement. Not in limitation of the foregoing, the term “Derivatives Contract” includes any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement, including any such obligations or liabilities under any such master agreement.

“Derivatives Termination Value” means, in respect of any one or more Derivatives Contracts, after taking into account the effect of any legally enforceable netting agreement relating to such Derivatives Contracts, (a) for any date on or after the date such Derivatives Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a) the amount(s) determined as the mark-to-market value(s) for such Derivatives Contracts, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Derivatives Contracts (which may include the Agent or any Lender).

“Development Property” means a Property currently under development for use as an office or industrial building that has not become a Stabilized Property, or on which the improvements (other than tenant improvements on unoccupied space) related to the development have not been completed, provided that such a Development Property on which all improvements (other than tenant improvements on unoccupied space) related to the development of such Property have been completed for at least twelve (12) months shall cease to constitute a Development Property notwithstanding the fact that such Property has not become a Stabilized Property.

“Documentation Agents” means Morgan Stanley Bank, N.A., U.S. Bank National Association, and Wells Fargo Bank, National Association.

“Dollars” or “$” means dollars in lawful currency of the United States of America.

“EBITDA” means, with respect to a Person for any period (without duplication): (a) net income (loss) of such Person for such period determined on a consolidated basis in accordance with GAAP, exclusive of the following (but only to the extent included in the determination of such net income (loss)): (i) depreciation and amortization expense; (ii) Interest Expense; (iii) income tax expense; and (iv) non-cash impairment charges and extraordinary or non-recurring gains and losses (including, for the avoidance of doubt, all gains on retirement of any debt, impairment charges and acquisition costs); plus (b) such Person’s pro rata share of EBITDA of its Unconsolidated Affiliates. EBITDA shall be adjusted to remove any impact from straight line rent leveling adjustments required under GAAP and amortization of all intangibles, without duplication, pursuant to ASC 805.

“Effective Date” means the date on which all of the conditions precedent set forth in Section 5.1 shall have been satisfied or waived in writing by the Requisite Lenders.

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“Electronic System” means any electronic system, including e-mail, e-fax, Intralinks^®, ClearPar® and any other Internet or extranet-based site, whether such electronic system is owned, operated or hosted by the Agent and any of its Affiliates or any other Person, providing for access to data protected by passcodes or other security systems.

“Eligible Assignee” means any Person who is: (i) currently a Lender or an Affiliate of a current Lender; (ii) a commercial bank, trust company, insurance company, investment bank or pension fund organized under the laws of the United States of America, or any state thereof, and having total assets in excess of $5,000,000,000; (iii) a savings and loan association or savings bank organized under the laws of the United States of America, or any state thereof, and having a tangible net worth of at least $500,000,000; (iv) a commercial bank organized under the laws of any other country which is a member of the Organization for Economic Cooperation and Development, or a political subdivision of any such country, and having total assets in excess of $10,000,000,000, provided that such bank is acting through a branch or agency located in the United States of America or (v) another financial institution which is regularly engaged in making, purchasing or investing in loans and has total assets in excess of $3,000,000,000 or any other financial institution approved by the Borrower and the Agent.

“Eligible Ground Lease” means a ground lease containing the following terms and conditions: (a) a remaining term (exclusive of any unexercised extension options which are not at the sole option of the lessee) of forty (40) years or more from the Effective Date; (b) the right of the lessee to mortgage and encumber its interest in the leased property without the consent of the lessor; (c) the obligation of the lessor to give the holder of any mortgage lien on such leased property written notice of any defaults on the part of the lessee and agreement of such lessor that such lease will not be terminated until such holder has had a reasonable opportunity to cure or complete foreclosure, and fails to do so; (d) reasonable transferability of the lessee’s interest under such lease, including the ability to sublease; and (e) such other rights, as reasonably determined by the Borrower and taken as a whole, customarily required by institutional mortgagees making a commercial loan secured by the interest of the holder of the leasehold estate demised pursuant to a ground lease.

“Environmental Laws” means any Applicable Law relating to environmental protection or the manufacture, storage, disposal or clean‑up of Hazardous Materials including, without limitation, the following: Clean Air Act, 42 U.S.C. § 7401 et seq.; Federal Water Pollution Control Act, 33 U.S.C. § 1251 et seq.; Solid Waste Disposal Act, as amended by the Resource Conservation and Recovery Act, 42 U.S.C. § 6901 et seq.; Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. § 9601 et seq.; National Environmental Policy Act, 42 U.S.C. § 4321 et seq.; regulations of the Environmental Protection Agency and any applicable rule of common law and any judicial interpretation thereof relating primarily to the environment or Hazardous Materials.

“Equity Interest” means, with respect to any Person, any share of capital stock of (or other ownership or profit interests in) such Person, any warrant, option or other right for the purchase or other acquisition from such Person of any share of capital stock of (or other ownership or profit interests in) such Person, any security convertible into or exchangeable for any share of capital stock of (or other ownership or profit interests in) such Person or warrant, right or option for the purchase or other acquisition from such Person of such shares (or such other interests), and any other ownership or profit interest in such Person (including, without limitation, partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such share, warrant, option, right or other interest is authorized or otherwise existing on any date of determination.

“Equity Issuance” means any issuance by a Person of any Equity Interest and shall in any event include the issuance of any Equity Interest upon the conversion or exchange of any security constituting Indebtedness that is convertible or exchangeable, or is being converted or exchanged, for Equity Interests.

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“Equity Percentage” means the aggregate ownership percentage of the Borrower, the other Obligors or their respective Subsidiaries in each Unconsolidated Affiliate.

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and the regulations promulgated thereunder in effect from time to time.

“ERISA Group” means the Borrower, the other Obligors, any Subsidiary of the Borrower or any of the other Obligors and all members of a controlled group of corporations and all trades or businesses (whether or not incorporated) under common control which, together with the Borrower, the other Obligors or any of their respective Subsidiaries, are treated as a single employer under Section 414 of the Internal Revenue Code.

“Event of Default” means any of the events specified in Section 10.1, provided that any requirement for notice or lapse of time or any other condition has been satisfied.

“Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) imposed by any other jurisdiction (other than such Taxes imposed solely from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document), (b) Other Connection Taxes, (c) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 4.5) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 3.12, amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (d) Taxes attributable to such Recipient’s failure to comply with Section 3.12(f), (e) any U.S. federal withholding Taxes imposed under FATCA, and (f) any U.S. federal backup withholding tax.

“Existing Term Loan Agreement” means the Amended and Restated Term Loan Agreement dated as of August 21, 2013 by and among the Borrower, the lenders party thereto, and JPMorgan Chase Bank, N.A., as Administrative Agent.

“Fair Market Value” means, with respect to (a) a security listed on a national securities exchange or the NASDAQ National Market, the price of such security as reported on such exchange by any widely recognized reporting method customarily relied upon by financial institutions, and (b) with respect to any other property, the price which could be negotiated in an arm’s-length free market transaction, for cash, between a willing seller and a willing buyer, neither of which is under pressure or compulsion to complete the transaction.

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code.

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“Federal Funds Effective Rate” means, for any day, the rate per annum (rounded upwards to the nearest 1/100th of 1%) equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day, provided that (a) if such day is not a Business Day, the Federal Funds Effective Rate for such day shall be such rate on such transactions on the next preceding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Effective Rate for such day shall be the average rate quoted to the Agent by federal funds dealers selected by the Agent on such day on such transaction as determined by the Agent, and (c) if the Federal Funds Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

“Fees” means the fees and commissions provided for or referred to in Section 3.6 and any other fees payable by the Borrower to the Agent or any Lender hereunder or under any other Loan Document.

“Fixed Charge Coverage Ratio”means the ratio of (a) Adjusted EBITDA to (b) Fixed Charges for the period used to calculate EBITDA; provided that the net income of the Borrower relating to Approved Bond Transactions shall be excluded from Adjusted EBITDA and the payments made by the Borrower with respect to Capitalized Lease Obligations relating to Approved Bond Transactions shall be excluded from Fixed Charges in the calculation of the Fixed Charge Coverage Ratio.

“Fixed Charges” means, for any period, the sum of (a) Interest Expense of the Borrower, the REIT Guarantor and their respective Subsidiaries determined on a consolidated basis for such period, plus (b) all regularly scheduled principal payments made with respect to Indebtedness of the Borrower, the REIT Guarantor and their respective Subsidiaries during such period, other than any balloon, bullet or similar principal payment which repays such Indebtedness in full, plus (c) all Preferred Dividends paid during such period. Such Person’s Equity Percentage in the Fixed Charges of its Unconsolidated Affiliates shall be included in the determination of Fixed Charges.

“Foreign Lender” means (a) if the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if the Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes.

“GAAP” means U.S. generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as may be approved by a significant segment of the accounting profession, which are applicable to the circumstances as of the Agreement Date.

“Governing Documents” of any Person means the declaration of trust, certificate or articles of incorporation, by-laws, partnership agreement or operating or members agreement, as the case may be, and any other organizational or governing documents, of such Person.

“Governmental Approvals” means all authorizations, consents, approvals, licenses and exemptions of, registrations and filings with, and reports to, all Governmental Authorities.

“Governmental Authority” means any national, state or local government (whether domestic or foreign), any political subdivision thereof or any other governmental, quasi‑governmental, judicial, public or statutory instrumentality, authority, body, agency, bureau or entity (including, without limitation, the Federal Deposit Insurance Corporation, the Comptroller of the Currency or the Federal Reserve Board, any central bank or any comparable authority) or any arbitrator with authority to bind a party at law.

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“Gross Cash Proceeds” means, with respect to any Equity Issuance by any Person, the aggregate amount of all cash and the Fair Market Value of all other property (other than securities of such Person being converted or exchanged in connection with such Equity Issuance) received by such Person in respect of such Equity Issuance.

“Guarantors” means, individually and collectively, as the context shall require, the REIT Guarantor and any other Person that is now or hereafter a party to the Guaranty as a “Guarantor” pursuant to the requirements of Section 7.12(a).

“Guaranties” (whether one or more) means the Guaranty substantially in the form of Exhibit C executed by the Guarantors and delivered to the Agent in accordance with this Agreement.

“Hazardous Materials” means all or any of the following: (a) substances that are defined or listed in, or otherwise classified pursuant to, any applicable Environmental Laws as “contaminant”, “hazardous substances”, “hazardous materials”, “hazardous wastes”, “pollutant”, “toxic substances” or any other formulation intended to define, list or classify substances by reason of deleterious properties such as ignitability, corrosivity, reactivity, carcinogenicity, reproductive toxicity, “TCLP” toxicity or “EP toxicity”; (b) oil, petroleum or petroleum derived substances, natural gas, natural gas liquids or synthetic gas and drilling fluids, produced waters and other wastes associated with the exploration, development or production of crude oil, natural gas or geothermal resources; (c) any flammable substances or explosives or any radioactive materials; (d) asbestos in any form; (e) electrical equipment which contains any oil or dielectric fluid containing levels of polychlorinated biphenyls in excess of fifty parts per million; and (f) any other chemicals, materials or substances regulated pursuant to any Environmental Law.

“Impacted Interest Period” has the meaning given to that term in the definition of “LIBOR Base Rate” in this Section 1.1.

“Indebtedness” means, with respect to a Person, at the time of computation thereof, all of the following (without duplication): (a) all obligations of such Person in respect of money borrowed (other than accounts payable incurred in the ordinary course of business which are not more than sixty (60) days past due); (b) all obligations of such Person, whether or not for money borrowed (i) represented by notes payable, or drafts accepted, in each case representing extensions of credit, (ii) evidenced by bonds, debentures, notes or similar instruments, or (iii) constituting purchase money indebtedness, conditional sales contracts, title retention debt instruments or other similar instruments, upon which interest charges are customarily paid or that are issued or assumed as full or partial payment for property or services rendered; (c) Capitalized Lease Obligations of such Person, but excluding those Capitalized Lease Obligations relating to Approved Bond Transactions; (d) all reimbursement obligations of such Person under any letters of credit or acceptances (whether or not the same have been presented for payment); (e) all Off-Balance Sheet Obligations of such Person; (f) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Mandatorily Redeemable Stock issued by such Person or any other Person, valued at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends; (g) all obligations of such Person in respect of any purchase obligation, repurchase obligation, takeout commitment or forward equity commitment, in each case evidenced by a binding agreement (excluding any such obligation to the extent the obligation can be satisfied by the issuance of Equity Interests (other than Mandatorily Redeemable Stock) at the option of such Person); (h) net obligations under any Derivatives Contract not entered into as a hedge against existing Indebtedness, in an amount equal to the Derivatives Termination Value thereof; (i) all Contingent Liabilities of such Person (except for guaranties of customary exceptions for fraud, misapplication of funds, environmental indemnities, violation of “special purpose entity” covenants, bankruptcy, insolvency, receivership or other similar events and other similar exceptions to recourse liability until a claim is made with respect thereto, and then shall be included only to the extent of the amount of such

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claim); (j) all Indebtedness of another Person secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property or assets owned by such Person, even though such Person has not assumed or become liable for the payment of such Indebtedness or other payment obligation; and (k) such Person’s pro rata share of the Indebtedness of any Unconsolidated Affiliate of such Person. Indebtedness of any Person shall include Indebtedness of any partnership or joint venture in which such Person is a general partner or joint venturer to the extent of such Person’s pro rata share of the ownership of such partnership or joint venture (except if such Indebtedness, or portion thereof, is recourse to such Person, in which case the greater of such Person’s pro rata portion of such Indebtedness or the amount of the recourse portion of the Indebtedness, shall be included as Indebtedness of such Person). All Loans shall constitute Indebtedness of the Borrower.

“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrower under any Loan Document and (b) to the extent not otherwise described in clause (a), Other Taxes.

“Initial Loan Borrowing” has the meaning given to that term in Section 2.1(a).

“Intellectual Property” has the meaning given to that term in Section 6.1(t).

“Interest Expense” means, for any period, without duplication, (a) total interest expense of the Borrower, the REIT Guarantor and their respective Subsidiaries, including capitalized interest not funded under a construction loan interest reserve account plus recurring fees such as recurring issuer, trustee and credit enhancement fees in connection with tax-exempt financings, determined on a consolidated basis in accordance with GAAP for such period, plus (b) the Borrower’s, the REIT Guarantor’s and their respective Subsidiaries’ Equity Percentage of Interest Expense of their Unconsolidated Affiliates for such period.

“Interest Period” means with respect to any LIBOR Rate Loan, each period commencing on the date such LIBOR Rate Loan is made or the day following the last day of the next preceding Interest Period for such Loan and ending seven (7) days, one (1) month, two (2) months, or three (3) months thereafter, as the Borrower may select in a Notice of Borrowing, Notice of Continuation or Notice of Conversion, as the case may be, except that each Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. Notwithstanding the foregoing: (i) no Interest Period for a LIBOR Rate Loan shall end after the Termination Date; and (ii) each Interest Period that would otherwise end on a day which is not a Business Day shall end on the next succeeding Business Day (or, if such next succeeding Business Day falls in the next succeeding calendar month, on the next preceding Business Day).

“Interest Rate Agreement” means any interest rate swap agreement, interest rate cap agreement, interest cap agreement, interest rate collar agreement, interest rate hedging agreement or other similar agreement or arrangement, each of which is for the purpose of hedging the interest rate exposure associated with the Loan and not for speculative purposes.

“Internal Revenue Code” means the Internal Revenue Code of 1986, as amended.

“Interpolated Rate” means, at any time, for any Interest Period, the rate per annum (rounded upward to four decimal places) reasonably determined by the Agent to be equal to the rate that results from interpolating on a linear basis between: (a) the LIBOR Screen Rate (for the longest period for which the LIBOR Screen Rate is available for the applicable currency) that is shorter than the Impacted Interest Period and (b) the LIBOR Screen Rate for the shortest period (for which such LIBOR Screen Rate is available for

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the applicable currency) that exceeds the Impacted Interest Period, in each case, as of the Specified Time on the Quotation Day for such Interest Period.

“Investment” means, with respect to any Person, any acquisition or investment (whether or not of a controlling interest) by such Person, by means of any of the following: (a) the purchase or other acquisition of any Equity Interest in another Person; (b) a loan, advance or extension of credit to, capital contribution to, guaranty of Indebtedness of, or purchase or other acquisition of any Indebtedness of, another Person, including any partnership or joint venture interest in such other Person; (c) the purchase or other acquisition (in one transaction or a series of transactions) of assets of another Person that constitute the business or a division or operating unit of another Person; (d) the purchase or other acquisition of Cash Equivalents or (e) the acquisition in the ordinary course of business of any interests in real property or any other investment. Any binding commitment to make an Investment in any other Person, as well as any option of another Person to require an Investment in such Person, shall constitute an Investment. Except as expressly provided otherwise, for purposes of determining compliance with any covenant contained in the Loan Documents, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment.

“Joinder Agreement” means the joinder agreement with respect to the Guaranty and the Contribution Agreement to be executed and delivered pursuant to Section 7.12 by any additional Guarantor, substantially in the form of Exhibit D.

“JPMCB” means JPMorgan Chase Bank, N.A., together with its successors and assigns.

“Lender” means each financial institution from time to time party hereto, together with its respective successors and permitted assigns.

“Lender Counterparty” means each counterparty to an Interest Rate Agreement that is a Lender, the Agent or any of their respective Affiliates (including any Person who is the Agent or a Lender (and any Affiliate thereof) as of the Agreement Date or the date on which such Person enters into such Interest Rate Agreement, but at any time subsequent to the Agreement Date or entering into such Interest Rate Agreement, as the case may be, ceases to be the Agent or a Lender, as the case may be).

“Lending Office” means, for each Lender and for each Type of Loan, the office of such Lender specified as such on its signature page hereto (or, if not set forth thereon, as specified in its Administrative Questionnaire provided to the Agent) or in the applicable Assignment and Acceptance Agreement, or such other office of such Lender as such Lender may notify the Agent in writing from time to time.

“LIBOR Base Rate” means, for any LIBOR Rate Loan for any Interest Period therefor, the London interbank offered rate administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate) for Dollars for a period equal in length to such Interest Period as displayed on page LIBOR01 of the Reuters screen or, in the event such rate does not appear on either of such Reuters pages, on any successor or substitute page on such screen that displays such rate or, if Reuters ceases to publish such rate, on the appropriate page of such other commercially available information service that publishes such rate as shall be selected by the Agent from time to time in its reasonable discretion (the “LIBOR Screen Rate”) as of the Specified Time on the Quotation Day for such Interest Period; providedthat, if the LIBO Screen Rate shall be less than zero, such rate shall be deemed to be zero; providedfurtherthat, if a LIBOR Screen Rate shall not be available at the applicable time for the applicable Interest Period (the “Impacted Interest Period”), then the LIBOR Base Rate for such Interest Period shall be the Interpolated Rate, subject to Section 4.2; provided that if any Interpolated Rate shall be less than zero, such rate shall be deemed to be zero.

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“LIBOR Rate” means, with respect to any LIBOR Rate Loan for any Interest Period therefore, an interest rate per annum (rounded upwards, if necessary, to the next 1/100 of 1%) equal to (a) the LIBOR Base Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate.

“LIBOR Rate Loans” means Loans bearing interest at a rate based on the LIBOR Base Rate or LIBOR Rate, as applicable.

“LIBOR Screen Rate” has the meaning given to that term in the definition of “LIBOR Base Rate” in this Section 1.1.

“Lien” as applied to the property of any Person means: (a) any security interest, encumbrance, mortgage, deed to secure debt, deed of trust, pledge, lien, charge or lease constituting a Capitalized Lease Obligation, conditional sale or other title retention agreement, or other security title, encumbrance or preferential arrangement which has the same practical effect of constituting a security interest or encumbrance of any kind, whether voluntarily incurred or arising by operation of law, in respect of any property of such Person, or upon the income or profits therefrom; (b) any arrangement, express or implied, under which any property of such Person is transferred, sequestered or otherwise identified for the purpose of subjecting the same to the payment of Indebtedness or performance of any other obligation in priority to the payment of the general, unsecured creditors of such Person; and (c) the filing of any financing statement under the Uniform Commercial Code or its equivalent in any jurisdiction, other than a financing statement filed in respect of a lease not constituting a Capitalized Lease Obligation pursuant to Section 9-505 (or a successor provision) of the Uniform Commercial Code as in effect in an applicable jurisdiction that is not in the nature of a security interest.

“Loan” has the meaning given that term in Section 2.1(a), and shall include any New Term Loan.

“Loan Document” means this Agreement, each Note, the Guaranty, the Contribution Agreement, each Joinder Agreement, and each other document or instrument now or hereafter executed and delivered by an Obligor in connection with, pursuant to or relating to this Agreement.

“Mandatorily Redeemable Stock” means, with respect to any Person, any Equity Interest of such Person which by the terms of such Equity Interest (or by the terms of any security into which it is convertible or for which it is exchangeable or exercisable), upon the happening of any event or otherwise (a) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than an Equity Interest to the extent redeemable in exchange for common stock or other equivalent common Equity Interests), (b) is convertible into or exchangeable or exercisable for Indebtedness or Mandatorily Redeemable Stock, or (c) is redeemable at the option of the holder thereof, in whole or in part (other than an Equity Interest which is redeemable solely in exchange for common stock or other equivalent common Equity Interests); in each case, on or prior to the Termination Date.

“Mandatory Prepayment Event” means (a) the issuance after the Effective Date of common or preferred equity securities by the REIT Guarantor or the Borrower, (b) the incurrence after the Effective Date of (i) Indebtedness secured by a mortgage lien on any Property owned or ground-leased by the Borrower or a Subsidiary of the Borrower or (ii) any unsecured term loan Indebtedness (including any unsecured notes) of the REIT Guarantor, the Borrower or any Subsidiary of the Borrower, and (c) sale of (A) any Property owned or ground-leased by the Borrower or a Subsidiary of the Borrower or (B) any Equity Interests of any Subsidiary of the Borrower.

“Market Square Property” means the complex of two office buildings known as Market Square located at 701 and 801 Pennsylvania Avenue, NW, in Washington, DC.

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“Material Adverse Effect” means a material adverse change in or effect on (a) the business, assets, financial condition, liabilities (actual or contingent), or results of operations of the Borrower and its Subsidiaries or any other Obligor and its Subsidiaries each taken as a whole, (b) the ability of an Obligor to perform its obligations under the Loan Documents to which it is a party, (c) the validity or enforceability of such Loan Documents, or (d) the rights and remedies of the Lenders and the Agent under the Loan Documents.

“Material Contract” means any contract or other arrangement (other than Loan Documents), whether written or oral, to which the Borrower, any other Obligor or any of their respective Subsidiaries is a party as to which the breach, nonperformance, cancellation or failure to renew by any party thereto could reasonably be expected to have a Material Adverse Effect.

“Maturing Indebtedness” has the meaning given to that term in the definition of “Debt to Asset Value Ratio” in this Section 1.1

“Moody’s” means Moody’s Investors Service, Inc. and its successors.

“Multiemployer Plan” means at any time an employee pension benefit plan within the meaning of Section 4001(a)(3) of ERISA to which any member of the ERISA Group is then making or accruing an obligation to make contributions or has within the preceding five plan years made contributions, including for these purposes any Person which ceased to be a member of the ERISA Group during such five year period.

“Negative Pledge” means a provision of any document, instrument or agreement (including any Governing Document), other than this Agreement or any other Loan Document, that prohibits, restricts or limits, or purports to prohibit, restrict or limit, the creation or assumption of any Lien on any assets of a Person as security for the Indebtedness of such Person or any other Person, or entitles another Person to obtain or claim the benefit of a Lien on any assets of such Person; provided, however, that an agreement that conditions a Person’s ability to encumber its assets upon the maintenance of one or more specified ratios that limit such Person’s ability to encumber its assets but that do not generally prohibit the encumbrance of its assets, or the encumbrance of specific assets, shall not constitute a Negative Pledge.

“Net Cash Proceeds” means with respect to (a) any Mandatory Prepayment Event that is an issuance of equity or incurrence of Indebtedness, the cash proceeds received by the REIT Guarantor, the Borrower or a Subsidiary of the Borrower, as the case may be, from such Mandatory Prepayment Event, net of (i) attorneys’ fees, broker’s fees, investment banking fees, accountants’ fees, underwriting discounts and commissions and other customary fees and expenses actually incurred and payable to third parties in connection therewith and (ii) the principal amount, premium or penalty, if any, interest and all other amounts paid with respect to any Indebtedness which is being refinanced by such Indebtedness, and (b) any Mandatory Prepayment Event that is a sale of property or Equity Interest, the cash proceeds thereof received by the Borrower or a Subsidiary of the Borrower, as the case may be (including cash proceeds subsequently received (as and when received) in respect of non-cash consideration initially received), net of (i) selling expenses (including, without limitation, reasonable broker’s fees or commissions, legal fees, transfer and similar taxes and the Borrower’s good faith estimate of income taxes paid or payable in connection with such sale), (ii) amounts escrowed or provided as a reserve, in accordance with GAAP, against any liabilities under any indemnification obligations or purchase price adjustment associated with such sale (provided that, to the extent and at the time any such amounts are released from such escrow or reserve, such amounts shall constitute Net Cash Proceeds) and (iii) the principal amount, premium or penalty, if any, interest and all other amounts on any Indebtedness which is secured by the asset sold in such sale and which is required to be repaid with such proceeds (other than any such Indebtedness assumed by the purchaser of such asset).

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“Net Operating Income” or “NOI” means, for any Property and for a given period, an amount equal to the sum of (a)  the gross revenues for such Property for such fiscal period received in the ordinary course of business (excluding pre-paid rents and revenues and security deposits except to the extent applied in satisfaction of tenants’ obligations for rent) minus (b) all operating expenses incurred with respect to such Property for such fiscal period (including an appropriate accrual for property taxes, insurance and other expenses not paid quarterly); provided there shall be deducted from such amount the following (to the extent not duplicative of deductions already taken in the calculation of Net Operating Income), on a pro rata basis for such period, management expenses computed at an annual rate equal to the greater of (i) two percent (2.0%) of the annualized gross revenue of such Property or (ii) the annualized amount of management fees actually incurred with respect to such Property. The Borrower may perform the preceding calculation on an aggregate basis for all such Properties wherever the context would appropriately permit or warrant the use of an aggregate calculation. For purposes of calculating the NOI of any Property, if such Property is owned, in whole or in part, by one or more Non-Wholly Owned Subsidiaries, there shall be deducted from such calculation all NOI not allocated to Borrower’s or REIT Guarantor’s interest in such Non-Wholly Owned Subsidiaries pursuant to any agreement or instrument governing the same.

“New Term Loan Commitments” has the meaning set forth in Section 2.14.

“New Term Loan Lender” has the meaning set forth in Section 2.14.

“New Term Loans” has the meaning set forth in Section 2.14.

“Nonrecourse Indebtedness” means, with respect to a Person, (a) Indebtedness for borrowed money in respect of which recourse for payment (except for customary exceptions for fraud, misapplication of funds, environmental indemnities, violation of “special purpose entity” covenants, bankruptcy, insolvency, receivership or other similar events and other similar exceptions to recourse liability until a claim is made with respect thereto, and then such Indebtedness shall not constitute “Nonrecourse Indebtedness” only to the extent of the amount of such claim) is contractually limited to specific assets of such Person encumbered by a Lien securing such Indebtedness or (b) if such Person is a Single Asset Entity, any Indebtedness for borrowed money of such Person.

“Non-Wholly Owned Subsidiary” means any Subsidiary which is not a Wholly Owned Subsidiary.

“Note” has the meaning given to that term in Section 2.10.

“Notice of Borrowing” means a notice in the form of Exhibit E to be delivered to the Agent pursuant to Section 2.1(b) evidencing the Borrower’s request for a borrowing of the Loans.

“Notice of Continuation” means a notice in the form of Exhibit F to be delivered to the Agent pursuant to Section 2.8 evidencing the Borrower’s request for the Continuation of a LIBOR Rate Loan.

“Notice of Conversion” means a notice in the form of Exhibit G to be delivered to the Agent pursuant to Section 2.9 evidencing the Borrower’s request for the Conversion of a Loan from one Type to another Type.

“Obligations” means, individually and collectively: (a) the aggregate principal balance of, and all accrued and unpaid interest on, all Loans; and (b) all other indebtedness, liabilities, obligations, covenants and duties of the Borrower and the other Obligors owing to the Agent or any Lender of every kind, nature and description, under or in respect of this Agreement or any of the other Loan Documents, including, without limitation, the Fees and indemnification obligations, whether direct or indirect, absolute or contingent, due

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or not due, contractual or tortious, liquidated or unliquidated, and whether or not evidenced by any promissory note.

“Obligors” means any Person now or hereafter primarily or secondarily obligated to pay all or any part of the Obligations, including the Borrower and the Guarantors.

“Occupancy Rate” means, with respect to a Property at any time, the ratio, expressed as a percentage, of (a) the net rentable square footage of such Property actually occupied by tenants that are not affiliated with the Borrower and paying rent (or subject to free rent for periods of ninety (90) days or less) at rates not materially less than rates generally prevailing at the time the applicable lease was entered into, pursuant to binding leases as to which no monetary default has occurred and has continued unremedied for thirty (30) or more days to (b) the aggregate net rentable square footage of such Property. For purposes of the definition of “Occupancy Rate”, a tenant shall be deemed to actually occupy a Property notwithstanding a temporary cessation of operations for renovation, repairs or other temporary reason, or for the purpose of completing tenant build-out or that is otherwise scheduled to be open for business within ninety (90) days of such date.

“Off-Balance Sheet Obligations” means liabilities and obligations of the REIT Guarantor, any Subsidiary or any other Person in respect of “off-balance sheet arrangements” (as defined in the SEC Off-Balance Sheet Rules) which the REIT Guarantor would be required to disclose in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of the REIT Guarantor’s report on Form 10‑Q or Form 10‑K (or their equivalents) which the REIT Guarantor is required to file with the Securities and Exchange Commission (or any Governmental Authority substituted therefor). As used in this definition, the term “SEC Off-Balance Sheet Rules” means the Disclosure in Management’s Discussion and Analysis About Off Balance Sheet Arrangements, Securities Act Release No. 33-8182, 68 Fed. Reg. 5982 (Feb. 5, 2003) (codified at 17 CFR Parts 228, 229 and 249).

“Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising solely from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to an assignment request by Borrower under Section 4.5).

“Participant” has the meaning given to that term in Section 12.5(c).

“Participant Register” has the meaning set forth in Section 12.5(c).

“Patriot Act” has the meaning given to that term set forth in Section 12.19.

“PBGC” means the Pension Benefit Guaranty Corporation and any successor agency.

“Permitted Liens” means, as to any Person, (a) liens securing taxes, assessments and other charges or levies imposed by any governmental authority (excluding any lien imposed pursuant to any of the provisions of ERISA or pursuant to any environmental laws) or the claims of materialmen, mechanics, carriers,

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warehousemen or landlords for labor, materials, supplies or rentals incurred in the ordinary course of business, which are not at the time required to be paid or discharged under the applicable provisions of this Agreement; (b) liens consisting of deposits or pledges made, in the ordinary course of business, in connection with, or to secure payment of, obligations under workers’ compensation, unemployment insurance or similar applicable laws; (c) liens consisting of encumbrances in the nature of zoning restrictions, easements, and rights or restrictions of record on the use of real property, which do not materially detract from the value of such property or impair the intended use thereof in the business of such Person; (d) the rights of tenants under leases or subleases not interfering with the ordinary conduct of business of such Person; (e) liens in favor of the Agent for the benefit of the Lenders; (f) liens in favor of the Borrower or a Guarantor securing obligations owing by a Subsidiary to the Borrower or a Guarantor; and (g) liens securing judgments that do not otherwise give rise to a Default or an Event of Default.

“Person” means an individual, corporation, partnership, limited liability company, joint stock company, association, trust or unincorporated organization, joint venture, a government or any agency or political subdivision thereof, or any other entity of whatever nature.

“Plan” means at any time an employee pension benefit plan (other than a Multiemployer Plan) which is covered by Title IV of ERISA or subject to the minimum funding standards under Section 412 of the Internal Revenue Code and either (a) is maintained, or contributed to, by any member of the ERISA Group for employees of any member of the ERISA Group or (b) has at any time within the preceding five years been maintained, or contributed to, by any Person which was at such time a member of the ERISA Group for employees of any Person which was at such time a member of the ERISA Group.

“Post‑Default Rate” means, in respect of any principal of any Loan or any other Obligation that is not paid when due (whether at stated maturity, by acceleration, by optional or mandatory prepayment or otherwise), a rate per annum equal to the sum of (a) two percent (2.0%) per annum plus (b) the sum of (i) the Alternate Base Rate plus (ii) Applicable Margin (utilizing the applicable “Base Rate - Applicable Margin” as identified in the definition of “Applicable Margin”) as in effect from time to time.

“Preferred Dividends” means, for any period and without duplication, all Restricted Payments paid during such period on Preferred Equity Interests issued by the REIT Guarantor or any of its Subsidiaries. Preferred Dividends shall not include dividends or distributions (a) paid or payable solely in Equity Interests (other than Mandatorily Redeemable Stock) payable to holders of such class of Equity Interests; (b) paid or payable to the REIT Guarantor or any of its Subsidiaries; or (c) constituting or resulting in the redemption of Preferred Equity Interests, other than scheduled redemptions not constituting balloon, bullet or similar redemptions in full.

“Preferred Equity Interest” means, with respect to any Person, Equity Interests in such Person which are entitled to preference or priority over any other Equity Interest in such Person in respect of the payment of dividends or distribution of assets upon liquidation or both.

“Prime Rate” means the rate of interest per annum announced publicly by the Lender acting as the Agent as its prime rate from time to time in its Principal Office. The Prime Rate is not necessarily the best or the lowest rate of interest offered by the Lender acting as the Agent or any other Lender. Each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective.

“Principal Office” means the office of the Agent located at 270 Park Avenue, New York, New York, or such other office of the Agent as the Agent may designate from time to time.

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“Prohibited Person” has the meaning given to that term in Section 6.1(hh).

“Property” means any parcel of real property, together with all improvements thereon, owned or leased pursuant to a ground lease by the Borrower, any other Obligor, or any of their respective Subsidiaries or any Unconsolidated Affiliate of the Borrower, any other Obligor, or any of their respective Subsidiaries and which is located in a State of the United States of America or the District of Columbia.

“Qualified Subsidiary” has the meaning given to that term in the definition of “Unencumbered Asset” in this Section 1.1.

“Quotation Day” means, with respect to any LIBOR Rate Loan for any Interest Period, two Business Days prior to the commencement of such Interest Period.

“Rating” means, at any time, the Borrower’s corporate credit or issuer rating issued by Moody’s or S&P, then in effect (which may be a private rating).

“Rating Agencies” means, collectively, Moody’s and S&P.

“Recipient” means the Agent or any Lender, as applicable.

“Reference Banks” means such banks as may be appointed by the Agent in consultation with the Borrower.

“Reference Bank Rate” means the arithmetic mean of the rates (rounded upwards to four decimal places) supplied to the Agent at its request by the Reference Banks as of the Specified Time on the Quotation Day for LIBOR Rate Loans of the applicable Interest Period as the rate at which the relevant Reference Bank could borrow funds in the London interbank market in Dollars and for the relevant period, were it to do so by asking for and then accepting interbank offers in reasonable market size in Dollars for that period.

“Register” has the meaning given to that term in Section 12.5(e).

“Regulatory Change” means, with respect to any Lender, any change effective after the Agreement Date in Applicable Law (including without limitation, Regulation D of the Board of Governors of the Federal Reserve System) or treaty or the adoption or making after such date of any interpretation, directive, guideline or request applying to a class of banks, including such Lender, of or under any Applicable Law or treaty (whether or not having the force of law and whether or not failure to comply therewith would be unlawful) by any Governmental Authority or monetary authority charged with the interpretation, implementation or administration thereof or compliance by any Lender with any rule, regulation, guideline, request or directive regarding capital adequacy, capital or liquidity requirements. Notwithstanding anything herein to the contrary, (a) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, regulations, guidelines, interpretations or directives thereunder or issued in connection therewith (whether or not having the force of law and whether or not failure to comply therewith would be unlawful) and (b) all requests, rules, regulations, guidelines, interpretations or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities (whether or not having the force of law and whether or not failure to comply therewith would be unlawful), in each case pursuant to Basel III, shall in each case be deemed to be a “Regulatory Change”, regardless of the date enacted, adopted, promulgated, implemented or issued.

“REIT” means a Person qualifying for treatment as a “real estate investment trust” under the Internal Revenue Code.

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“REIT Guarantor” means Columbia Property Trust, Inc., a Maryland corporation.

“Requisite Lenders” means Lenders whose aggregate Commitment Percentage exceeds fifty percent (50%) (excluding Defaulting Lenders who, accordingly, are not entitled to vote in accordance with Section 3.11).

“Responsible Officer” means (a) with respect to REIT Guarantor (acting as a signatory for Borrower), REIT Guarantor’s President, chief executive officer, chief financial officer, chief accounting officer or any other financial officer who is a vice president or more senior officer, (b) with respect to any other Obligor, such Obligor’s chief executive officer, chief financial officer, or any other financial officer who is a vice president or more senior officer, and (c) with respect to any Lender, any officer, partner, managing member or similar person apparently authorized to execute documents on behalf of such Lender. A Responsible Officer shall also include any other person or officer specifically authorized and designated as such by the applicable Person.

“Restricted Payment” means (a) any dividend or other distribution, direct or indirect, on account of any Equity Interest of the Borrower, the REIT Guarantor, any other Obligor or any of their respective Subsidiaries now or hereafter outstanding, except a dividend payable solely in Equity Interests of identical class to the holders of that class; (b) any payment on account of any redemption, conversion, exchange, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any Equity Interest of the Borrower, the REIT Guarantor, any other Obligor or any of their respective Subsidiaries now or hereafter outstanding, except a conversion or exchange for other Equity Interests of identical class to the holders of that class; and (c) any payment made to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire any Equity Interests of the Borrower, the REIT Guarantor, any other Obligor or any of their respective Subsidiaries now or hereafter outstanding.

“Revolving Credit Agreement” means the Amended and Restated Credit Agreement dated as of August 21, 2013, by and among the Borrower, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent.

“Sanctioned Country” means, at any time, a country or territory which is itself the subject or target of any Sanctions (as of the Effective Date, Cuba, Iran, North Korea, Sudan and Syria).

“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, or by the United Nations Security Council, the European Union or any European Union member state, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person owned at least 50% by, or controlled by, any such Person or Persons described in the foregoing clauses (a) or (b).

“Sanctions” means, with respect to any country, territory or Person, economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or (b) the United Nations Security Council, the European Union, any European Union member state or Her Majesty’s Treasury of the United Kingdom, in each case to the extent applicable to such country, territory or Person.

“Secured Debt” means with respect to the Borrower and the other Obligors or any of their respective Subsidiaries as of any given date, the aggregate principal amount of all Indebtedness of such Persons on a consolidated basis outstanding at such date and that is secured in any manner by any Lien (other than

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Indebtedness secured in any manner by any Lien on any partnership, membership or other equity interests unless such Indebtedness is also secured by a Lien on Property), and in the case of the Obligors, shall include (without duplication), such Obligor’s Equity Percentage of the Secured Debt of its Unconsolidated Affiliates.

“Secured Debt to Total Asset Value Ratio” means the ratio (expressed as a percentage) of Secured Debt to Total Asset Value. For purposes of calculating such ratio, (i) Secured Debt shall be adjusted by deducting therefrom an amount equal to the lesser of (x) Maturing Indebtedness that is Secured Debt and (y) unrestricted cash and Cash Equivalents in excess of $25,000,000, and (ii) Total Asset Value shall be adjusted by deducting therefrom the amount deducted from Secured Debt pursuant to clause (i).

“Secured Recourse Debt to Total Asset Value Ratio” means the ratio (expressed as a percentage) of Secured Debt (excluding Nonrecourse Indebtedness) to Total Asset Value.

“Securities Act” means the Securities Act of 1933, as amended from time to time, together with all rules and regulations issued thereunder.

“Shareholder Equity”means an amount equal to shareholders’ equity or net worth of the REIT Guarantor and its Subsidiaries on a consolidated basis, as determined in accordance with GAAP.

“Single Asset Entity” means a Person (other than an individual) that (a) only owns a single Property; (b) is engaged only in the business of owning, developing and/or leasing such Property; and (c) receives substantially all of its gross revenues from such Property. In addition, if the assets of a Person consist solely of (i) Equity Interests in one other Single Asset Entity and (ii) cash and other assets of nominal value incidental to such Person’s ownership of the other Single Asset Entity, such Person shall also be deemed to be a Single Asset Entity.

“Solvent” means, when used with respect to any Person, that (a) the fair value and the fair salable value of its assets are each in excess of the fair valuation of its total liabilities (including all Contingent Liabilities computed at the amount which, in light of all the facts and circumstances existing at such time, represents the amount that could reasonably be expected to become an actual and matured liability); (b) such Person is able to pay its debts or other obligations in the ordinary course as they mature; and (c) such Person has capital not unreasonably small to carry on its business and all business in which it proposes to be engaged.

“S&P” means Standard & Poor’s Rating Services, a division of The McGraw Hill Companies, Inc. and its successors.

“Specified Time”means as of 11:00 a.m., London time.

“Stabilized Property” means a completed Property that has achieved an Occupancy Rate of at least eighty percent (80%) for a period of not less than one (1) full calendar quarter.

“Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board to which the Agent is subject, with respect to the LIBOR Rate, for Eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentages shall include those imposed pursuant to such Regulation D. Any portion of the Loan consisting of a LIBOR Rate Loan shall be deemed to constitute Eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage.

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“Subsidiary” means, for any Person, any corporation, partnership, limited liability company or other entity of which at least a majority of the securities or other ownership interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other persons performing similar functions of such corporation, partnership, limited liability company or other entity (without regard to the occurrence of any contingency) is at the time directly or indirectly owned or controlled by such Person or one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries of such Person, and shall include all Persons the accounts of which are consolidated with those of such Person pursuant to GAAP.

“Syndication Agent” means PNC Bank, National Association.

“Tangible Net Worth” means, as of a given date, (a) the Shareholder Equity of the REIT Guarantor and its Subsidiaries determined on a consolidated basis plus (b) accumulated depreciation and amortization expense minus (c) the following (to the extent reflected in determining Shareholder Equity of the REIT Guarantor and its Subsidiaries): (i) the amount of any write-up in the book value of any assets contained in any balance sheet resulting from revaluation thereof or any write‑up in excess of the cost of such assets acquired, and (ii) all amounts appearing on the assets side of any such balance sheet for assets which would be classified as intangible assets under GAAP (except for allocations of property purchase prices pursuant to ASC 805), all determined on a consolidated basis.

“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

“Termination Date” means July 6, 2015; provided that the Termination Date may be extended as provided in Section 2.12.

“Titled Agent” means any entity given the title of “Lead Arranger and Bookrunner”, “Syndication Agent”, or “Documentation Agent” with respect to this Agreement, together with their respective successors and permitted assigns.

“Total Asset Value” means as of any date of determination the sum (without duplication) of all of the following of the Borrower, the REIT Guarantor and their Subsidiaries on a consolidated basis determined in accordance with GAAP applied on a consistent basis: (a) cash and Cash Equivalents, plus (b) with respect to each Property (other than Development Properties, the Market Square Property and Properties with a negative Net Operating Income) owned for four (4) consecutive fiscal quarters by the Borrower, the REIT Guarantor or any of their respective Subsidiaries, the quotient of (i) Net Operating Income less Capital Reserves attributable to such Property (without regard to its occupancy) for the prior fiscal quarter of the Borrower most recently ended times four (4), divided by (ii) the applicable Capitalization Rate, plus (c) with respect to each Property acquired during the most recent four (4) fiscal quarters of the Borrower, the greater of (i) the quotient of (A) Net Operating Income less Capital Reserves attributable to such Property (without regard to its occupancy) for the prior fiscal quarter of the Borrower most recently ended times four (4), divided by (B) the applicable Capitalization Rate, and (ii) the undepreciated GAAP book value (after taking into account any impairments) of such Property, plus (d) with respect to the Market Square Property, the greater of (1) the quotient of (A) Net Operating Income less Capital Reserves attributable to the Market Square Property (without regard to its occupancy) for the prior fiscal quarter of the Borrower most recently ended times four (4), divided by (B) the Capitalization Rate for CBD or Urban Infill Properties, and (2) the undepreciated GAAP book value (after taking into account any impairments) of the Market Square Property, plus (e) the undepreciated GAAP book value (after taking into account any impairments) for Construction-In-Process for Development Properties, plus (f) the undepreciated GAAP book value (after taking into account any impairments) of Unimproved Land. The Borrower’s pro rata share of assets held by Unconsolidated

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Affiliates (excluding assets of the type described in the immediately preceding clause (a)) will be included in Total Asset Value calculations consistent with the above described treatment for wholly owned assets. For purposes of determining Total Asset Value, Net Operating Income from Properties acquired or disposed of by the Borrower, any Subsidiary of the Borrower or any Unconsolidated Affiliate during the immediately preceding four (4) fiscal quarters of the Borrower shall be excluded from clause (b) above.

For purposes of determining Total Asset Value, Total Asset Value attributable to the following investments in excess of the limitations set forth below shall be excluded from Total Asset Value:

(a) Unimproved Land - five percent (5%) of Total Asset Value (calculated before any exclusions pursuant to this paragraph);

(b) Unconsolidated Affiliates - twenty percent (20%) of Total Asset Value (calculated before any exclusions pursuant to this paragraph);

(c) Construction-in-Process for Development Properties - fifteen percent (15%) of Total Asset Value (calculated before any exclusions pursuant to this paragraph);

(d) Properties that are not primarily either office or industrial Properties - ten percent (10%) of Total Asset Value (calculated before any exclusions pursuant to this paragraph);

(e) Properties not located in a State of the United States of America or the District of Columbia - five percent (5%) of Total Asset Value (calculated before any exclusions pursuant to this paragraph); and

(f) investments described in clauses (a) through (e) above in the aggregate - thirty percent (30%) of Total Asset Value (calculated before any exclusions pursuant to this paragraph), and it being agreed that any investments already excluded pursuant to clauses (a) through (e) above shall be excluded from this clause (f) before any additional investments are excluded from this clause (f)).

“Total Indebtedness” means all Indebtedness of the Borrower, the REIT Guarantor and all of their respective Subsidiaries determined on a consolidated basis and in the case of the Borrower, shall include (without duplication), the Borrower’s pro rata share of the Indebtedness of its Unconsolidated Affiliates.

“Type” with respect to any Loan, refers to whether such Loan is a LIBOR Rate Loan or Base Rate Loan.

“Unconsolidated Affiliate” means, in respect of any Person, any other Person (a) in whom such Person holds an Investment, which Investment is accounted for in the financial statements of such Person on an equity basis of accounting and whose financial results would not be consolidated under GAAP with the financial results of such first Person on the consolidated financial statements of such first Person, or (b) which is not a Subsidiary of such first Person.

“Unencumbered Adjusted NOI” means, for any period, (a) NOI from all Unencumbered Assets (without regard to the occupancy of an individual Unencumbered Asset, but subject to the terms of Section 9.14) for the immediately preceding calendar quarter less (b) Capital Reserves attributable to such Unencumbered Assets for such period.

“Unencumbered Asset” means a Property which satisfies all of the following requirements: (a) such Property is fully developed and operational principally as an industrial or office property unless such property is a Development Property; (b) the Property is owned, or leased under an Eligible Ground Lease or Approved

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Bond Transaction, entirely by the Borrower, a Guarantor and/or a Qualified Subsidiary; (c) neither such Property, nor any interest of the Borrower, any Guarantor or any Qualified Subsidiary therein, is subject to any Lien (other than those described in clauses (a), (c) and (d) of the definition of Permitted Liens) or a Negative Pledge; (d) if such Property is owned or leased by a Guarantor or a Qualified Subsidiary (i) none of the Borrower’s or any other Subsidiary’s direct or indirect ownership interest in such Guarantor or Qualified Subsidiary is subject to any Lien (other than those described in clauses (a), (c) and (d) of the definition of Permitted Liens) or to a Negative Pledge; and (ii) the Borrower directly or indirectly through a Subsidiary, has the right to take the following actions without the need to obtain the consent of any Person: (x) to sell, transfer or otherwise dispose of such Property and (y) to create a Lien on such Property as security for Indebtedness of the Borrower, such Guarantor or such Qualified Subsidiary, as applicable; (e) such Property is free of all structural defects or major architectural deficiencies, title defects, environmental conditions or other adverse matters except for defects, deficiencies, conditions or other matters individually or collectively which are not material to the profitable operation of such Property and except for casualties that are covered in whole or in substantial part by insurance; (f) if such Property constitutes a Development Property and construction of above-ground improvements has commenced, such construction has not been terminated, suspended, or otherwise interrupted for more than one hundred twenty (120) consecutive days (unless such delay is a result of force majeure); (g) such Property is located entirely in a State of the United States or the District of Columbia; (h) if such Property is owned or leased by a Subsidiary of the Borrower that is not a Guarantor (a “Qualified Subsidiary”), the Borrower owns, directly or indirectly, at least 75% of the Equity Interests in such Qualified Subsidiary, controls all major decisions of such Qualified Subsidiary (including, without limitation, decisions to sell or encumber property) and otherwise possess the ordinary voting power to elect a majority of the board of directors, or other persons performing similar functions, of such Qualified Subsidiary, and such Qualified Subsidiary (1) has no Indebtedness (including guaranty obligations, but excluding Nonrecourse Indebtedness), (2) is not subject to any Bankruptcy Event, and (3) is not subject to any judgments in excess of $10,000,000 (excluding amounts for which insurance coverage has been confirmed by the applicable carrier) in the aggregate that continues for 30 days without being paid, stayed or dismissed.

“Unencumbered Asset Certificate” has the meaning given to that term in Section 8.3.

“Unencumbered Asset Coverage Ratio” means the ratio of (a) the Unencumbered Asset Value as of the date of determination to (b) the Unsecured Debt of the Obligors and their Subsidiaries as of such date of determination. For purposes of calculating such ratio, Unsecured Debt shall be adjusted by deducting therefrom an amount equal to the lesser of (x) Unsecured Debt that is either Maturing Indebtedness or can be repaid without penalty or premium and (y) unrestricted cash and Cash Equivalents in excess of $25,000,000.

“Unencumbered Asset Value” means as of any date of determination the sum (without duplication) of (a) the Unencumbered Adjusted NOI from Properties included in Unencumbered Assets (excluding NOI attributable to (x) Development Properties included within Unencumbered Assets, (y) Properties included in the calculation of book value of Unencumbered Assets in clauses (b) and (c) of this definition, and (z) Properties with a negative Unencumbered Adjusted NOI) for the prior fiscal quarter most recently ended times four (4) divided by the applicable Capitalization Rate, plus (b) with respect to each Unencumbered Asset acquired during the most recent four (4) fiscal quarters of the Borrower, the greater of (i) the quotient of (A) Unencumbered Adjusted NOI attributable to such Property for the prior fiscal quarter most recently ended times four (4), divided by (B) the applicable Capitalization Rate, and (ii) the undepreciated GAAP book value (after taking into account any impairments) of such Unencumbered Asset, plus (c) with respect to the Market Square Property (if an Unencumbered Asset), the greater of (1) the quotient of (A) Unencumbered Adjusted NOI attributable to the Market Square Property for the prior fiscal quarter most recently ended times four (4), divided by (B) the Capitalization Rate for CBD or Urban Infill Properties, and (2) the undepreciated GAAP book value (after taking into account any impairments) of the Market Square

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Property, plus (d) with respect to each Construction-In-Process for a Development Property included within Unencumbered Assets, until the earlier of (i) the date such Property is no longer a Development Property, or (ii) the second calendar quarter after such Property becomes a Stabilized Property, the greater of (i) the quotient of (A) Unencumbered Adjusted NOI attributable to such Property for the prior fiscal quarter most recently ended times four (4), divided by (B) the applicable Capitalization Rate, and (ii) the undepreciated GAAP book value (after taking into account any impairments) of such Property. To the extent that the aggregate Unencumbered Asset Value attributable to (A) Properties subject to an Eligible Ground Lease (other than Properties subject to an Approved Bond Transaction) exceeds ten percent (10%) of the Unencumbered Asset Value, (B) Development Properties exceeds ten percent (10%) of the Unencumbered Asset Value, or (C) Properties subject to an Eligible Ground Lease (other than Properties subject to an Approved Bond Transaction), Development Properties and Properties owned or ground-leased by a Qualified Subsidiary that is not a Wholly-Owned Subsidiary, in the aggregate, exceeds twenty percent (20%) of the Unencumbered Asset Value, such excess shall be excluded.

“Unencumbered Interest Coverage Ratio” means the ratio of (a) the Unencumbered Adjusted NOI to (b) the Unsecured Interest Expense for the immediately preceding calendar quarter.

“Unfunded Liabilities” means, with respect to any Plan at any time, the amount (if any) by which (a) the value of all benefit liabilities under such Plan, determined on a plan termination basis using the assumptions prescribed by the PBGC for purposes of Section 4044 of ERISA, exceeds (b) the fair market value of all Plan assets allocable to such liabilities under Title IV of ERISA (excluding any accrued but unpaid contributions), all determined as of the then most recent valuation date for such Plan, but only to the extent that such excess represents a potential liability of a member of the ERISA Group to the PBGC or any other Person under Title IV of ERISA.

“Unimproved Land” means land on which no development (other than improvements that are not material and are temporary in nature) has occurred and on which no development is scheduled to occur within the following twelve (12) months.

“Unsecured Debt” means (a) Indebtedness of the Obligors and their Subsidiaries on a consolidated basis outstanding at any time which is (a) not Secured Debt or (b) secured in any manner by any Lien on any partnership, membership or other equity interests unless also secured by a Lien on Property.

“Unsecured Interest Expense” means, for a given period, all Interest Expense of the Obligors and their Subsidiaries on a consolidated basis attributable to Unsecured Debt of the Obligors and their Subsidiaries for such period.

“Unused Fee” has the meaning given to that term in Section 3.6.

“U.S. Person” means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Code.

“U.S. Tax Compliance Certificate” has the meaning set forth in Section 3.12(g)(ii)(B)(iii).

“Wholly Owned Subsidiary” means any Subsidiary of the Borrower or the REIT Guarantor in respect of which all of the equity securities or other ownership interests (other than, in the case of a corporation, directors’ qualifying shares) are at the time directly or indirectly owned by the Borrower or the REIT Guarantor.

“Withholding Agent” means the Agent and the Borrower.

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Section 1.2 General; References to Times.

References in this Agreement to “Sections”, “Articles”, “Exhibits” and “Schedules” are to sections, articles, exhibits and schedules herein and hereto unless otherwise indicated. references in this Agreement to any document, instrument or agreement (a) shall include all exhibits, schedules and other attachments thereto, (b) shall include all documents, instruments or agreements issued or executed in replacement thereof, to the extent permitted hereby and (c) shall mean such document, instrument or agreement, or replacement or predecessor thereto, as amended, supplemented, restated or otherwise modified as of the date of this Agreement and from time to time thereafter to the extent not prohibited hereby and in effect at any given time. Wherever from the context it appears appropriate, each term stated in either the singular or plural shall include the singular and plural, and pronouns stated in the masculine, feminine or neuter gender shall include the masculine, the feminine and the neuter. Titles and captions of Articles, Sections, subsections and clauses in this Agreement are for convenience only, and neither limit nor amplify the provisions of this Agreement. Unless otherwise indicated, all references to time are references to NEW YORK, NEW YORK time.

Section 1.3 Accounting Terms; GAAP.

Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the Borrower notifies the Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Agent notifies the Borrower that the Requisite Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith (and the Borrower and the Lenders agree to negotiate in good faith to amend such provision to preserve the original intent thereof in light of such change in GAAP). Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made (i) without giving effect to any election under Accounting Standards Codification 825-10-25 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of the Borrower or any Subsidiary at “fair value”, as defined therein, so that such Indebtedness and other liabilities will be valued at the historical cost basis, which generally is the contractual amount owed adjusted for amortization or accretion of any premium or discount, and (ii) in a manner such that any obligations relating to a lease that was accounted for by a Person as an operating lease as of the Effective Date and any similar lease entered into after the Effective Date by such Person shall be accounted for as obligations relating to an operating lease and not as Capital Lease Obligations.

ARTICLE II. CREDIT FACILITY

Section 2.1 Term Loans.

(a)Generally. Subject to the terms and conditions set forth in this Agreement, during the Commitment Period, each Lender hereby severally and not jointly agrees to make a term loan (each individually, a “Loan” and, collectively, the “Loans”), in Dollars, to the Borrower as requested by the Borrower in accordance with Section 2.1(b) (the first of such draws, the “Initial Loan Borrowing” and each subsequent borrowing, a “Delayed Loan Borrowing”, and collectively, the “Loan Borrowings”); provided that (i) the

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Initial Loan Borrowing and each Delayed Loan Borrowing shall be in a minimum amount of $20,000,000, and not more than three (3) Delayed Loan Borrowings shall be permitted, (ii) all Loan Borrowings shall be made no later than the last day of the Commitment Period, (iii) the aggregate principal amount of such Loan Borrowing shall not exceed the amount of the unused Commitments on the date of such Loan Borrowing, and (iv) the principal amount of Loans made by any Lender to the Borrower shall not exceed such Lender’s Commitment. No Lender shall be responsible for any failure by any other Lender to perform its obligation to make a Loan hereunder nor shall the Commitment of any Lender be increased or decreased as a result of any such failure. The Loans, or any portion thereof, may be either a Base Rate Loan or a LIBOR Loan, as determined by the Borrower in any Notice of Borrowing, any Notice of Continuation, any Notice of Conversion or as otherwise provided in this Agreement. The Commitments, with respect to the making of the Loans (and not with respect to the obligations of the Lenders to convert or continue any Loans), shall expire on the last day of the Commitment Period (regardless of the failure of the Borrower to request a Delayed Loan Borrowing or the failure of the Borrower to fully utilize the Commitments).

(b)Requesting Loans. The Borrower shall give the Agent notice pursuant to the Notice of Borrowing of each borrowing of the Loans no later than 11:00 a.m. (i) in the case of LIBOR Loans, on the date three Business Days prior to the proposed date of such borrowing, and (ii) in the case of Base Rate Loans, on the date one Business Day prior to the proposed date for such borrowing. Such Notice of Borrowing shall be irrevocable once given and binding on the Borrower.

(c)Disbursements of Loan Proceeds. No later than 1:00 p.m. on the date specified in the Notice of Borrowing, each Lender will make available for the account of its applicable Lending Office to the Agent at the Principal Office, in immediately available funds, the proceeds of the Loan to be made by such Lender. Subject to satisfaction of the applicable conditions set forth in Article V for such borrowing, the Agent will make the proceeds of such borrowing available to the Borrower, in immediately available funds, no later than 3:00 p.m. on the date and in the account specified by the Borrower in such Notice of Borrowing.

Section 2.2 Termination or Reduction of Commitments.

(a)Termination. Unless previously terminated, the unused Commitments shall terminate on the last day of the Commitment Period.

(b)Optional Reduction. The Borrower may, at its option, at any time terminate, or from time to time reduce, the unused Commitments; provided that each reduction of the unused Commitments shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $5,000,000. The Borrower shall notify the Agent of any such election to terminate or reduce the Commitments by 2:00 p.m. at least one (1) Business Day prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section 2.2 shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitment Percentages.

(c)Mandatory Reduction. If, on or after December 12, 2014 and prior to the last day of the Commitment Period, any event shall occur that constitutes a Mandatory Prepayment Event (or would have constituted a Mandatory Prepayment Event had it occurred after the Effective Date), then the Commitments shall be automatically and permanently reduced by the amount equal to the amount of Net Cash Proceeds

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that would have been required to prepay the Loans under Section 2.7(b); provided that if any Loans are outstanding on the date of such Mandatory Prepayment Event, the Net Cash Proceeds shall be applied first to the prepayment of Loans under Section 2.7(b) and then to the reduction of the Commitments under this Section 2.2(c). In the case of any such event, the Borrower shall deliver to the Administrative Agent written notice of such event together with a certificate of a Responsible Officer of the Borrower setting forth in reasonable detail the calculation of the Net Cash Proceeds to be applied to reduce the Commitments. Each such reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitment Percentages.

Section 2.3 [Reserved].

Section 2.4 Rates and Payment of Interest on Loans.

(a)Rates. The Borrower promises to pay to the Agent for the account of each Lender interest on the unpaid principal amount of each Loan made by such Lender for the period from and including the date of the making of such Loan to but excluding the date such Loan shall be paid in full, at the following per annum rates:

(i)during such periods as such Loan is a Base Rate Loan, at the Alternate Base Rate (as in effect from time to time) plus the Applicable Margin (utilizing the applicable “Base Rate - Applicable Margin” as identified in the definition of “Applicable Margin”); and

(ii)during such periods as such Loan is a LIBOR Rate Loan, at the LIBOR Rate for the Interest Period in effect for such Loan plus the Applicable Margin (using the applicable “LIBOR Rate - Applicable Margin” as identified in the definition of “Applicable Margin”).

Notwithstanding the foregoing, during the continuance of an Event of Default, the Borrower shall pay to the Agent for the account of each Lender interest at the Post-Default Rate on the outstanding principal amount of any Loan made by such Lender and on any other amount payable by the Borrower hereunder or under the Notes held by such Lender to or for the account of such Lender (including without limitation, accrued but unpaid interest to the extent permitted under Applicable Law).

(b)Payment of Interest. Accrued interest on Base Rate Loans shall be payable in arrears on the first day of each calendar month. Accrued interest on LIBOR Rate Loans shall be payable in arrears on the last day of each Interest Period and, in the case of a LIBOR Rate Loan with an Interest Period longer than three (3) months, on each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period. Accrued Interest on all Loans shall also be payable in arrears upon termination of the Commitments. In addition, upon any Conversion of any LIBOR Rate Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such Conversion. Interest payable at the Post-Default Rate shall be payable from time to time on demand. Promptly after the determination of any interest rate provided for herein or any change therein, the Agent shall give notice thereof to the Lenders to which such interest is payable and to the Borrower. All determinations by the Agent of an interest rate hereunder shall be conclusive and binding on the Lenders and the Borrower for all purposes, absent manifest error.

Section 2.5 Number of Interest Periods.

There may be no more than five (5) different Interest Periods for LIBOR Rate Loans that are outstanding at the same time.

Section 2.6 Repayment of Loans.

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The Borrower shall repay the entire outstanding principal amount of, and all accrued but unpaid interest on, the Loans, together with all other amounts then outstanding under this Agreement, on the Termination Date.

Section 2.7 Optional Prepayments; Mandatory Prepayments.

(a)Optional. Subject to Section 3.5 and Section 4.4, the Borrower may prepay any Loan at any time without premium or penalty. The Borrower shall notify the Agent by telephone (confirmed by telecopy) of any prepayment hereunder (i) in the case of prepayment of a LIBOR Rate Loan, not later than 11:00 a.m., New York City time, three Business Days before the date of prepayment or (ii) in the case of prepayment of a Base Rate Loan, not later than 11:00 a.m., New York City time, one Business Day before the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid; provided that a notice of prepayment delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Agent on or prior to the specified effective date) if such condition is not satisfied. Promptly following receipt of any such notice relating to a Loan, the Agent shall advise the Lenders of the contents thereof. Each partial prepayment of any Loan shall be in accordance with Section 3.5. Prepayments shall be accompanied by accrued interest to the extent required by Section 2.4, and shall be applied in accordance with Section 3.2. Any Loans that are prepaid may not be reborrowed.

(b)Mandatory. From and after the date of the Initial Loan Borrowing, the Borrower shall prepay outstanding Loans with the Net Cash Proceeds received by the Parent, the Borrower or any Subsidiary of the Borrower from any Mandatory Prepayment Event that occurs on or after the date of the Initial Loan Borrowing. The Borrower shall make such payments to the Administrative Agent for the account of the Lenders, within five (5) Business Days after such Net Cash Proceeds are received. In the case of any prepayment made or to be made in connection with this Section 2.7(b): (A) the Borrower shall deliver to the Administrative Agent at least three (3) Business Days’ prior written notice of such prepayment together with a certificate of a Responsible Officer of the Borrower setting forth in reasonable detail the calculation of the Net Cash Proceeds to be prepaid; (B) the Administrative Agent will promptly notify each Lender of its receipt of such Notice of Prepayment and of the amount of such Lender’s Commitment Percentage of such prepayment; (C) the Borrower shall make such prepayment and the payment amount specified in such Notice of Prepayment shall be due and payable on the date specified therein; (D) any prepayment of a LIBOR Loan shall be accompanied by all accrued interest thereon, together with any additional amounts required pursuant to Section 4.4; and (E) each such repayment shall be applied to the applicable Loans of the Lenders in accordance with their respective Commitment Percentages. The failure of the Borrower to make a required repayment under this Section 2.7(b) following the occurrence of a Mandatory Prepayment Event shall constitute an Event of Default hereunder. Any Loans that are prepaid may not be reborrowed.

Section 2.8 Continuation.

So long as no Default or Event of Default shall have occurred and be continuing, the Borrower may on any Business Day, with respect to any LIBOR Rate Loan, elect to maintain such LIBOR Rate Loan or any portion thereof as a LIBOR Rate Loan by selecting a new Interest Period for such LIBOR Rate Loan. Each new Interest Period selected under this Section shall commence on the last day of the immediately preceding Interest Period. Each selection of a new Interest Period shall be made by the Borrower’s giving to the Agent a Notice of Continuation not later than 11:00 a.m. on the third (3^rd) Business Day prior to the date of any such Continuation. Such notice by the Borrower of a Continuation shall be by telephone or telecopy, confirmed immediately in writing if by telephone, in the form of a Notice of Continuation, specifying (a) the proposed date of such Continuation, (b) the LIBOR Rate Loans and portions thereof subject to such

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Continuation and (c) the duration of the selected Interest Period, all of which shall be specified in such manner as is necessary to comply with all limitations on Loans outstanding hereunder. Each Notice of Continuation shall be irrevocable by and binding on the Borrower once given. Promptly after receipt of a Notice of Continuation, the Agent shall notify each applicable Lender by telecopy, or other similar form of transmission, of the proposed Continuation. If the Borrower shall fail to select in a timely manner a new Interest Period for any such LIBOR Rate Loan in accordance with this Section, or shall fail to give a timely Notice of Continuation with respect to a Base Rate Loan, or if a Default or Event of Default shall have occurred and be continuing, such Loan will automatically, on the last day of the current Interest Period therefor, Convert into (or, with respect to a Base Rate Loan, continue as) a Base Rate Loan notwithstanding the first sentence of Section 2.9 or the Borrower’s failure to comply with any of the terms of such Section.

Section 2.9 Conversion.

So long as no Default or Event of Default shall have occurred and be continuing, the Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Agent, Convert all or a portion of a Loan of one Type into a Loan of another Type. Any Conversion of a LIBOR Rate Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Rate Loan and, upon Conversion of a Base Rate Loan into a LIBOR Rate Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 11:00 a.m. on the Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third (3^rd) Business Day prior to the date of any proposed Conversion into LIBOR Rate Loans. Promptly after receipt of a Notice of Conversion, the Agent shall notify each applicable Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone (confirmed immediately in writing) or telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Rate Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.

Section 2.10 Notes.

(a)Note. The Loans made by each Lender shall, in addition to this Agreement, also be evidenced by a promissory note of the Borrower substantially in the form of Exhibit J (each a “Note”), payable to the order of such Lender in a principal amount equal to the amount of its Commitment as originally in effect and otherwise duly completed, unless a Lender requests to not receive a Note.

(b)Records. The date, amount, interest rate, Type and duration of Interest Periods (if applicable) of each Loan made by each Lender to the Borrower, and each payment made on account of the principal thereof, shall be recorded by such Lender on its books and such entries shall be binding on the Borrower absent manifest error.

(c)Lost, Stolen, Destroyed or Mutilated Notes. Upon receipt by the Borrower of (i) written notice from a Lender that a Note of such Lender has been lost, stolen, destroyed or mutilated, and (ii) (A) in the case of loss, theft or destruction, an unsecured agreement of indemnity from such Lender in form reasonably satisfactory to the Borrower, or (B) in the case of mutilation, upon surrender and cancellation of such Note, the Borrower shall at its own expense execute and deliver to such Lender a new Note dated the date of such lost, stolen, destroyed or mutilated Note.

Section 2.11 [Reserved].

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Section 2.12 Extension of Termination Date. The Borrower shall have the right, exercisable once, to extend the Termination Date by six (6) months (for a maximum total extension to January 6, 2016) upon satisfaction of the following conditions for each extension: (i) the Borrower has given the Administrative Agent written notice of its desire to exercise the extension option at least 30 days, but no more than 90 days, before the then scheduled Termination Date, (ii) no Default under Section 10.1(a) or Section 10.1(b) and no Event of Default has occurred and is continuing on the date of the Borrower’s extension notice, (iii) no Default or Event of Default has occurred and is continuing on the date such extension becomes effective as set forth below, and (iv) the Borrower pays an extension fee equal to 0.15% of the outstanding principal amount of the Loans. Such extension shall be effective as of the date of delivery of Borrower’s notice of extension described in clause (i) above and the payment of the extension fee described in clause (iv) above; provided that, upon the delivery of Borrower’s notice of extension or payment of the extension fee, whichever is the later to occur, the Borrower shall be deemed to have represented that the conditions in preceding clauses (ii) and (iii) have been satisfied.

Section 2.13 [Reserved].

Section 2.14 Incremental Term Loans.

The Borrower may by written notice to the Agent, up to two (2) times during the term of this Agreement, elect to establish one or more new term loan commitments (the “New Term Loan Commitments”), in an aggregate amount equal to $150,000,000. Each such notice shall specify (A) the date (each, an “Increased Amount Date”) on which the New Term Loan Commitments shall be effective, which shall be a date not less than 5 Business Days after the date on which such notice is delivered to the Agent, (B) the amount of such New Term Loan Commitments, which must be at least $25,000,000, and (C) the identity of each Lender or other Person that is an Eligible Assignee (each, a “New Term Loan Lender”) to whom such New Term Loan Commitments shall be allocated and the amounts of such allocations; provided that any Lender approached to provide all or a portion of the New Term Loan Commitments may elect or decline, in its sole discretion, to provide a New Term Loan Commitment. Such New Term Loan Commitments shall become effective, as of such Increased Amount Date; provided that, both before and after giving effect to such New Term Loan Commitments (1) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Term Loan Commitments, as applicable; (2) both before and after giving effect to the making of any New Term Loans, each of the conditions set forth in Section 5.2 shall be satisfied; (3) the Borrower shall be in pro forma compliance with the covenants set forth in Section 9.1 as of the last day of the most recently ended fiscal quarter for which a Compliance Certificate has been delivered after giving effect to such New Term Loan Commitments; (4) the New Term Loan Commitments shall be effected pursuant to one or more Additional Credit Extension Amendments executed and delivered by the Borrower, the New Term Loan Lender and the Agent, and each of which shall be recorded in the Register; and (5) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by the Agent in connection with any such transaction.

On any Increased Amount Date on which any New Term Loan Commitments are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each New Term Loan Lender shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment, and (ii) each New Term Loan Lender shall become a Lender hereunder with respect to the New Term Loan Commitment and the New Term Loans made pursuant thereto.

The Agent shall notify Lenders promptly upon receipt of the Borrower’s notice of each Increased Amount Date and in respect thereof the New Term Loan Commitments and the New Term Loan Lenders.

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The terms and provisions of the New Term Loans and New Term Loan Commitments shall be identical to the existing Term Loans. In any event, the upfront fees applicable to the New Term Loans shall be determined by the Borrower and the applicable New Term Loan Lenders and shall be set forth in each applicable Additional Credit Extension Amendment. Each Additional Credit Extension Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the opinion of the Agent to effect the provision of this Section 2.14.

Section 2.15 Advances by Agent.

Unless the Agent shall have been notified by any Lender prior to the specified date of borrowing that such Lender does not intend to make available to the Agent the Loan to be made by such Lender on such date, the Agent may assume that such Lender will make the proceeds of such Loan available to the Agent on the date of the requested borrowing and the Agent may (but shall not be obligated to), in reliance upon such assumption, make available to the Borrower the amount of such Loan to be provided by such Lender and such Lender shall be liable to Agent for the amount of such advance. If such Lender does not pay such corresponding amount upon the Agent’s demand therefor, the Agent will promptly notify the Borrower, and the Borrower shall promptly pay such corresponding amount to the Agent. The Agent shall also be entitled to recover from the Lender or the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Agent to the Borrower to the date such corresponding amount is recovered by the Agent at a per annum rate equal to (i) from the Borrower at the applicable rate for such Loan or (ii) from a Lender at the Federal Funds Effective Rate. Subject to the terms of this Agreement (including, without limitation, Section 12.15), the Borrower does not waive any claim that it may have against a Defaulting Lender.

ARTICLE III. Payments, Fees and Other General Provisions

Section 3.1 Payments.

Except to the extent otherwise provided herein, all payments of principal, interest and other amounts to be made by the Borrower under this Agreement or any other Loan Document shall be made in Dollars, in immediately available funds, without deduction, set-off or counterclaim, to the Agent at its Principal Office, not later than 12:00 p.m. on the date on which such payment shall become due (each such payment made after such time on such due date to be deemed to have been made on the next succeeding Business Day). Subject to Sections 3.2 and 3.3, the Agent may (but shall not be obligated to) debit the amount of any such payment which is not made by such time from any special or general deposit account of Borrower with the Agent, other than accounts as to which the Agent has expressly waived offset rights in writing. The Borrower shall, at the time of making each payment under this Agreement or any Note, specify to the Agent the amounts payable by the Borrower hereunder to which such payment is to be applied. Each payment received by the Agent for the account of a Lender under this Agreement or any Note shall be paid to such Lender at the applicable Lending Office of such Lender no later than one (1) Business Day after receipt. If the due date of any payment under this Agreement or any other Loan Document would otherwise fall on a day which is not a Business Day such date shall be extended to the next succeeding Business Day and interest shall be payable for the period of such extension. If a court of competent jurisdiction shall adjudge that any amount received and distributed by the Agent is to be repaid, each Person to whom any such distribution shall have been made shall either repay to the Agent its proportionate share of the amount so adjudged to be repaid or shall pay over the same in such manner and to such Persons as shall be determined by such court.

If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.1, Section 2.15 or Section 11.7, then the Agent may, in its discretion and notwithstanding any contrary provision hereof,

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(i) apply any amounts thereafter received by the Agent for the account of such Lender for the benefit of the Agent to satisfy such Lender’s obligations to it under such Sections until all such unsatisfied obligations are fully paid and/or (ii) hold any such amounts in a segregated account as cash collateral for, and application to, any future funding obligations of such Lender under such Sections, in the case of each of (i) and (ii) above, in any order as determined by the Agent in its discretion.

Section 3.2 Pro Rata Treatment.

(a)    Except to the extent otherwise provided herein: (i) each borrowing from the Lenders under Section 2.1 shall be made from the Lenders, each payment of the Unused Fees shall be made for the account of the Lenders, and each termination or reduction of the amount of the Commitments under Section 2.2 shall be applied to the respective Commitments of the Lenders, pro rata according to the amounts of their respective Commitment Percentages; (ii) each payment or prepayment of principal of Loans by the Borrower and each payment of the Fees under Section 2.12 shall be made for the account of the Lenders pro rata in accordance with the respective unpaid principal amounts of the Loans held by them, provided that, with respect to any optional prepayment pursuant to Section 2.7, such prepayments shall be applied to the Base Rate Loans and/or groups of LIBOR Rate Loans with the same Interest Period at the direction of the Borrower in its reasonable discretion; (iii) each payment of interest on Loans by the Borrower shall be made for the account of the Lenders pro rata in accordance with the amount of interest on such Loans then due and payable to the respective Lenders; and (iv) the making, Conversion and Continuation of Loans of a particular Type (other than Conversions provided for by Section 4.6) shall be made pro rata among the Lenders according to the amounts of their respective Commitments (in the case of making of Loans) or their respective Loans (in the case of Conversions and Continuations of Loans) and the then current Interest Period for each Lender’s portion of each Loan of such Type shall be coterminous.

(b)    If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.1, Section 2.15 or Section 11.7, then the Agent shall (notwithstanding any contrary provision hereof), (i) apply any amounts thereafter received by the Agent for the account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid and/or (ii) hold any such amounts in a segregated account as cash collateral for, and application to, any future funding obligations of such Lender under such Sections; in the case of each of (i) and (ii) above, in any order as determined by the Agent in reasonable discretion.

Section 3.3 Sharing of Payments, Etc.

If a Lender shall obtain payment of any principal of, or interest on, any Loan made by it to the Borrower under this Agreement, or shall obtain payment on any other Obligation owing by the Borrower or any other Obligor through the exercise of any right of set‑off, banker’s lien or counterclaim or similar right or otherwise or through voluntary prepayments directly to a Lender or other payments made by the Borrower to a Lender not in accordance with the terms of this Agreement and such payment should be distributed to some or all of the Lenders pro rata in accordance with Section 3.2 or Section 10.3, as applicable, such Lender shall promptly purchase from the other applicable Lenders participations in (or, if and to the extent specified by such Lender, direct interests in) the Loans made by such other Lenders or other Obligations owed to such other Lenders in such amounts, and make such other adjustments from time to time as shall be equitable, to the end that all the applicable Lenders shall share the benefit of such payment (net of any reasonable expenses which may be incurred by such Lender in obtaining or preserving such benefit) pro rata in accordance with Section 3.2 or Section 10.3. To such end, all the applicable Lenders shall make appropriate adjustments among themselves (by the resale of participations sold or otherwise) if such payment is rescinded or must otherwise be restored. The Borrower agrees that any Lender so purchasing a participation (or direct interest) in the Commitment, Loans or other Obligations owed to such other Lenders may exercise all rights of set‑off,

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banker’s lien, counterclaim or similar rights with respect to such participation as fully as if such Lender were a direct holder of Loans in the amount of such participation. Nothing contained herein shall require any Lender to exercise any such right or shall affect the right of any Lender to exercise, and retain the benefits of exercising, any such right with respect to any other indebtedness or obligation of the Borrower.

Section 3.4 Several Obligations.

No Lender shall be responsible for the failure of any other Lender to make a Loan or to perform any other obligation to be made or performed by such other Lender hereunder, and the failure of any Lender to make a Loan or to perform any other obligation to be made or performed by it hereunder shall not relieve the obligation of any other Lender to make any Loan or to perform any other obligation to be made or performed by such other Lender.

Section 3.5 Minimum Amounts.

(a)Borrowings and Conversions. Each Base Rate Loan shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $250,000 in excess thereof. Each LIBOR Rate Loan and each Conversion of LIBOR Rate Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $500,000 in excess of that amount.

(b)Prepayments. Each voluntary prepayment of Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $500,000in excess thereof (or the aggregate principal amount of Loans then outstanding).

Section 3.6 Fees.

(a)Unused Fee. The Borrower shall pay to the Agent for the account of each Lender (in accordance with its Commitment Percentage), an unused fee (the “Unused Fee”) which shall accrue and be payable on the daily amount of the unused Commitment of such Lender for the period beginning on the Effective Date, and continuing through the last day of the Commitment Period, at a rate of 0.20% per annum on the sum of the average daily unused portion of the Commitments. All Unused Fees shall be fully earned when paid and nonrefundable under any circumstances. Accrued Unused Fees shall be payable in arrears on the first day of each month (for the preceding month) and on the last day of the Commitment Period, commencing on February 2, 2015. All Unused Fees shall be computed on the basis of a year of 365 or 366 days, as the case may be, and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).

(b)Other Fees. The Borrower agrees to pay the reasonable administrative and other fees of the Agent and the Lead Arranger as may be agreed to in writing from time to time.

Section 3.7 Computations.

Unless otherwise expressly set forth herein, any accrued interest on any Loan, any Fees or any other Obligations due hereunder shall be computed on the basis of a year of 360 days (or a year of 365 or 366 days, as applicable, in the case of Base Rate Loans when the Alternate Base Rate is based on the Prime Rate or the Federal Funds Effective Rate) and the actual number of days elapsed.

Section 3.8 Usury.

In no event shall the amount of interest due or payable on the Loans or other Obligations exceed the maximum rate of interest allowed by Applicable Law and, if any such payment is paid by the Borrower or

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received by any Lender, then such excess sum shall be credited as a payment of principal, unless the Borrower shall notify the respective Lender in writing that the Borrower elects to have such excess sum returned to it forthwith. It is the express intent of the parties hereto that the Borrower not pay and the Lenders not receive, directly or indirectly, in any manner whatsoever, interest in excess of that which may be lawfully paid by the Borrower under Applicable Law.

Section 3.9 Agreement Regarding Interest and Charges.

The parties hereto hereby agree and stipulate that the only charge imposed upon the Borrower for the use of money in connection with this Agreement is and shall be the interest specifically described in Section 2.4. Notwithstanding the foregoing, the parties hereto further agree and stipulate that all agency fees, syndication fees, Unused Fees, arrangement fees, amendment fees, up‑front fees, commitment fees, facility fees, unused fee, closing fees, letter of credit fees, underwriting fees, default charges, late charges, funding or “breakage” charges, increased cost charges, attorneys’ fees and reimbursement for costs and expenses paid by the Agent or any Lender to third parties or for damages incurred by the Agent or any Lender, or any other similar amounts are charges made to compensate the Agent or any such Lender for underwriting or administrative services and costs or losses performed or incurred, and to be performed or incurred, by the Agent and the Lenders in connection with this Agreement and shall under no circumstances be deemed to be charges for the use of money. The Borrower hereby acknowledges and agrees that the Lenders have imposed no minimum borrowing requirements, reserve or escrow balances or compensating balances related in any way to the Obligations. Any use by the Borrower of certificates of deposit issued by any Lender or other accounts maintained with any Lender has been and shall be voluntary on the part of the Borrower. All charges other than charges for the use of money shall be fully earned and nonrefundable when due.

Section 3.10 Statements of Account.

The Agent will account to the Borrower monthly with a statement of Loans, accrued interest and Fees, charges and payments made pursuant to this Agreement and the other Loan Documents, and such account rendered by the Agent shall be deemed conclusive upon the Borrower absent manifest error. The failure of the Agent to deliver such a statement of accounts shall not relieve or discharge the Borrower from any of its obligations hereunder.

Section 3.11 Defaulting Lenders.

Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, the Commitment and outstanding principal amount of Loans of such Defaulting Lender shall not be included in determining whether all Lenders or the Requisite Lenders have taken or may take any action hereunder (including any consent to any amendment or waiver pursuant to Section 12.6), provided that any waiver, amendment or modification that increases the Commitment of a Defaulting Lender, forgives all or any portion of the principal amount of any Loan or interest thereon owing to a Defaulting Lender, reduces the Applicable Margin on the underlying interest rate options owing to a Defaulting Lender or extends the Termination Date (except as provided in Section 2.12) shall require the consent of such Defaulting Lender.

Section 3.12 Taxes.

(a)Payments Free of Taxes. Any and all payments by or on account of any obligation of the Borrower under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or

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withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower under any Loan Document shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.

(b)Payment of Other Taxes by the Borrower. The Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Agent timely reimburse it or any Lender for the payment of, any Other Taxes.

(c)Indemnification by the Borrower. The Borrower shall indemnify each Recipient, within 10 days after Borrower’s receipt of written notice of demand therefor together with a certificate specifying the amount of such payment or liability and the calculation thereof in reasonable detail (with a copy to the Agent), for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) paid by such Recipient.

(d)Indemnification by the Lenders. Each Lender shall severally indemnify the Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 12.5(c) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Agent to the Lender from any other source against any amount due to the Agent under this paragraph (d).

(e)Evidence of Payments. Within a reasonable time after any payment of Taxes by the Borrower to a Governmental Authority pursuant to this Section 3.12, the Borrower shall deliver to the Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Agent.

(f)Status of Lenders. (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and the Agent, at the time or times reasonably requested by the Borrower or the Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Agent as will enable the Borrower or the Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 3.12(f) (ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would materially prejudice the legal or commercial position of such Lender.

(ii)Without limiting the generality of the foregoing, in the event that the Borrower is a U.S. Person,

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(A)any Lender that is a U.S. Person shall deliver to the Borrower and the Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Agent), executed originals of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax;

(B)any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Agent), whichever of the following is applicable:

(1)    in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty;

(2)    executed originals of IRS Form W-8ECI;

(3)    in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit L-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN; or

(4)    to the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, a U.S. Tax Compliance Certificate substantially in the form of Exhibit L-2 or Exhibit L-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit L-4 on behalf of each such direct and indirect partner;

(C)any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Agent), executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation

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as may be prescribed by applicable law to permit the Borrower or the Agent to determine the withholding or deduction required to be made; and

(D)if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Agent as may be necessary for the Borrower and the Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Agent in writing of its legal inability to do so.

(g)Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 3.12 (including by the payment of additional amounts pursuant to this Section 3.12), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 3.12 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party in connection with obtaining such refund and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (g) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (g) to the extent the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to, or to file for or pursue any refund of Taxes on behalf of, the indemnifying party or any other Person.

(h)Survival. Each party’s obligations under this Section 3.12 shall survive the resignation or replacement of the Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document.

Section 3.13 Interest Rate Protection Arrangements. Any Interest Rate Agreement entered into by a Lender Counterparty with respect to the Loans under this Agreement (an “Eligible Lender Swap Agreement”) shall rank pari passu with the Obligations. To the extent that any Liens are granted by the Borrower and/or its Subsidiaries in favor of the Agent to secure the Obligations, then the obligations owing to each Lender Counterparty under an Eligible Lender Swap Agreement shall also be secured by such Liens on an equal and ratable basis with the Obligations.

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ARTICLE IV. YIELD PROTECTION, ETC.

Section 4.1 Additional Costs; Capital Adequacy.

(a)Additional Costs. The Borrower shall promptly pay to the Agent for the account of a Lender from time to time such amounts as such Lender may determine to be necessary to compensate such Lender for any costs incurred by such Lender that it reasonably determines are attributable to its making, continuing, converting or maintaining of any LIBOR Rate Loans or its obligation to make any LIBOR Rate Loans hereunder (such amounts shall be based upon a reasonable allocation thereof by such Lender to any LIBOR Rate Loans made by such Lender hereunder), any reduction in any amount receivable by such Lender under this Agreement or any of the other Loan Documents in respect of any of such Loans or such obligation or the maintenance by such Lender of capital or liquidity in respect of its Loans or its Commitment (such increases in costs and reductions in amounts receivable being herein called “Additional Costs”), resulting from any Regulatory Change, and solely to the extent that such Lender generally imposes such Additional Costs on other similarly situated borrowers of such Lender in similar circumstances (to the extent such Lender has the right to do so), that: (i) changes the basis of taxation of any amounts payable to such Lender under this Agreement or any of the other Loan Documents in respect of any of such Loans or its Commitment (other than Excluded Taxes); or (ii) imposes or modifies any reserve, special deposit, liquidity or similar requirements (other than Regulation D of the Board of Governors of the Federal Reserve System or other reserve requirement to the extent utilized in the determination of the LIBOR Base Rate for such Loan) relating to any extensions of credit or other assets of, or any deposits with or other liabilities of, such Lender, or any commitment of such Lender (including, without limitation, the Commitments of such Lender hereunder); or (iii) has or would have the effect of reducing the rate of return on capital of such Lender to a level below that which such Lender could have achieved but for such Regulatory Change (taking into consideration such Lender’s policies with respect to capital adequacy and liquidity).

(b)Lender’s Suspension of LIBOR Rate Loans. Without limiting the effect of the provisions of Section 4.1(a), if, by reason of any Regulatory Change, any Lender becomes subject to restrictions on the amount of a category of liabilities or assets of such Lender that includes deposits by reference to which the interest rate on LIBOR Rate Loans is determined as provided in this Agreement or a category of extensions of credit or other assets of such Lender that includes LIBOR Rate Loans that it may hold, then, if such Lender so elects by notice to the Borrower (with a copy to the Agent), the obligation of such Lender to make or Continue, or to Convert any other Type of Loans into, LIBOR Rate Loans hereunder shall be suspended until such Regulatory Change ceases to be in effect (in which case the provisions of Section 4.6 shall apply).

(c)Notification and Determination of Additional Costs. Each of the Agent and each Lender agrees to notify the Borrower of any event occurring after the Agreement Date entitling the Agent or such Lender to compensation under any of the preceding subsections of this Section as promptly as practicable; provided, however, the failure of the Agent or any Lender to give such notice shall not release the Borrower from any of its obligations hereunder; provided, however, that notwithstanding the foregoing provisions of this Section, the Agent or a Lender, as the case may be, shall not be entitled to compensation for any such amount relating to any period ending more than twelve (12) months prior to the date that the Agent or such Lender, as applicable, first notifies the Borrower in writing thereof. The Agent and or such Lender agrees to furnish to the Borrower a certificate setting forth the basis and amount of each request by the Agent or such Lender for compensation under this Section. Absent manifest error, determinations by the Agent or any Lender of the effect of any Regulatory Change shall be conclusive, provided that such determinations are made on a reasonable basis and in good faith.

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Section 4.2 Market Disruption and Alternate Rate of Interest.

(a)If at the time that the Agent shall seek to determine the LIBOR Screen Rate on the Quotation Day for any Interest Period for a LIBOR Rate Loan the LIBOR Screen Rate shall not be available for such Interest Period with respect to such LIBOR Rate Loan for any reason and the Agent shall determine that it is not possible to determine the Interpolated Rate (which conclusion shall be conclusive and binding absent manifest error), then the applicable Reference Bank Rate shall be the LIBOR Base Rate for such Interest Period for such LIBOR Rate Loan; provided, however, that if less than two Reference Banks shall supply a rate to the Agent for purposes of determining the LIBOR Base Rate for such LIBOR Rate Loan, then such LIBOR Rate Loan shall be made as a Base Rate Loan at the Alternate Base Rate

(b)If prior to the commencement of any Interest Period for a LIBOR Rate Loan the Agent is advised by the Requisite Lenders that the LIBOR Rate or the LIBOR Base Rate, as applicable, for a Loan for the applicable Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such borrowing for such Interest Period, then the Agent shall give notice thereof to the Borrower and the Lenders by telephone or telecopy as promptly as practicable thereafter and, until the Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (A) any Notice of Conversion that requests the conversion to a LIBOR Rate Loan, or continuation of any LIBOR Rate Loan, for the applicable Interest Period, as the case may be, shall be ineffective and (B)  any requested LIBOR Rate Loan shall be made as a Base Rate Loan. For purposes of the immediately preceding clause (b)(ii), in determining whether the LIBOR Rate or the LIBOR Base Rate will adequately and fairly reflect the cost to any Lender of making or maintaining LIBOR Loans, such Lender shall make such determination assuming that such Lender is actually funding LIBOR Loans through the purchase of deposits in the London interbank market.

Section 4.3 Illegality.

Notwithstanding any other provision of this Agreement, if it becomes unlawful for any Lender to honor its obligation to make or maintain LIBOR Rate Loans hereunder, then such Lender shall promptly notify the Borrower thereof (with a copy to the Agent) and such Lender’s obligation to make or Continue, or to Convert Loans of any other Type into, LIBOR Rate Loans shall be suspended until such time as such Lender may again make and maintain LIBOR Rate Loans (in which case the provisions of Section 4.6 shall be applicable).

Section 4.4 Compensation.

The Borrower shall pay to the Agent for the account of each Lender, within five (5) Business Days following the request of such Lender through the Agent, such amount or amounts as shall be sufficient (in the reasonable opinion of such Lender) to compensate it for any loss, cost or expense that such Lender determines is attributable to:

(a)any payment or prepayment (whether mandatory or optional) of a LIBOR Rate Loan, or Conversion of a LIBOR Rate Loan, made by such Lender for any reason (including, without limitation, acceleration) on a date other than the last day of the Interest Period for such Loan; or

(b)any failure by the Borrower for any reason (including, without limitation, the failure of any of the applicable conditions precedent specified in Article V to be satisfied) to borrow a LIBOR Rate Loan from such Lender on the date for such borrowing, or to Convert a Base Rate Loan into a LIBOR Rate Loan or Continue a LIBOR Rate Loan on the requested date of such Conversion or Continuation.

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Upon the Borrower’s request, any Lender requesting compensation under this Section shall provide the Borrower with a statement setting forth the basis for requesting such compensation and the method for determining the amount thereof. Each Lender may use any reasonable averaging and attribution methods generally applied by such Lender and may include, without limitation, administrative costs as a component of such loss, cost or expense. Absent manifest error, determinations by any Lender in any such statement shall be conclusive, provided that such determinations are made on a reasonable basis and in good faith.

Section 4.5 Affected Lenders.

If (a) a Lender requests compensation pursuant to Section 3.12 or 4.1, and the Requisite Lenders are not also doing the same, (b) the obligation of any Lender to make LIBOR Rate Loans or to Continue, or to Convert Base Rate Loans into, LIBOR Rate Loans shall be suspended pursuant to Section 4.1(b) or 4.3 but the obligation of the Requisite Lenders shall not have been suspended under such Sections, or (c) a Lender becomes a Defaulting Lender, then, so long as there does not then exist any Default or Event of Default, the Borrower, within thirty (30) days of such request for compensation or suspension, as applicable, may either (i) demand that such Lender (the “Affected Lender”), and upon such demand the Affected Lender shall promptly, assign its Commitment and Loans to an Eligible Assignee subject to and in accordance with the provisions of Section 12.5(d) for a purchase price equal to the aggregate principal balance of Loans then owing to the Affected Lender plus any accrued but unpaid interest thereon and accrued but unpaid fees owing to the Affected Lender, or (ii) except in the case of a Defaulting Lender, pay to the Affected Lender the aggregate principal balance of Loans then owing to the Affected Lender plus any accrued but unpaid interest thereon and accrued but unpaid fees owing to the Affected Lender, whereupon the Affected Lender shall no longer be a party hereto or have any rights or obligations hereunder or under any of the other Loan Documents. Each of the Agent and the Affected Lender shall reasonably cooperate in effectuating the replacement of such Affected Lender under this Section, but at no time shall the Agent, such Affected Lender nor any other Lender be obligated in any way whatsoever to initiate any such replacement or to assist in finding an Eligible Assignee. The exercise by the Borrower of its rights under this Section shall be at the Borrower’s sole cost and expense and at no cost or expense to the Agent, the Affected Lender or any of the other Lenders. The terms of this Section shall not in any way limit the Borrower’s obligation to pay to any Affected Lender compensation owing to such Affected Lender pursuant to Section 3.12, 4.1 or 4.4.

Section 4.6 Treatment of Affected Loans.

If the obligation of any Lender to make LIBOR Rate Loans or to Continue, or to Convert Base Rate Loans into, LIBOR Rate Loans shall be suspended pursuant to Section 4.1(b), 4.2 or 4.3, then such Lender’s LIBOR Rate Loans shall be automatically Converted into Base Rate Loans on the last day(s) of the then current Interest Period(s) for LIBOR Rate Loans (or, in the case of a Conversion required by Section 4.1(b) or 4.3, on such earlier date as such Lender may specify to the Borrower with a copy to the Agent) and, unless and until such Lender gives notice as provided below that the circumstances specified in Section 4.1 or 4.3 that gave rise to such Conversion no longer exist:

(a)to the extent that such Lender’s LIBOR Rate Loans have been so Converted, all payments and prepayments of principal that would otherwise be applied to such Lender’s LIBOR Rate Loans shall be applied instead to its Base Rate Loans; and

(b)all Loans that would otherwise be made or Continued by such Lender as LIBOR Rate Loans shall be made or Continued instead as Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR Rate Loans shall remain as Base Rate Loans.

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If such Lender gives notice to the Borrower (with a copy to the Agent) that the circumstances specified in Section 4.1 or 4.3 that gave rise to the Conversion of such Lender’s LIBOR Rate Loans pursuant to this Section no longer exist (which such Lender agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR Rate Loans made by other Lenders are outstanding, then such Lender’s Base Rate Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR Rate Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding LIBOR Rate Loans and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with their respective Commitments.

Section 4.7 Change of Lending Office.

Each Lender agrees that it will use reasonable efforts to designate an alternate Lending Office with respect to any of its Loans affected by the matters or circumstances described in Sections 3.12, 4.1 or 4.3 to reduce the liability of the Borrower or avoid the results provided thereunder, so long as such designation is not disadvantageous to such Lender as determined by such Lender in its sole discretion, except that such Lender shall have no obligation to designate a Lending Office located in the United States of America.

Section 4.8 Assumptions Concerning Funding of LIBOR Rate Loans.

Calculation of all amounts payable to a Lender under this Article IV shall be made as though such Lender had actually funded LIBOR Rate Loans through the purchase of deposits in the relevant market bearing interest at the rate applicable to such LIBOR Rate Loans in an amount equal to the amount of the LIBOR Rate Loans and having a maturity comparable to the relevant Interest Period; provided, however, that each Lender may fund each of its LIBOR Rate Loans in any manner it sees fit and the foregoing assumption shall be used only for calculation of amounts payable under this Article IV.

ARTICLE V. CONDITIONS PRECEDENT

Section 5.1 Initial Conditions Precedent.

The effectiveness of this Agreement and the obligation of the Lenders to fund their respective portions of the Initial Loan Borrowing is subject to the following conditions precedent:

(a)The Agent shall have received each of the following, in form and substance satisfactory to the Agent:

(i)Counterparts of this Agreement executed by each of the parties hereto;

(ii)Notes executed by the Borrower payable to each Lender (other than any Lender that has requested not to receive a Note) and complying with the applicable provisions of Section 2.10 (which Notes shall be promptly forwarded by the Agent to the applicable Lender);

(iii)The Guaranty executed by each Guarantor existing as of the Effective Date;

(iv)A favorable opinion of counsel to the Obligors, addressed to the Agent and the Lenders, addressing such matters as the Agent may reasonably require;

(v)The Governing Documents of the Borrower, each Guarantor and each general partner or managing member (or Person performing similar functions) of such Persons certified as of a recent date by the Secretary of State of the State of formation of the applicable Person;

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(vi)A good standing certificate with respect to the Borrower, each Guarantor and each general partner or managing member (or Person performing similar functions) of such Persons issued as of a recent date by the appropriate Secretary of State (and any state department of taxation, as applicable) and certificates of qualification to transact business or other comparable certificates issued by the Secretary of State (and any state department of taxation, as applicable), of each state in which such Person is required to be so qualified and where the failure to be so qualified would have, in each instance, a Material Adverse Effect;

(vii)A certificate of incumbency signed by the general partner, secretary (or Person performing similar functions) of the Borrower, each Guarantor and their respective general partners, managing members (or Person performing similar functions) as to each of the partners, officers or other Persons authorized to execute and deliver the Loan Documents to which any of them is a party and the officers or other representatives of the Borrower then authorized to deliver Notices of Borrowing, Notices of Continuation and Notices of Conversion;

(viii)Copies, certified by the general partner, secretary or other authorized Person of each of the Borrower, the Guarantors and their respective general partners, managing members (or Persons performing similar functions) of such Persons of all partnership, limited liability company, corporate (or comparable) action taken by such Person to authorize the execution, delivery and performance of the Loan Documents to which such Persons are a party;

(ix)The Fees then due and payable under Section 3.6, and any other Fees and invoiced expenses payable to the Agent and the Lenders on or prior to the Effective Date;

(x)A pro forma Compliance Certificate calculated as of September 30, 2014, after giving effect to the Loans;

(xi)A certificate signed by a Responsible Officer of the Borrower certifying that each Property to be treated as an Unencumbered Asset on the Effective Date satisfies all of the requirements for an Unencumbered Asset set forth in the definition thereof;

(xii)The documentation and other information requested by any Lender that is required by regulatory authorities under the applicable “know your customer” rules and regulations; and

(xiii)Such other documents, agreements and instruments as the Agent on behalf of the Lenders may reasonably request.

(b)In the good faith judgment of the Agent and the Lenders:

(i)There shall not have occurred or become known to the Agent or any of the Lenders any event, condition, situation or status since September 30, 2014 that has had or could reasonably be expected to result in a Material Adverse Effect;

(ii)No litigation, action, suit, investigation or other arbitral, administrative or judicial proceeding shall be pending or threatened which could reasonably be expected to (1) result in a Material Adverse Effect or (2) restrain or enjoin, impose materially burdensome conditions on, or otherwise materially and adversely affect the ability of the Borrower or any

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other Obligor to fulfill the respective obligations under the Loan Documents to which it is a party; and

(iii)The Borrower, the other Obligors and their respective Subsidiaries shall have received all approvals, consents and waivers, and shall have made or given all necessary filings and notices as shall be required to consummate the transactions contemplated hereby without the occurrence of any default under, conflict with or violation of (1) any Applicable Law or (2) any agreement, document or instrument to which the Borrower or any other Obligor is a party or by which any of them or their respective properties is bound, except for such approvals, consents, waivers, filings and notices the receipt, making or giving of which would not reasonably be likely to (A) have a Material Adverse Effect, or (B) restrain or enjoin, impose materially burdensome conditions on, or otherwise materially and adversely affect the ability of the Borrower or any other Obligor to fulfill their respective obligations under the Loan Documents to which it is a party.

Section 5.2 Additional Conditions Precedent.

The obligations of the Lenders to make any Loans are all subject to the further conditions precedent that: (a) no Default or Event of Default shall have occurred and be continuing as of the date of the making of such Loan or would exist immediately after giving effect thereto; (b) the representations and warranties made or deemed made by the Borrower and each other Obligor in the Loan Documents to which any of them is a party, shall be true and correct in all material respects (and without regard to any qualifications limiting such representations to knowledge or belief) on and as of the date of the making of such Loan with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and accurate on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted hereunder (provided that any representation or warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language shall be true and correct in all respects (taking into account such language)), and (c) the Agent shall have received a timely Notice of Borrowing. Each Credit Event shall constitute a certification by the Borrower to the effect set forth in the preceding sentence (both as of the date of the giving of notice relating to such Credit Event and, unless the Borrower otherwise notifies the Agent, prior to the date of such Credit Event, as of the date of the occurrence of such Credit Event). In addition, if such Credit Event is the making of a Loan, the Borrower shall be deemed to have represented to the Agent and the Lenders at the time such Loan is made that all applicable conditions to the making of such Loan contained in Article V have been satisfied.

Section 5.3 Conditions as Covenants.

If the Lenders make any Loans, prior to the satisfaction of all applicable conditions precedent set forth in Sections 5.1 and 5.2, the Borrower shall nevertheless cause such condition or conditions to be satisfied within five (5) Business Days after the date of the making of such Loans. Unless set forth in writing to the contrary, the making of its Loan by a Lender shall constitute a certification by such Lender to the Agent and the other Lenders that the Borrower has satisfied the conditions precedent for the Loans set forth in Sections 5.1 and 5.2 or such Lender has waived such conditions.

ARTICLE VI. REPRESENTATIONS AND WARRANTIES

Section 6.1 Representations and Warranties.

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In order to induce the Agent and each Lender to enter into this Agreement and to make Loans, the Borrower represents and warrants to the Agent and each Lender as follows:

(a)Organization; Power; Qualification. Each of the Borrower, the other Obligors and their respective Subsidiaries is a corporation, partnership or other legal entity, duly organized or formed, validly existing and in good standing under the jurisdiction of its incorporation or formation, has the power and authority to own or lease its respective properties and to carry on its respective business as now being and hereafter proposed to be conducted and is duly qualified and is in good standing as a foreign corporation, partnership or other legal entity, and authorized to do business, in each jurisdiction in which the character of its properties or the nature of its business requires such qualification or authorization and where the failure to be so qualified or authorized could reasonably be expected to have, in each instance, a Material Adverse Effect.

(b)Ownership Structure. As of the Agreement Date, Part I of Schedule 6.1(b) is a complete and correct list or diagram of all Subsidiaries of the Borrower and the other Obligors setting forth for each such Subsidiary (i) the jurisdiction of organization of such Subsidiary, (ii) each Obligor which holds any Equity Interests in such Subsidiary, (iii) the nature of the Equity Interests held by each such Person, and (iv) the percentage of ownership of such Subsidiary represented by such Equity Interests. Except as disclosed in such Schedule, as of the Agreement Date, all of the issued and outstanding capital stock of each Person shown to be held by it on such Schedule organized as a corporation is validly issued, fully paid and nonassessable. As of the Agreement Date, Part II of Schedule 6.1(b) correctly sets forth or diagrams all Unconsolidated Affiliates of the Borrower, including the correct legal name of such Person, the type of legal entity which each such Person is, and all Equity Interests in such Person held directly or indirectly by the Borrower.

(c)Authorization of Agreement, Etc. The Borrower has the right and power, and has taken all necessary action to authorize it, to borrow and obtain other extensions of credit hereunder. The Borrower and each other Obligor has the right and power, and has taken all necessary action to authorize it, to execute, deliver and perform each of the Loan Documents to which it is a party in accordance with their respective terms and to consummate the transactions contemplated hereby and thereby. The Loan Documents to which the Borrower or any other Obligor is a party have been duly executed and delivered by the duly authorized officers or other representatives of such Person and each is a legal, valid and binding obligation of such Person enforceable against such Person in accordance with its respective terms except as the same may be limited by bankruptcy, insolvency, and other similar laws affecting the rights of creditors generally and the availability of equitable remedies for the enforcement of certain obligations (other than the payment of principal) contained herein or therein may be limited by equitable principles generally.

(d)Compliance of Loan Documents with Laws, Etc. The execution, delivery and performance of this Agreement, the Notes and the other Loan Documents to which the Borrower or any other Obligor is a party in accordance with their respective terms and the borrowings and other extensions of credit hereunder do not and will not, by the passage of time, the giving of notice, or both: (i) require any Governmental Approval or violate any Applicable Law (including all Environmental Laws) relating to the Borrower or any other Obligor; (ii) conflict with, result in a breach of or constitute a default under the organizational documents of the Borrower or any other Obligor, or any indenture, agreement or other instrument to which the Borrower or any other Obligor is a party or by which it or any of its respective properties may be bound; or (iii) result in or require the creation or imposition of any Lien upon or with respect to any property now owned or hereafter acquired by the Borrower or any other Obligor.

(e)Compliance with Law; Governmental Approvals, Agreements. The Borrower, each other Obligor, and each of their respective Subsidiaries is in compliance with its Governing Documents, each agreement, judgment, decree or order to which any of them is a party or by which any of them or their

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properties may be bound, each Governmental Approval applicable to it and in compliance with all other Applicable Law (including without limitation, Environmental Laws) relating to such Person except for noncompliances which, and Governmental Approvals the failure to possess which, would not, individually or in the aggregate, cause a Default or an Event of Default or have a Material Adverse Effect.

(f)Title to Properties; Liens; Title Insurance. As of the Agreement Date, Schedule 6.1(f) sets forth all of the real property owned or leased by the Borrower, each other Obligor and each of their respective Subsidiaries. Each such Person has good, marketable and legal title to, or a valid leasehold interest in, its respective assets, except with respect to the each Subsidiary of the Borrower and each Subsidiary of an Obligor whose failure to have such good, marketable and legal title to, or such valid leasehold interest in, its respective assets, has not had or could not reasonably be expected to have a Material Adverse Effect on either the Borrower or the REIT Guarantor. Each of the Borrower, the other Obligors and their respective Subsidiaries have title to their properties sufficient for the conduct of their business. As of the Agreement Date, there are no Liens or Negative Pledges against any Unencumbered Assets except for Permitted Liens. The Borrower or another Obligor is, with respect to all Unencumbered Assets and other real property reasonably necessary for the operation of its business, the named insured under a policy of title insurance issued by a title insurer operating in the jurisdiction where such real property is located. As to each such policy of title insurance (i) the coverage amount equals or exceeds the acquisition cost of the related real property and any improvements added thereto by such Person (ii) no claims are pending that, if adversely determined, have had or could reasonably be expected to have a Material Adverse Effect; and (iii) no title insurer has given notice to the insured Person that such policy of title insurance is no longer in effect. Neither the Borrower, any other Obligor nor any of their respective Subsidiaries has knowledge of any defect in title of any Property that, individually or in the aggregate, has had or could reasonably be expected to have a Material Adverse Effect.

(g)Existing Indebtedness. Schedule 6.1(g) is, as of December 15, 2014, a complete and correct listing of all Indebtedness of the Borrower, the other Obligors and their respective Subsidiaries, including without limitation, Contingent Liabilities (to the extent included in the definition of Indebtedness) of the Borrower and the other Obligors and their respective Subsidiaries, and indicating whether such Indebtedness is Secured Debt or Unsecured Debt. During the period from such date to the Agreement Date, neither the Borrower, any other Obligor nor any of their respective Subsidiaries incurred any material Indebtedness except as set forth in such Schedule. As of the Agreement Date, the Borrower, the other Obligors, and their respective Subsidiaries have performed and are in compliance with all of the material terms of all Indebtedness of such Persons and all instruments and agreements relating thereto, and no default or event of default, or event or condition which with the giving of notice, the lapse of time, or both, would constitute such a default or event of default, exists with respect to any such Indebtedness.

(h)Material Contracts. Each of the Borrower, the other Obligors and their respective Subsidiaries that is a party to any Material Contract is in compliance with all of the material terms of such Material Contract, and no default or event of default, or event or condition which with the giving of notice, the lapse of time, or both, would constitute such a default or event of default, exists with respect to any such Material Contract.

(i)Litigation. Except as set forth on Schedule 6.1(i), there are no actions, suits or proceedings pending (nor, to the knowledge of the Borrower, are there any actions, suits or proceedings threatened, nor is there any basis therefor) against or in any other way relating adversely to or affecting the Borrower, any other Obligor, any of their respective Subsidiaries or any of their respective property in any court, or before any tribunal, administrative agency, board, arbitrator or mediator of any kind or before or by any other Governmental Authority which has had or could reasonably be expected to have a Material Adverse Effect or which question the validity or enforceability of any of the Loan Documents. There are no strikes, slow

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downs, work stoppages or walkouts or other labor disputes in progress or threatened relating to the Borrower, any other Obligor, or any of their respective Subsidiaries which has had or could be reasonably expected to have a Material Adverse Effect. There are no judgments outstanding against or affecting the Borrower, any other Obligor, any of their respective Subsidiaries or any of their respective properties individually or in the aggregate involving amounts in excess of $10,000,000.

(j)Taxes. All federal, state and other tax returns of the Borrower, any other Obligor or any of their respective Subsidiaries required by Applicable Law to be filed have been duly filed, and all federal, state and other taxes, assessments and other governmental charges or levies upon the Borrower, each other Obligor, any of their respective Subsidiaries and their respective properties, income, profits and assets which are due and payable have been paid, except any such nonpayment which is at the time permitted under Section 7.6. As of the Agreement Date, none of the United States income tax returns of the Borrower, any other Obligor or any of their respective Subsidiaries is under audit. All charges, accruals and reserves on the books of the Borrower, any other Obligor and each of their respective Subsidiaries in respect of any taxes or other governmental charges are in accordance with GAAP.

(k)Financial Statements. The Borrower has furnished to each Lender copies of the audited consolidated balance sheet of the REIT Guarantor and its consolidated Subsidiaries for the fiscal year ending December 31, 2013 and the related audited consolidated statements of income, shareholders’ equity and cash flow for the fiscal year ending on such date with the opinion thereof of Deloitte & Touche, LLP. Such financial statements (including in each case related schedules and notes) are complete and correct and present fairly, in accordance with GAAP consistently applied throughout the periods involved, the consolidated financial position of the REIT Guarantor and its consolidated Subsidiaries as at their respective dates and the results of operations and the cash flow for such periods. Neither the Borrower, the REIT Guarantor, nor any Subsidiary of the Borrower or the REIT Guarantor has on the Agreement Date any material contingent liabilities, liabilities, liabilities for taxes, or unusual or long-term commitments or unrealized or forward anticipated losses from any unfavorable commitments, except as referred to or reflected or provided for in said financial statements or except as set forth on Schedule 6.1(k).

(l)No Material Adverse Change. SinceDecember 31, 2013, there has been no material adverse change in the consolidated financial condition, results of operations, business or prospects of the Borrower, the Obligors or their respective Subsidiaries. After giving effect to the borrowing of the Loan, each of the (i) Borrower, (ii) other Obligors and (iii) Borrower and its Subsidiaries, taken as a whole, are Solvent.

(m)ERISA. Each member of the ERISA Group is in compliance with its obligations, if any, under the minimum funding standards of ERISA and the Internal Revenue Code with respect to each Plan and is in compliance with the presently applicable provisions of ERISA and the Internal Revenue Code with respect to each Plan, except in each case for noncompliances which could not reasonably be expected to have a Material Adverse Effect. As of the Agreement Date, no member of the ERISA Group has (i) sought a waiver of the minimum funding standard under Section 412 of the Internal Revenue Code in respect of any Plan, (ii) failed to make any contribution or payment to any Plan or Multiemployer Plan or in respect of any Benefit Arrangement, or made any amendment to any Plan or Benefit Arrangement, which has resulted or could result in the imposition of a Lien or the posting of a bond or other security under ERISA or the Internal Revenue Code or (iii) incurred any liability under Title IV of ERISA other than a liability to the PBGC for premiums under Section 4007 of ERISA.

(n)No Plan Assets; No Prohibited Transaction. None of the assets of the Borrower, any other Obligor or their respective Subsidiaries constitute “plan assets” within the meaning of ERISA, the Internal Revenue Code and the respective regulations promulgated thereunder. The execution, delivery and performance of this Agreement and the other Loan Documents, and the borrowing and repayment of amounts

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hereunder, do not and will not constitute “prohibited transactions” under ERISA or the Internal Revenue Code.

(o)Absence of Defaults. None of the Borrower, any other Obligor or any of their respective Subsidiaries is in default under its Governing Documents, and no event has occurred, which has not been remedied, cured or irrevocably waived: (i) which constitutes a Default or an Event of Default; or (ii) which constitutes, or which with the passage of time, the giving of notice, a determination of materiality, the satisfaction of any condition, or any combination of the foregoing, would constitute, a default or event of default by Borrower, any other Obligor or any of their respective Subsidiaries under any agreement (other than this Agreement) or judgment, decree or order to which the Borrower, any other Obligor or any of their respective Subsidiaries is a party or by which the Borrower, any other Obligor, any of their respective Subsidiaries or any of their respective properties may be bound where such default or event of default could, individually or in the aggregate, involve (x) Indebtedness or other obligations or liabilities (other than Nonrecourse Indebtedness) in excess of $10,000,000 or (y) any Nonrecourse Indebtedness in excess of $20,000,000.

(p)Environmental Matters.

(i)The Borrower, each other Obligor and each of their respective Subsidiaries is in compliance with the requirements of all applicable Environmental Laws except for the matters set forth on Schedule 6.1(p) and such other non‑compliance which, in any event, either individually or in the aggregate, has not had and could not reasonably be expected to have a Material Adverse Effect.

(ii)No Hazardous Materials have been (i) generated or manufactured on, transported to or from, treated at, stored at or discharged from any Property in violation of any Environmental Laws; (ii) discharged into subsurface waters under any Property in violation of any Environmental Laws; or (iii) discharged from any Property on or into property or waters (including subsurface waters) adjacent to any Property in violation of any Environmental Laws, except for the matters set forth on Schedule 6.1(p) and other violations which violations, in any event, in the case of any of (i), (ii) or (iii), either individually or in the aggregate, has had or could reasonably be expected to have a Material Adverse Effect.

(iii)Except for the matters set forth on Schedule 6.1(p) and any of the following matters or liabilities that, in any event, either individually or in the aggregate, have not had and could not reasonably be expected to have a Material Adverse Effect, neither the Borrower, any other Obligor nor any of their respective Subsidiaries (i) has received notice (written or oral) or otherwise learned of any claim, demand, suit, action, proceeding, event, condition, report, directive, lien, violation, non‑compliance or investigation indicating or concerning any potential or actual liability (including, without limitation, potential liability for enforcement, investigatory costs, cleanup costs, government response costs, removal costs, remedial costs, natural resources damages, property damages, personal injuries or penalties) arising in connection with (x) any non‑compliance with or violation of the requirements of any applicable Environmental Laws, or (y) the presence of any Hazardous Materials on any Property (or any Property previously owned by any of such Persons) or the release or threatened release of any Hazardous Materials into the environment, (ii) has any threatened or actual liability in connection with the presence of any Hazardous Materials on any Property (or any Property previously owned by any of such Persons) or the release or threatened release of any Hazardous Materials into the environment, (iii) has received notice of any federal or state investigation evaluating whether any remedial action is needed to respond to the presence of

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any Hazardous Materials on any Property (or any Property previously owned by any of such Persons) or a release or threatened release of any Hazardous Materials into the environment for which the Borrower, any Obligor or any of their respective Subsidiaries is or may be liable, or (iv) has received notice that the Borrower, any Obligor or any of their respective Subsidiaries is or may be liable to any Person under any Environmental Law.

(iv)To the best of the Borrower’s knowledge after due inquiry, no Property is located in an area identified by the Secretary of Housing and Urban Development as an area having special flood hazards, or if any such Property is located in such a special flood hazard area, then the Borrower has obtained all insurance that is required to be maintained by law or which is customarily maintained by Persons engaged in similar businesses and owning similar Properties in the same general areas in which the Borrower operates except where such failure individually or in the aggregate has not had and could not reasonably be expected to have a Material Adverse Effect.

(q)Investment Company. None of the Borrower, any other Obligor or any of their respective Subsidiaries, is (i) an “investment company” or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as amended, and (ii) subject to any other Applicable Law which purports to regulate or restrict its ability to borrow money or to consummate the transactions contemplated by this Agreement or to perform its obligations under any Loan Document to which it is a party.

(r)Margin Stock. None of the Borrower, any other Obligor or any of their respective Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying “margin stock” or a “margin security” within the meaning of Regulations T, U and X of the Board of Governors of the Federal Reserve System.

(s)Affiliate Transactions. Except as permitted by Section 9.10, none of the Borrower, any other Obligor or any of their respective Subsidiaries is a party to or bound by any agreement or arrangement (whether oral or written) to which any Affiliate (but not any Subsidiary of Borrower) of any Borrower, any other Obligor or any of their respective Subsidiaries is a party.

(t)Intellectual Property. Except as has not had and could not be reasonably expected to have a Material Adverse Effect, (i) the Borrower, each other Obligor and each of their respective Subsidiaries owns or has the right to use, under valid license agreements or otherwise, all material patents, licenses, franchises, trademarks, trademark rights, trade names, trade name rights, trade secrets and copyrights (collectively, “Intellectual Property”) used in the conduct of their respective businesses as now conducted and as contemplated by the Loan Documents, without known conflict with any patent, license, franchise, trademark, trade secret, trade name, copyright, or other proprietary right of any other Person; (ii) the Borrower, each other Obligor and each of their respective Subsidiaries has taken all such steps as they deem reasonably necessary to protect their respective rights under and with respect to such Intellectual Property; (iii) no claim has been asserted by any Person with respect to the use of any Intellectual Property by the Borrower, any other Obligor or any of their respective Subsidiaries, or challenging or questioning the validity or effectiveness of any Intellectual Property; and (iv) the use of such Intellectual Property by the Borrower, the other Obligors and each of their respective Subsidiaries, does not infringe on the rights of any Person, subject to such claims and infringements as do not, in the aggregate, give rise to any liabilities on the part of the Borrower, the other Obligors or any of their respective Subsidiaries.

(u)Business. The Borrower, the other Obligors and each of their respective Subsidiaries are engaged substantially in the business of the acquisition, disposition, financing, ownership, development

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rehabilitation, leasing, operation and management of office and industrial buildings and other business activities incidental thereto.

(v)Broker’s Fees. No broker’s or finder’s fee, commission or similar compensation will be payable with respect to the transactions contemplated hereby. No other similar fees or commissions will be payable by any Obligor for any other services rendered to the Borrower, any of the Subsidiaries of the Borrower or any other Obligor or any other Obligor ancillary to the transactions contemplated hereby.

(w)Accuracy and Completeness of Information. No written information, report or other papers or data (excluding financial projections and other forward looking statements) furnished to the Agent or any Lender by, on behalf of, or at the direction of, the Borrower, any other Obligor or any of their respective Subsidiaries in connection with or relating in any way to this Agreement, contained any untrue statement of a fact material to the creditworthiness of the Borrower, any other Obligor or any of their respective Subsidiaries or omitted to state a material fact necessary in order to make such statements contained therein, in light of the circumstances under which they were made, not misleading. The written information, reports and other papers and data with respect to the Borrower, any other Obligor or any of their respective Subsidiaries or the Unencumbered Assets (other than projections and other forward-looking statements) furnished to the Agent or the Lenders in connection with or relating in any way to this Agreement was, at the time so furnished, complete and correct in all material respects, or has been subsequently supplemented by other written information, reports or other papers or data, to the extent necessary to give in all material respects a true and accurate knowledge of the subject matter. All financial statements furnished to the Agent or any Lender by, on behalf of, or at the direction of, the Borrower, any other Obligor or any of their respective Subsidiaries in connection with or relating in any way to this Agreement, present fairly, in accordance with GAAP consistently applied throughout the periods involved, the financial position of the Persons involved as at the date thereof and the results of operations for such periods. All financial projections and other forward looking statements prepared by, or on behalf of the Borrower, any other Obligor or any of their respective Subsidiaries that have been or may hereafter be made available to the Agent or any Lender were or will be prepared in good faith based on reasonable assumptions. No fact or circumstance is known to the Borrower which has had, or may in the future have (so far as the Borrower can reasonably foresee), a Material Adverse Effect which has not been set forth in the financial statements referred to in Section 6.1(k) or in such information, reports or other papers or data or otherwise disclosed in writing to the Agent and the Lenders prior to the Effective Date.

(x)REIT Status. The REIT Guarantor qualifies, and has since the year ending December 31, 2003 qualified, as a REIT, has elected to be treated as a REIT, and is in compliance with all requirements and conditions imposed under the Internal Revenue Code to allow the REIT Guarantor to maintain its status as a REIT.

(y)Unencumbered Assets. As of the Agreement Date, Schedule 6.1(y) is a correct and complete list of all Unencumbered Assets. Each of the Unencumbered Assets included by the Borrower in calculations of the Unencumbered Asset Value satisfies all of the requirements contained in this Agreement for the same to be included therein.

(z)Insurance. The Borrower, the other Obligors and their respective Subsidiaries have insurance covering the Borrower, the other Obligors and their respective Subsidiaries and their respective Properties in such amounts and against such risks and casualties as are customary for Persons or Properties of similar character and location, due regard being given to the type of improvements thereon, their construction, location, use and occupancy. As of the Agreement Date, none of the Borrower, any other Obligor or any of their respective Subsidiaries has received notice that any such insurance has been cancelled, not renewed, or impaired in any way.

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(aa)Ownership of Borrower. The REIT Guarantor is the sole general partner of the Borrower and owns free of any Lien or other claim not less than a sixty-six and two-thirds percent (66 2/3%) Equity Interest in the Borrower as the general partner thereof.

(bb)    No Bankruptcy Filing. None of the Borrower, any Obligor or any of their respective Subsidiaries is contemplating either the filing of a petition by it under any state or federal bankruptcy or insolvency laws or the liquidation of its assets or property, and the Borrower has no knowledge of any Person threatening the filing of any such petition against any of the Borrower, any Obligor or any of their respective Subsidiaries.

(cc)    No Fraudulent Intent. Neither the execution and delivery of this Agreement or any of the other Loan Documents nor the performance of any actions required hereunder or thereunder is being undertaken by the Borrower or any other Obligor with or as a result of any actual intent by any of such Persons to hinder, delay or defraud any entity to which any of such Persons is now or will hereafter become indebted.

(dd)    Transaction in Best Interests of Borrower and Obligors; Consideration. The transaction evidenced by this Agreement and the other Loan Documents is in the best interests of the Borrower and the other Obligors and the creditors of such Persons. The direct and indirect benefits to inure to the Borrower and the other Obligors pursuant to this Agreement and the other Loan Documents constitute materially more than “reasonably equivalent value” (as such term is used in §548 of the Bankruptcy Code) and “valuable consideration,” “fair value,” and “fair consideration” (as such terms are used in any applicable state fraudulent conveyance law), in exchange for the benefits to be provided by the Borrower and the other Obligors pursuant to this Agreement and the other Loan Documents, and but for the willingness of each Guarantor to guaranty the Obligations, the Borrower would be unable to obtain the financing contemplated hereunder which financing will enable the Borrower and the other Obligors to have available financing to conduct and expand their business. The Borrower and the other Obligors constitute a single integrated financial enterprise and each receives a benefit from the availability of credit under this Agreement to the Borrower.

(ee)    Property. All of the Borrower’s, the other Obligors’ and their respective Subsidiaries’ properties are in good repair and condition, subject to ordinary wear and tear, other than (x) with respect to deferred maintenance existing as of the date of acquisition of such property as permitted in this Section, and (y) where the failure of the properties of any Subsidiary of the Borrower or any Subsidiary of an Obligor to be in good repair and condition has not had or could not be reasonably expected to have a Material Adverse Effect on either the Borrower or the REIT Guarantor. The Borrower has completed or caused to be completed an appropriate investigation of the environmental condition of each Property as of the later of the date of the Borrower’s, the Obligors’ or the applicable Subsidiary’s purchase thereof or the date upon which such property was last security for Indebtedness of such Persons, including preparation of a “Phase I” report and, if appropriate, a “Phase II” report, in each case prepared by a recognized environmental engineer in accordance with customary standards which discloses that such property is not in violation of the representations and covenants set forth in this Agreement, unless such violation has been disclosed in writing to the Agent and remediation actions satisfactory to Agent are being taken. There are no unpaid or outstanding real estate or other taxes or assessments on or against any property of the Borrower, the other Obligors or their respective Subsidiaries which are delinquent. Except as set forth in Schedule 6.1(ee) hereto, there are no pending eminent domain proceedings against any property of the Borrower, the other Obligors or their respective Subsidiaries or any part thereof, and, to the knowledge of the Borrower, no such proceedings are presently threatened or contemplated by any taking authority which, in all such events, individually or in the aggregate have had or could reasonably be expected to have a Material Adverse Effect. None of the property of the Borrower, the other Obligors or their respective Subsidiaries is now damaged or injured as a result of any

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fire, explosion, accident, flood or other casualty in any manner which individually or in the aggregate has had or could reasonably be expected to have any Material Adverse Effect.

(ff)    No Event of Default. No Default or Event of Default has occurred and is continuing, or will occur after giving effect to the borrowing of the Loan.

(gg)    Subordination. None of the Borrower or any other Obligor is a party to or bound by any agreement, instrument or indenture that may require the subordination in right or time of payment of any of the Obligations to any other indebtedness or obligation of any of such Persons.

(hh)    Anti-Corruption Laws and Sanctions. The Borrower, its Subsidiaries and, to the knowledge of the Borrower, their respective officers, employees, directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of the Borrower, any Subsidiary or, to the knowledge of the Borrower, any of their respective directors, officers, employees or any agent of the Borrower or any Subsidiary that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person. No Loan or the use of proceeds of any Loan will violate any Anti-Corruption Law or applicable Sanctions.

Section 6.2 Survival of Representations and Warranties, Etc.

All statements contained in any certificate, financial statement or other instrument delivered by or on behalf of the Borrower, any other Obligor or any of their respective Subsidiaries to the Agent or any Lender pursuant to or in connection with this Agreement or any of the other Loan Documents (including, but not limited to, any such statement made in or in connection with any amendment thereto or any statement contained in any certificate, financial statement or other instrument delivered by or on behalf of the Borrower prior to the Effective Date and delivered to the Agent or any Lender in connection with closing the transactions contemplated hereby) shall constitute representations and warranties made by the Borrower under this Agreement. All representations and warranties made under this Agreement and the other Loan Documents shall be deemed to be made at and as of the Agreement Date, the Effective Date and the date of the occurrence of any Credit Event, except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and accurate on and as of such earlier date) and except for changes in factual circumstances specifically permitted hereunder. All such representations and warranties shall survive the effectiveness of this Agreement, the execution and delivery of the Loan Documents and the making of the Loans.

ARTICLE VII. AFFIRMATIVE COVENANTS

For so long as this Agreement and the Commitments are in effect and any Obligations are outstanding, unless the Requisite Lenders (or, if required pursuant to Section 12.6, all of the Lenders) shall otherwise consent in the manner provided for in Section 12.6, the Borrower shall comply with the following covenants:

Section 7.1 Preservation of Existence and Similar Matters.

Except as otherwise permitted under Section 9.7, the Borrower shall preserve and maintain, and cause each other Obligor and each Subsidiary of the Borrower or any other Obligor to preserve and maintain, their respective existence, rights, franchises, licenses and privileges in the jurisdiction of its incorporation or formation and qualify and remain qualified and authorized to do business in each jurisdiction in which it is organized, in each jurisdiction in which any Unencumbered Asset owned (or leased pursuant to an Eligible Ground Lease or Approved Bond Transaction) by it is located, and in each other jurisdiction in which the character of its properties or the nature of its business requires such qualification and authorization and where

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the failure to be so authorized and qualified could reasonably be expected to have a Material Adverse Effect. The Borrower shall, and shall cause the other Obligors and each Subsidiary of the Borrower or any other Obligor to, develop and implement such programs, policies and procedures as are necessary to comply with the Patriot Act and shall promptly advise Agent in writing in the event that any of such Persons shall determine that any investors in such Persons are in violation of such act.

Section 7.2 Compliance with Applicable Law and Contracts.

The Borrower shall comply, and cause each other Obligor and each Subsidiary of the Borrower or any other Obligor to comply, with (a) all Applicable Law, including the obtaining of all Governmental Approvals, (b) their respective Governing Documents, and (c) all mortgages, indentures, contracts, agreements and instruments to which it is a party or by which any of its properties may be bound, the failure, in any such event, with which to comply could reasonably be expected to have a Material Adverse Effect.

Section 7.3 Maintenance of Property.

In addition to the requirements of any of the other Loan Documents, the Borrower shall, and shall cause each other Obligor to, (a) protect and preserve all of its properties or cause to be protected and preserved, and maintain or cause to be maintained in good repair, working order and condition all tangible properties, ordinary wear and tear excepted, and (b)  make or cause to be made all needed and appropriate repairs, renewals, replacements and additions to such properties, so that the business carried on in connection therewith may be properly and advantageously conducted at all times. With respect to each Subsidiary of the Borrower and each Subsidiary of an Obligor, in addition to the requirements of any of the other Loan Documents, the Borrower shall cause each such Subsidiary to comply with clauses (a) and (b) above to the extent that the failure, in any such event, with which to comply could reasonably be expected to have a Material Adverse Effect on either the Borrower or the REIT Guarantor.

Section 7.4 Conduct of Business.

The Borrower shall at all times carry on, and cause the other Obligors and the Subsidiaries of the Borrower and the other Obligors to carry on, their respective businesses as now conducted and in accordance with Section 6.1(u).

Section 7.5 Insurance.

In addition to the requirements of any of the other Loan Documents, the Borrower shall, and shall cause each other Obligor and each Subsidiary of the Borrower and each other Obligor to, maintain or cause to be maintained commercially reasonable insurance with financially sound and reputable insurance companies covering such Persons and their respective properties in such amounts and against such risks and casualties as are customary for Persons or properties of similar character and location, due regard being given to the type of improvements thereon, their construction, location, use and occupancy, and from time to time deliver to the Agent or any Lender upon its request a detailed list stating the names of the insurance companies, the amounts and rates of the insurance, the dates of the expiration thereof and the properties and risks covered thereby, together with copies of all policies or certificates of the insurance then in effect.

Section 7.6 Payment of Taxes and Claims.

The Borrower shall, and shall cause each other Obligor to, pay and discharge or cause to be paid and discharged when due (a) all taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits or upon any properties belonging to it, and (b) all lawful claims of materialmen, mechanics, carriers, warehousemen and landlords for labor, materials, supplies and rentals which, if unpaid,

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might become a Lien on any properties of such Person; provided, however, that this Section shall not require the payment or discharge of any such tax, assessment, charge, levy or claim which is being contested in good faith by appropriate proceedings which operate to suspend the collection thereof and for which adequate reserves have been established on the books of such Person, in accordance with GAAP; providedfurther that upon the commencement of proceedings to foreclose any Lien that may have attached as security therefor, such Person either (A) will provide a bond or other security sufficient under applicable law to stay all such proceedings or (B) if no such bond is provided, will pay each such tax, assessment, governmental charge, levy or claim. With respect to each Subsidiary of the Borrower and each Subsidiary of an Obligor, the Borrower shall cause each such Subsidiary to pay, discharge or cause to be paid and discharged when due the items set forth in clauses (a) and (b) above subject to the provisos contained therein and where the failure to make such payments or cause such payments to be made could reasonably be expected to have a Material Adverse Effect on either the Borrower or the REIT Guarantor.

Section 7.7 Visits and Inspections.

The Borrower shall, and shall cause each other Obligor and each Subsidiary of the Borrower and each other Obligor to, permit representatives or agents of any Lender or the Agent, from time to time, as often as may be reasonably requested, but only during normal business hours and at the expense of such Lender or the Agent(unless a Default or Event of Default shall be continuing, in which case the exercise by the Agent or such Lender of its rights under this Section shall be at the expense of the Borrower), as the case may be, to: (a) visit and inspect all properties of the Borrower, such Subsidiary or other Obligor (but subject to the rights of tenants under their leases) to the extent any such right to visit or inspect is within the control of such Person; (b) inspect and make extracts from their respective books and records, including but not limited to management letters prepared by independent accountants; and (c) discuss with its principal officers, and its independent accountants, its business, properties, condition (financial or otherwise), results of operations and performance. If requested by the Agent, the Borrower shall execute an authorization letter addressed to its accountants authorizing the Agent or any Lender to discuss the financial affairs of the Borrower, any other Obligor or any Subsidiary of Borrower or any other Obligor with its accountants.

Section 7.8 Use of Proceeds.

The Borrower shall use the proceeds of all Loans for general corporate and working capital purposes only. The Borrower shall not, and shall not permit any other Obligor or any Subsidiary of Borrower or any other Obligor to, use any part of such proceeds to purchase or carry, or to reduce or retire or refinance any credit incurred to purchase or carry, any margin stock (within the meaning of Regulations T, U or X of the Board of Governors of the Federal Reserve System) or to extend credit to others for the purpose of purchasing or carrying any such margin stock. The Borrower will not request any Loan, and the Borrower shall not use, and shall procure that its Subsidiaries shall not use, the proceeds of any Loan (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, or (C) in any manner that would violate any Sanctions applicable to the Borrower or its Subsidiaries.

Section 7.9 Environmental Matters.

The Borrower shall, and shall cause all other Obligors and each Subsidiary of the Borrower and each other Obligor to, comply or cause to be complied with, all Environmental Laws in all material respects; provided, however, that with respect to each Subsidiary of the Borrower and each Subsidiary of an Obligor, the failure, in any such event, with which to comply could reasonably be expected to have a Material Adverse Effect on either the Borrower or the REIT Guarantor. If the Borrower, any other Obligor or any Subsidiary

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of the Borrower or any other Obligor shall (a) receive written notice that any material violation of any Environmental Law may have been committed or is about to be committed by such Person, (b) receive written notice that any administrative or judicial complaint or order has been filed or is about to be filed against the Borrower, or any other Obligor or any of their respective Subsidiaries alleging material violations of any Environmental Law or requiring the Borrower, any other Obligor or any of their respective Subsidiaries to take any action in connection with the release of Hazardous Materials, or (c) receive any written notice from a Governmental Authority or private party alleging that the Borrower, any other Obligor or any of their respective Subsidiaries may be liable or responsible for costs associated with a response to or cleanup of a release of Hazardous Materials or any damages caused thereby individually or in the aggregate in excess of $10,000,000, the Borrower shall provide the Agent and each Lender with a copy of such notice within thirty (30) days after the receipt thereof by such Person. The Borrower shall, and shall cause the other Obligors and each Subsidiary of the Borrower or any other Obligor to, take or cause to be taken promptly all actions necessary to prevent the imposition of any Liens on any of their respective properties arising out of or related to any Environmental Laws; provided, however, that if any such Lien arises due to the acts or omissions of third parties and such Lien (x) together with all other such Liens then in existence, could not reasonably be expected to have a Material Adverse Effect, (y) does not relate to any Unencumbered Asset, or (z) has not resulted in foreclosure proceedings with respect to the property in question, the Borrower may pursue claims against such third parties prior to removing such Lien.

Section 7.10 Books and Records.

The Borrower shall, and shall cause each of the other Obligors and each Subsidiary of the Borrower or any other Obligor to, maintain true and accurate books and records pertaining to their respective business operations in which full, true and correct entries will be made in accordance with GAAP. The Borrower shall, and shall cause each of the Obligors and their respective Subsidiaries to, maintain its current accounting procedures unless approved by the Agent.

Section 7.11 Further Assurances.

The Borrower shall, at the Borrower’s cost and expense and upon request of the Agent, execute and deliver or cause to be executed and delivered, to the Agent such further instruments, documents and certificates, and do and cause to be done such further acts that may be reasonably necessary or advisable in the reasonable opinion of the Agent to carry out more effectively the provisions and purposes of this Agreement and the other Loan Documents.

Section 7.12 Guarantors.

(a)Subsidiary Guarantors.    If any Subsidiary of the Borrower that is not a Guarantor becomes the owner or ground-lessee of a Property that satisfies the requirements to be an Unencumbered Asset except for the requirements for a Qualified Subsidiary set forth in clause (h) of the definition of “Unencumbered Asset” in Section 1.1, then the Borrower may cause such Subsidiary to become a Guarantor by delivering to the Agent each of the following items so that such Property may qualify as an Unencumbered Asset, each in form and substance satisfactory to the Agent: (i) a Joinder Agreement executed by such Subsidiary and (ii) the items that would have been delivered under Sections 5.1(a)(iv) through (viii) if such Subsidiary had been a Guarantor on the Effective Date. Additionally, in the event that any Subsidiary of the Borrower or the REIT Guarantor, whether presently existing or hereafter formed or acquired, which is not a Guarantor at such time, shall after the date hereof become a guarantor under the Borrower’s Senior Notes due 2018 or any other existing or future Unsecured Debt of the Borrower or any other Obligor in excess of $35,000,000, then the Borrower shall cause such Subsidiary to execute and deliver the items described in this Section 7.12(a).

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(b)Release of a Guarantor.    The Borrower may request in writing that the Agent release, and upon receipt of such request the Agent shall release, the applicable Guarantor from the Guaranty so long as: (i) such Guarantor is not otherwise required to be a party to the Guaranty under this Section 7.12; (ii) no Default or Event of Default shall then be in existence or would occur as a result of such release; (iii) the Agent shall have received such written request at least ten (10) Business Days prior to the requested date of release; and (iv) such Guarantor does not guaranty the Borrower’s Senior Notes due 2018 or any other existing Unsecured Debt of the Borrower or any other Obligor in excess of $35,000,000. Delivery by the Borrower to the Agent of any such request for a release shall constitute a representation by the Borrower that the matters set forth in the preceding sentence (both as of the date of the giving of such request and as of the date of the effectiveness of such request) are true and correct with respect to such request. Notwithstanding the foregoing, the foregoing provisions shall not apply to the REIT Guarantor, which may only be released upon the prior written consent of Agent and all of the Lenders. Concurrently with any request by the Borrower to release any Guarantor from its Guaranty, the Borrower shall deliver to the Agent a pro forma Compliance Certificate giving effect to the release of the Guarantor from the Guaranty and, if applicable, the removal of the assets of such Guarantor from the calculation of Unencumbered Asset Value, which Compliance Certificate shall show continued compliance with each of the covenants contained in Sections 9.1 through 9.3, 9.6 and 9.14.

Section 7.13 REIT Status.

The Borrower shall cause REIT Guarantor to at all times maintain its status as, and elect to receive status as, a REIT.

Section 7.14 Distribution of Income to the Borrower.

The Borrower shall cause all of its Wholly-Owned Subsidiaries to promptly distribute to the Borrower (but not less frequently than once each fiscal quarter of the Borrower unless otherwise approved by the Agent), whether in the form of dividends, distributions or otherwise, all profits, proceeds or other income relating to or arising from such Subsidiaries’ use, operation, financing, refinancing, sale or other disposition of their respective assets and properties after (a) the payment by each such Subsidiary of its debt service, operating expenses and other obligations for such quarter and (b) payment, or the establishment of reasonable reserves for the payment, of operating expenses and other obligations not paid on at least a quarterly basis and capital improvements and repairs (including tenant improvements) to be made to such Subsidiary’s assets and properties pursuant to leases, Secured Debt or required by law or otherwise approved by such Subsidiary in the ordinary course of business consistent with prudent business practices, (c) funding of reserves required by the terms of any Secured Debt encumbering property of the Subsidiary, including, without limitation, any lockbox, “cash-trap” or similar restriction on distribution of cash flow from such Subsidiary’s assets and properties; (d) payment or establishment of reserves for payment to minority equity interest holders of amounts required to be paid in respect of such equity interest; (e) payment of closing costs relating to the acquisition, financing, refinancing or disposition of such Subsidiary’s assets and properties; and (f) payments in reduction or extinguishment of Secured Debt of such Subsidiary, including, without limitation, balances due at maturity, or upon the refinancing, of such Secured Debt or upon the sale of such Subsidiary; unless such distribution is prohibited by the terms of any Secured Debt so long as such prohibition applies only to the Subsidiary obligated on such Secured Debt.

Section 7.15 Reporting Company.

The Borrower shall cause the REIT Guarantor to maintain its status as a reporting company pursuant to the Securities Exchange Act of 1934.

Section 7.16 Maintenance of Rating.

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The Borrower shall maintain Ratings from each of S&P and Moody’s; provided that if the Rating obtained from such Rating Agency is a private letter rating that is not monitored and automatically updated by such Rating Agency, then the Borrower shall obtain an annual update of such Rating on or before each anniversary of the Effective Date.

ARTICLE VIII. INFORMATION

For so long as this Agreement and the Commitments are in effect and any Obligations are outstanding, unless the Requisite Lenders (or, if required pursuant to Section 12.6, all of the Lenders) shall otherwise consent in the manner set forth in Section 12.6, the Borrower shall furnish to each Lender (or to the Agent if so provided below) at its Lending Office:

Section 8.1 Quarterly Financial Statements.

As soon as available and in any event not later than the first to occur of (a) the date that is five (5) days following the filing of the REIT Guarantor’s 10‑Q Report with the Securities and Exchange Commission and (b) the date that is fifty (50) days after the close of each of the first, second and third calendar quarters of the REIT Guarantor, the unaudited consolidated balance sheet of the REIT Guarantor and its Subsidiaries as at the end of such period and the related unaudited consolidated statements of income, shareholders’ equity and cash flows of the REIT Guarantor and its Subsidiaries for such period, setting forth in each case in comparative form the figures as of the end of and for the corresponding periods of the previous calendar year, all of which shall be certified by a Responsible Officer of the REIT Guarantor, in his or her opinion, to present fairly, in accordance with GAAP as then in effect, the consolidated financial position of the REIT Guarantor and its Subsidiaries as at the date thereof and the results of operations for such period (subject to normal year-end audit adjustments). Together with such financial statements, the Borrower and the REIT Guarantor shall deliver reports, in form and detail satisfactory to the Agent, setting forth (i) all capital expenditures made during the calendar quarter then ended; (ii) a description of all Properties acquired during such calendar quarter, including the Net Operating Income of each such Property, acquisition costs and related mortgage debt; (iii) a description of all Properties sold during the calendar quarter then ended, including the Net Operating Income from such Properties and the sales price; (iv) a statement of the Net Operating Income contribution by each Property for the preceding calendar quarter; and (v) a listing of summary information for all Unencumbered Assets including, without limitation, the Net Operating Income of each Property (not addressed in clause (ii) or (iii) above), square footage, property type, date acquired or built with respect to each Property included as an Unencumbered Asset in form and substance reasonably satisfactory to the Agent. At the time the financial statements are required to be furnished at the close of the second calendar quarter of the REIT Guarantor, the Borrower shall furnish to the Agent pro forma quarterly financial information for the REIT Guarantor and its Subsidiaries for the next two (2) calendar quarters, including pro forma covenant calculations.

Section 8.2 Year-End Statements.

As soon as available and in any event not later than the first to occur of (a) the date that is five (5) days following the filing of the REIT Guarantor’s 10-K Report with the Securities and Exchange Commission and (b) the date that is ninety (90) days after the end of each respective calendar year of the REIT Guarantor and its Subsidiaries, the auditedconsolidated balance sheet of the REIT Guarantor and its Subsidiaries as at the end of such calendar year and the related audited consolidated statements of income, shareholders’ equity and cash flows of the REIT Guarantor and its Subsidiaries for such calendar year, setting forth in comparative form the figures as at the end of and for the previous calendar year, all of which shall be certified by (i) a Responsible Officer of the REIT Guarantor, in his or her opinion, to present fairly, in accordance with GAAP as then in effect, the consolidated financial position of REIT Guarantor and its Subsidiaries as at the date

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thereof and the results of operations for such period, and (ii) independent certified public accountants of recognized national standing acceptable to the Agent, whose certificate shall be unqualified and in scope and substance satisfactory to the Agent and who shall have authorized the REIT Guarantor to deliver such financial statements and certification thereof to the Agent and the Lenders pursuant to this Agreement. Together with such financial statements, the REIT Guarantor shall deliver a written statement from such accountants to the effect that they have read a copy of this Agreement and the Guaranty, and that in making the examination necessary to such certification, they have obtained no knowledge of any Default of Event of Default, or if such accountants shall have obtained knowledge of any then existing Default or Event of Default they shall disclose in such statement any such Default or Event of Default; provided that such accountants shall not be liable to Agent or the Lenders should they fail to obtain knowledge of any Default or Event of Default. In addition, the REIT Guarantor shall deliver with such year-end statements the reports described in Section 8.1(i)-(iv) together with pro forma quarterly financial information for the REIT Guarantor and its Subsidiaries for the next four (4) calendar quarters, including pro forma covenant calculations, EBITDA, sources and uses of funds, capital expenditures, Net Operating Income for the Properties, and other income and expenses.

Section 8.3 Compliance Certificate.

At the time financial statements are required to be furnished pursuant to Sections 8.1 and 8.2 and within ten (10) Business Days of the Agent’s request with respect to any other fiscal period, a certificate substantially in the form of Exhibit K (a “Compliance Certificate”) executed by a Responsible Officer of the REIT Guarantor: (a) setting forth in reasonable detail as at the end of such quarterly accounting period, calendar year, or other fiscal period, as the case may be, the calculations required to establish whether or not the Borrowerand the REIT Guarantor are in compliance with the covenants contained in Sections 9.1 through 9.3, 9.6 and 9.14; and (b) stating that no Default or Event of Default exists, or, if such is not the case, specifying such Default or Event of Default and its nature, when it occurred, whether it is continuing and the steps being taken by the Borrower and/or the REIT Guarantor with respect to such event, condition or failure. With each Compliance Certificate, Borrower shall also deliver a certificate (an “Unencumbered Asset Certificate”) executed by the chief financial officer of the REIT Guarantor that: (i) sets forth a list of all Unencumbered Assets together with a calculation of the Unencumbered Asset Value; and (ii) certifies that (A) all Unencumbered Assets so listed fully qualify as such under the applicable criteria for inclusion as Unencumbered Assets, and (B) all acquisitions, dispositions or other removals of Unencumbered Assets completed during such quarterly accounting period, calendar year, or other fiscal period were permitted under this Agreement, and (C) the acquisition cost or principal balance of any Unencumbered Assets, as applicable, acquired during such period and any other information that Agent may reasonably require to determine the Unencumbered Asset Value of such Unencumbered Asset, and the Unencumbered Asset Value of any Unencumbered Assets removed during such period. In addition, with each such Compliance Certificate, the Borrower shall deliver the following information: (x) a development schedule of the announced development pipeline, including for each announced development project, the project name and location, the square footage to be developed, the expected construction start date, the expected date of delivery, the expected stabilization date and the total anticipated cost; and (y) a copy of all management reports, if any, submitted to the Borrower or the REIT Guarantor or its management by its independent public accountants.

Section 8.4 Other Information.

(a)Securities Filings. Within five (5) Business Days of the filing thereof, written notice and a listing of all registration statements, reports on Forms 10-K, 10-Q and 8-K (or their equivalents) and all other periodic reports which the Borrower, any other Obligor or any of their respective Subsidiaries shall file with the Securities and Exchange Commission (or any Governmental Authority substituted therefor) or any national securities exchange;

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(b)Shareholder Information. Promptly upon the mailing thereof to the shareholders of the REIT Guarantor, copies of all financial statements, reports and proxy statements so mailed and promptly upon the issuance thereof copies of all press releases issued by the Borrower, any other Obligor or any of their respective Subsidiaries, in each case to the extent not otherwise publicly available;

(c)ERISA. If and when any member of the ERISA Group (i) gives or is required to give notice to the PBGC of any “reportable event” (as defined in Section 4043 of ERISA) with respect to any Plan which might constitute grounds for a termination of such Plan under Title IV of ERISA, or knows that the plan administrator of any Plan has given or is required to give notice of any such reportable event, a copy of the notice of such reportable event given or required to be given to the PBGC; (ii) receives notice of complete or partial withdrawal liability under Title IV of ERISA or notice that any Multiemployer Plan is in reorganization, is insolvent or has been terminated, a copy of such notice; (iii) receives notice from the PBGC under Title IV of ERISA of an intent to terminate, impose liability (other than for premiums under Section 4007 of ERISA) in respect of, or appoint a trustee to administer any Plan, a copy of such notice; (iv) applies for a waiver of the minimum funding standard under Section 412 of the Internal Revenue Code, a copy of such application; (v) gives notice of intent to terminate any Plan under Section 4041(c) of ERISA, a copy of such notice and other information filed with the PBGC; (vi) gives notice of withdrawal from any Plan pursuant to Section 4063 of ERISA, a copy of such notice; or (vii) fails to make any payment or contribution to any Plan or Multiemployer Plan or in respect of any Benefit Arrangement or makes any amendment to any Plan or Benefit Arrangement which has resulted or could result in the imposition of a Lien or the posting of a bond or other security, a certificate of the chief financial officer of the REIT Guarantor setting forth details as to such occurrence and the action, if any, which the Borrower or applicable member of the ERISA Group is required or proposes to take;

(d)Litigation. To the extent the Borrower, any other Obligor or any of their respective Subsidiaries is aware of the same, prompt notice of the commencement of any proceeding or investigation by or before any Governmental Authority and any action or proceeding in any court or other tribunal or before any arbitrator against or in any other way relating adversely to, or adversely affecting, the Borrower, any other Obligor, any of their respective Subsidiaries or any of their respective properties, assets or businesses which involve claims individually or in the aggregate in excess of $5,000,000, and prompt notice of the receipt of notice that any United States income tax returns of the Borrower, any other Obligor, or any of their respective Subsidiaries are being audited;

(e)Modification of Governing Documents. A copy of any amendment to a Governing Document of the Borrower or any other Obligor promptly upon, and in any event within fifteen (15) Business Days of, the effectiveness thereof;

(f)Change of Management or Financial Condition. Prompt notice of any change in the business, assets, liabilities, financial condition, results of operations or business prospects of the Borrower, any other Obligor, or any of their respective Subsidiaries which has had or could reasonably be expected to have a Material Adverse Effect, or any other event or circumstance which has had or could reasonably be expected to have a Material Adverse Effect;

(g)Default. Notice of the occurrence of any of the following promptly upon a Responsible Officer obtaining knowledge thereof: (i) any Default or Event of Default (which notice shall state that it is a “notice of default” for the purposes of Section 11.3 below) or (ii) any event which constitutes or which with the passage of time, the giving of notice, or otherwise, would constitute a default or event of default by the Borrower, any other Obligor, or any of their respective Subsidiaries under any (x) Indebtedness (other than Nonrecourse Indebtedness) of such Person individually or in the aggregate in excess of $10,000,000 or (y) Nonrecourse Indebtedness of such Person individually or in the aggregate in excess of $20,000,000, or (z)

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Material Contract to which any such Person is a party or by which any such Person or any of its respective properties may be bound;

(h)Judgments. Prompt notice of any order, judgment or decree in excess of $10,000,000 (or, with respect to any Nonrecourse Indebtedness, $20,000,000) having been entered against the Borrower, any other Obligor, or any of their respective Subsidiaries or any of their respective properties or assets;

(i)Notice of Violations of Law. Prompt notice if the Borrower, any other Obligor, or any of their respective Subsidiaries shall receive any notification from any Governmental Authority alleging a violation of any Applicable Law or any inquiry which could reasonably be expected to have a Material Adverse Effect;

(j)Material Assets Sales. Prompt notice of the sale, transfer or other disposition of any material assets of the Borrower, any other Obligor, or any of their respective Subsidiaries to any Person other than the Borrower, any other Obligor, or any of their respective Subsidiaries;

(k)Material Contracts. Promptly upon (i) entering into any Material Contract after the Agreement Date, a copy to the Agent of such Material Contract, together with a copy of all related or ancillary documentation and (ii) the giving or receipt thereof by the Borrower, any other Obligor, or any of their respective Subsidiaries notice alleging that any party to any Material Contract is in default of its obligations thereunder; and

(l)Other Information. From time to time and promptly upon each request, such data, certificates, reports, statements, documents or further information regarding the business, assets, liabilities, financial condition, results of operations or business prospects or updated projections of the Borrower, or any other Obligor or any of their respective Subsidiaries as the Agent or any Lender may reasonably request.

Section 8.5 Additions and Substitutions to and Removals From Unencumbered Assets.

Following the Effective Date, the Borrower may include one or more new Properties as an Unencumbered Asset or voluntarily exclude any Property or Properties as an Unencumbered Asset (including as a result of any financing sale, transfer or other disposition of any Unencumbered Asset), in each case, so long as the Borrower will be in compliance with each of the covenants contained in Sections 9.1 through 9.3, 9.6 and 9.14 on a pro-forma basis based upon the most recent financial statements available under either Section 8.1 or 8.2 after giving effect to such addition or removal of Properties as Unencumbered Assets.

ARTICLE IX. NEGATIVE COVENANTS

For so long as this Agreement and the Commitments are in effect and any Obligations are outstanding, unless the Requisite Lenders (or, if required pursuant to Section 12.6, all of the Lenders) shall otherwise consent in the manner set forth in Section 12.6, the REIT Guarantor or the Borrower, as applicable, shall comply with the following covenants:

Section 9.1 Financial Covenants.

The Borrower shall not permit, on a consolidated basis in accordance with GAAP, tested as at the end of each fiscal quarter:

(a)the Secured Debt to Total Asset Value Ratio to exceed forty percent (40%);

(b)the Fixed Charge Coverage Ratio to be less than 1.75:1.00;

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(c)the Debt to Total Asset Value Ratio to exceed fifty percent (50%);

(d)the Unencumbered Interest Coverage Ratio to be less than 2.0:1.0;

(e)the Unencumbered Asset Coverage Ratio to be less than 2.0:1.0;

(f)the Secured Recourse Debt to Total Asset Value Ratio to exceed ten percent (10%);

(g)Tangible Net Worth to be less than the sum of (i) $3,379,600,000 and (ii) seventy percent (70%) of the Gross Cash Proceeds of all Equity Issuances by REIT Guarantor or Borrower consummated after June 30, 2013 (other than Gross Cash Proceeds received contemporaneously with or within ninety (90) days after the redemption, retirement or repurchase of Equity Interests in Borrower or REIT Guarantor, subject to the restrictions on purchases or redemptions in Section 9.6, up to the amount paid by Borrower or REIT Guarantor in connection with such redemption, retirement or repurchase, where, for the avoidance of doubt, the net effect is that there shall not have been any increase in Shareholder Equity as a result of any such proceeds).

Section 9.2 Indebtedness.

The Borrower shall not, and shall not permit any other Obligor or any Subsidiary of Borrower or any other Obligor to, create, incur, assume, or permit or suffer to exist, or assume or guarantee, directly or indirectly, contingently or otherwise, or become or remain liable with respect to any Indebtedness other than the following:

(a)the Obligations;

(b)intercompany Indebtedness among the Borrower and its Wholly Owned Subsidiaries; provided, however, that the obligations of the Borrower and each Guarantor and Qualified Subsidiary that owns or leases an Unencumbered Asset in respect of such intercompany Indebtedness shall be subordinate to the Obligations;

(c)any other Indebtedness existing, created, incurred or assumed so long as immediately prior to the existence, creation, incurring or assumption thereof (other than with respect to any Indebtedness incurred for purposes of prepayment of other Indebtedness as permitted by the proviso in Section 9.12), and immediately thereafter and after giving effect thereto, no Default or Event of Default is or would be in existence, including without limitation, a Default or Event of Default resulting from a violation of any of the covenants contained in Section 9.1.

Section 9.3 [Reserved]

Section 9.4 [Reserved]

Section 9.5 Liens; Negative Pledges; Other Matters.

(a)The Borrower shall not, and shall not permit any other Obligor or any Subsidiary of the Borrower or any other Obligor to, create, assume, or incur any Lien (other than Permitted Liens) upon any of its properties, assets, income or profits of any character whether now owned or hereafter acquired if immediately prior to the creation, assumption or incurring of such Lien, or immediately thereafter, a Default or Event of Default is or would be in existence, including without limitation, a Default or Event of Default resulting from a violation of any of the covenants contained in Section 9.1; provided, however, that nothing contained in this Section 9.5 shall prohibit the refinancing of Secured Debt of the Borrower, any other Obligor

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or any of their respective Subsidiaries in the event an Event of Default is then in existence so long as such refinancing (i) is otherwise permitted under this Agreement and (ii) will not create any additional, or exacerbate any existing, Default or Event of Default.

(b)The Borrower shall not, and shall not permit any other Obligor or any Subsidiary of the Borrower or any other Obligor to, enter into, assume or otherwise be bound by any Negative Pledge except for a Negative Pledge contained in (i) any agreement (A) evidencing Indebtedness which the Borrower or such Subsidiary or Obligor may create, incur, assume, or permit or suffer to exist under Section 9.2, (B) which Indebtedness is secured by a Lien permitted to exist pursuant to this Agreement, and (C) which prohibits the creation of any other Lien on only the property securing such Indebtedness as of the date such agreement was entered into; or (ii) a Governing Document of a Non-Wholly Owned Subsidiary which requires consent to, or places limitations on, the imposition of Liens on such Subsidiary’s assets or properties.

(c)The Borrower shall not, and shall not permit any other Obligor or any Subsidiary of the Borrower or any other Obligor to, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction (other than pursuant to the Loan Documents) of any kind on (i) the ability of the Borrower, any other Obligor or any Subsidiary of the Borrower or any other Obligor to: (A) pay dividends or make any other distribution on any of such Person’s capital stock or other equity interests owned by the Borrower, any other Obligor, or any of their respective Subsidiaries, (B) pay any Indebtedness owed to the Borrower, any other Obligor, or any of their respective Subsidiaries, (C) make loans or advances to the Borrower, any other Obligor, or any of their respective Subsidiaries, or (D) transfer any of its property or assets to the Borrower, any Obligor, or any of their respective Subsidiaries, other than any such restrictions described in this subpart (i) which are contained in (x) agreements evidencing Secured Debt and which relate solely to the assets pledged as collateral security for such Secured Debt or (y) any Governing Document of a Non-Wholly Owned Subsidiary and which relate solely to such Subsidiary (other than any such Subsidiary that owns, in whole or in part, any Unencumbered Asset), or (ii) the ability of the Borrower or any other Obligor to amend this Agreement or pledge the Unencumbered Assets as security for the Obligations.

Section 9.6 Restricted Payments; Stock Repurchases. If a Default or Event of Default shall have occurred and be continuing, then neither the Borrower nor the REIT Guarantor shall make any Restricted Payments to any Person whatsoever without the prior written consent of the Requisite Lenders other than cash distributions by the Borrower to its partners (and corresponding distributions by the REIT Guarantor to its shareholders) in a minimum amount required in order for the REIT Guarantor to maintain its status as a REIT, as set forth in a certification to Agent from the chief financial officer of the REIT Guarantor; provided that the Borrower shall not make any Restricted Payments to any Person whatsoever if a Default or an Event of Default of the type described in Section 10.1(a), (b), (f) or (g) shall have occurred and be continuing or would result therefrom.

Section 9.7 Merger, Consolidation, Sales of Assets and Other Arrangements.

(a)The Borrower shall not, and shall not permit any other Obligor or any Subsidiary of Borrower or any other Obligor to: (i) enter into any transaction of merger, consolidation, reorganization or other business combination; (ii) liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution); or (iii) convey, sell, lease, sublease, transfer or otherwise dispose of, in one transaction or a series of transactions, all or any substantial part of its business or assets, whether now owned or hereafter acquired, or discontinue or eliminate any business line or segment (any such event described in clause (iii), a “Sale”); provided, however, that a Person may merge with the Borrower or any of its Subsidiaries, so long as (i) such Person was organized under the laws of the United States of America or one of its states; (ii) if such merger involves the Borrower, the Borrower is the survivor of such merger; (iii) if such merger involves a Subsidiary of the Borrower that is a Guarantor, subject to Section 9.7(b)(ii), such Subsidiary is the survivor of such merger; (iv) immediately

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prior to such merger, and immediately thereafter and after giving effect thereto, no Default or Event of Default is or would be in existence; (v) the Borrower shall have given the Agent and the Lenders at least ten (10) Business Days’ prior written notice of such merger (except that such prior notice shall not be required in the case of the merger of a Subsidiary of the Borrower with and into the Borrower); (vi) such merger is completed as a result of negotiations with the approval of the board of directors or similar body of such Person and is not a so called “hostile takeover”; (vii) following such merger, the Borrower and its Subsidiaries will continue to be engaged solely in the business of the ownership, development, management and investment in real estate; and (viii) such merger, together with all other mergers permitted by this Section 9.7 and consummated in the same fiscal year as such merger, shall not increase the Total Asset Value by more than twenty-five percent (25%) of the Total Asset Value as of the end of the previous fiscal year.

(b)The Borrower shall not, and shall not permit any other Obligor or any Subsidiary of Borrower or any other Obligor to, sell, dispose of or transfer any Property or other assets if a Default or an Event of Default has occurred and is continuing, or would occur as a result of such transaction.

Section 9.8 Fiscal Year. Neither the Borrower nor the REIT Guarantor shall change its fiscal year from that in effect as of the Agreement Date without the Agent’s prior written consent.

Section 9.9 Modifications to Certain Agreements.

The Borrower shall not, and shall not permit any other Obligor or any Subsidiary of the Borrower or any other Obligor to, enter into any amendment or modification to any Material Contract which could reasonably be expected to have a Material Adverse Effect without the Agent’s prior written consent.

Section 9.10 Transactions with Affiliates.

The Borrower shall not, and shall not permit any other Obligor or any Subsidiary of the Borrower or any other Obligor to, permit to exist or enter into, any transaction (including the purchase, sale, lease or exchange of any property or the rendering of any service) with any Affiliate (but not including any Subsidiary of the Borrower), except transactions in the ordinary course of and pursuant to the reasonable requirements of the business of such Person and upon fair and reasonable terms which are no less favorable to such Person than would be obtained in a comparable arm’s length transaction with a Person that is not an Affiliate.

Section 9.11 ERISA Exemptions.

The Borrower shall not, and shall not permit any other Obligor or any Subsidiary of the Borrower or any other Obligor to, permit any of its respective assets to become or be deemed to be “plan assets” within the meaning of ERISA, the Internal Revenue Code and the respective regulations promulgated thereunder.

Section 9.12 Restriction on Prepayment of Indebtedness.

Without the prior written consent of the Agent, neither the Borrower, any other Obligor, nor any Subsidiary of the Borrower or any other Obligor shall prepay, redeem or purchase the principal amount, in whole or in part, of any Indebtedness other than the Obligations and the “Obligations” under the Revolving Credit Agreement and the Existing Term Loan Agreement after the occurrence of any Event of Default; provided, however, that this Section 9.12 shall not prohibit the prepayment of Indebtedness which is financed solely from the proceeds of a new loan which would otherwise be permitted by the terms of this Agreement.

Section 9.13 Modifications to Governing Documents.

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The Borrower shall not, and shall not permit any other Obligor or any Subsidiary of the Borrower or any other Obligor to enter into any amendment or modification of any Governing Document of the Borrower, such Subsidiary, or such Obligor which would have a Material Adverse Effect without the Agent’s prior written consent.

Section 9.14 Occupancy of Unencumbered Assets.

The Unencumbered Assets that are Properties (excluding those Unencumbered Assets which are Development Properties) shall consist solely of Properties which have an aggregate occupancy level for the preceding calendar quarter of tenants in possession and paying rent (not more than sixty (60) days past due), or subject to free rent for periods of ninety (90) days or less, and which are not otherwise in default in any material manner under their respective leases, of at least eighty percent (80%) of the aggregate rentable area within such Unencumbered Assets. In the event of a breach or violation of this Section 9.14, such breach or violation shall not be an Event of Default so long as the Borrower immediately notifies the Agent thereof and, within thirty (30) days of receipt of such notice by the Agent (subject to extension for up to an additional thirty (30) days by the Agent in its sole and absolute discretion), the Borrower adds, substitutes or removes one or more Properties as an Unencumbered Asset such that immediately following such addition, substitution or removal, the occupancy level required by this Section 9.14 is satisfied.

ARTICLE X. DEFAULT

Section 10.1 Events of Default.

Each of the following shall constitute an Event of Default, whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of Applicable Law or pursuant to any judgment or order of any Governmental Authority:

(a)Default in Payment of Principal. The Borrower shall fail to pay when due (whether at maturity, by reason of acceleration or otherwise) the principal of any of the Loans.

(b)Default in Payment of Interest and Other Obligations. The Borrower shall fail to pay when due any interest on any of the Loans or any of the other payment Obligations owing by the Borrower under this Agreement or any other Loan Document, or any other Obligor shall fail to pay when due any payment Obligation owing by such other Obligor under any Loan Document to which it is a party, and such failure shall continue for a period of three (3) Business Days from the date such payment was due.

(c)Default in Performance. (i) The Borrower shall fail to perform or observe any term, covenant, condition or agreement contained in Section 7.1 (with respect to the existence of the REIT Guarantor and the Borrower), 7.8, 7.12, 7.13 or 8.3 or in Article IX, or (ii) the Borrower or any other Obligor shall fail to perform or observe any term, covenant, condition or agreement contained in this Agreement or any other Loan Document to which it is a party and not otherwise mentioned in this Section and such failure under this Section 10.1(c)(ii) shall continue for a period of thirty (30) days after the date upon which the Borrower has received written notice of such failure from the Agent.

(d)Misrepresentations. Any written statement, representation or warranty made or deemed made by or on behalf of the Borrower or any other Obligor under this Agreement or under any other Loan Document, or any amendment hereto or thereto, or in any other writing or statement at any time furnished or made or deemed made by or on behalf of the Borrower or any other Obligor to the Agent or any Lender, shall at any time prove to have been incorrect or misleading (and without regard to any qualifications limiting such representations to knowledge or belief), in light of the circumstances in which made or deemed made, in any

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material respect (or, in the case of any representation, warranty or statement qualified by materiality, in any respect) when furnished or made or deemed made.

(e)Indebtedness Cross-Default.

(i)The Borrower, any other Obligor, or any of their respective Subsidiaries shall fail to pay when due and payable, the principal of, or interest on, any Indebtedness or obligations under Derivative Contracts (other than (A) the Obligations and (B) Nonrecourse Indebtedness) having an aggregate outstanding principal amount (or, in the case of any Derivatives Contract, the marked to market value of such Derivative Contract if the Borrower is out of the money) greater than or equal to $50,000,000 (all such Indebtedness or obligations under Derivative Contracts being “Material Indebtedness”); or

(ii)(x) The maturity of any Material Indebtedness shall have been accelerated in accordance with the provisions of any indenture, contract or instrument evidencing, providing for the creation of or otherwise concerning such Material Indebtedness or (y) any Material Indebtedness shall have been required to be prepaid, redeemed, defeased or repurchased prior to the stated maturity thereof (which for the purposes hereof shall include any termination event or other event resulting in the settling of payments due under a Derivative Contract); or

(iii)Any other event shall have occurred and be continuing which would permit any holder or holders of Material Indebtedness, any trustee or agent acting on behalf of such holder or holders or any other Person, to accelerate the maturity of any such Material Indebtedness or require any such Material Indebtedness to be prepaid or repurchased prior to its stated maturity (which for the purposes hereof shall include any termination event or other event resulting in the settling of payments due under a Derivative Contract).

(f)Voluntary Bankruptcy Proceeding. The Borrower, any other Obligor, or any of their respective Subsidiaries shall: (i) commence a voluntary case under the Bankruptcy Code, or other federal bankruptcy laws (as now or hereafter in effect); (ii) file a petition seeking to take advantage of any other Applicable Laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding‑up, or composition or adjustment of debts; (iii) consent to, or fail to contest in a timely and appropriate manner, any petition filed against it in an involuntary case under such bankruptcy laws or other Applicable Laws or consent to any proceeding or action described in the immediately following subsection; (iv) apply for or consent to, or fail to contest in a timely and appropriate manner, the appointment of, or the taking of possession by, a receiver, custodian, trustee, or liquidator of itself or of a substantial part of its property, domestic or foreign; (v) admit in writing its inability to pay its debts as they become due; (vi) make a general assignment for the benefit of creditors; (vii) make a conveyance fraudulent as to creditors under any Applicable Law; or (viii) take any corporate or partnership action for the purpose of effecting any of the foregoing; provided, however, that the events described in this Section 10.1(f) as to any Subsidiary of any Obligor that is not also an Obligor shall not constitute an Event of Default unless more than $50,000,000 of the Total Asset Value is attributable to (x) such Subsidiary(ies) and (y) any other Subsidiary(ies) which is/are the subject of an Event of Default under Section 10.1(g).

(g)Involuntary Bankruptcy Proceeding. A case or other proceeding shall be commenced against Borrower, any other Obligor or any of their respective Subsidiaries in any court of competent jurisdiction seeking: (i) relief under the Bankruptcy Code, or other federal bankruptcy laws (as now or hereafter in effect) or under any other Applicable Laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts; or (ii) the appointment of a trustee, receiver, custodian,

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liquidator or the like of such Person, or of all or any substantial part of the assets, domestic or foreign, of such Person, and such case or proceeding shall continue undismissed or unstayed for a period of sixty (60) consecutive calendar days, or an order granting the remedy or other relief requested in such case or proceeding against such Person (including, but not limited to, an order for relief under such Bankruptcy Code or such other federal bankruptcy laws) shall be entered; provided, however, that the events described in this Section 10.1(g) as to any Subsidiary of any Obligor that is not also an Obligor shall not constitute an Event of Default unless more than $50,000,000 of the Total Asset Value is attributable to (x) such Subsidiary(ies) and (y) any other Subsidiary(ies) which is/are the subject of an Event of Default under Section 10.1(f).

(h)Litigation; Enforceability. The Borrower or any other Obligor shall disavow, revoke or terminate (or attempt to terminate) any Loan Document to which it is a party or shall otherwise challenge or contest in any action, suit or proceeding in any court or before any Governmental Authority the validity or enforceability of this Agreement, any Note or any other Loan Document or this Agreement, any Note, the Guaranty or any other Loan Document shall cease to be in full force and effect (except as a result of the express terms thereof).

(i)Judgment. A judgment or order for the payment of money or for an injunction shall be entered against the Borrower, any other Obligor, or any of their respective Subsidiaries by any court or other tribunal and (i) such judgment or order shall continue for a period of thirty (30) days without being paid, stayed or dismissed through appropriate appellate proceedings, and (ii) either (A) the amount of such judgment or order for which insurance has not been acknowledged in writing by the applicable insurance carrier (or the amount as to which the insurer has denied liability) exceeds, individually or together with all other such outstanding judgments or orders entered against the Borrower, such other Obligor or such Subsidiary, $30,000,000 (excluding any judgment or order with respect to any Nonrecourse Indebtedness), or (B) in the case of an injunction or other non-monetary judgment, such judgment could reasonably be expected to have a Material Adverse Effect.

(j)Attachment. A warrant, writ of attachment, execution or similar process shall be issued against any property of the Borrower, any other Obligor, or any of their respective Subsidiaries which exceeds, individually or together with all other such warrants, writs, executions and processes for the Borrower, such Obligor or such Subsidiary, $30,000,000 (or, in the case of any warrant, writ of attachment, execution or similar process with respect to any Nonrecourse Indebtedness, which warrant, writ of attachment, execution or process is issued solely to permit the holder(s) of such Indebtedness to foreclose on any collateral securing the same, $50,000,000), and such warrant, writ, execution or process shall not be discharged, vacated, stayed or bonded for a period of thirty (30) days; provided, however, that if a bond has been issued in favor of the claimant or other Person obtaining such warrant, writ, execution or process, the issuer of such bond shall execute a waiver or subordination agreement in form and substance satisfactory to the Agent pursuant to which the issuer of such bond subordinates its right of reimbursement, contribution or subrogation to the Obligations and waives or subordinates any Lien it may have on the assets of any Obligor.

(k)ERISA. Any member of the ERISA Group shall fail to pay when due an amount or amounts aggregating in excess of $30,000,000 which it shall have become liable to pay under Title IV of ERISA; or notice of intent to terminate a Material Plan shall be filed under Title IV of ERISA by any member of the ERISA Group, any plan administrator or any combination of the foregoing; or the PBGC shall institute proceedings under Title IV of ERISA to terminate, to impose liability (other than for premiums under Section 4007 of ERISA) in respect of, or to cause a trustee to be appointed to administer, any Material Plan; or a condition shall exist by reason of which the PBGC would be entitled to obtain a decree adjudicating that any Material Plan must be terminated; or there shall occur a complete or partial withdrawal from, or a default, within the meaning of Section 4219(c)(5) of ERISA, with respect to, one or more Multiemployer Plans which

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could cause one or more members of the ERISA Group to incur a current payment obligation in excess of $30,000,000.

(l)Loan Documents. An Event of Default (as defined therein) shall occur under any of the other Loan Documents or under the Revolving Credit Agreement or the Existing Term Loan Agreement.

(m)Change of Control. A Change of Control shall occur.

(n)Federal Tax Lien. A federal tax lien shall be filed against the Borrower, any Obligor, or any of their respective Subsidiaries under Section 6323 of the Internal Revenue Code or a lien of the PBGC shall be filed against the Borrower, any other Obligor, or any of their respective Subsidiaries under Section 4068 of ERISA and in either case such lien shall remain undischarged (or otherwise unsatisfied) for a period of twenty-five (25) days after the date of filing.

Section 10.2 Remedies Upon Event of Default.

Upon the occurrence of an Event of Default the following provisions shall apply:

(a)Acceleration; Termination of Facilities.

(i)Automatic. Upon the occurrence of an Event of Default specified in Sections 10.1(f) or 10.1(g) with respect to the Borrower, (A)(i) the principal of, and all accrued interest on, the Loans and the Notes at the time outstanding and (ii) all of the other Obligations of the Borrower, including, but not limited to, the other amounts owed to the Lenders and the Agent under this Agreement, the Notes or any of the other Loan Documents shall become immediately and automatically due and payable by the Borrower without presentment, demand, protest, or other notice of any kind, all of which are expressly waived by the Borrower and (B) all of the Commitments and the obligation of the Lenders to make Loans shall all immediately and automatically terminate without demand or notice of any kind.

(ii)Optional. If any other Event of Default shall have occurred and be continuing, the Agent shall, at the direction of the Requisite Lenders: (A) declare (1) the principal of, and accrued interest on, the Loans and the Notes at the time outstanding and (2) all of the other Obligations, including, but not limited to, the other amounts owed to the Lenders and the Agent under this Agreement, the Notes or any of the other Loan Documents, to be forthwith due and payable, whereupon the same shall immediately become due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly waived by the Borrower, and (B) terminate the Commitments and the obligation of the Lenders to make Loans hereunder.

(b)Loan Documents. The Requisite Lenders may direct the Agent to, and the Agent if so directed shall, exercise any and all of its rights under any and all of the other Loan Documents.

(c)Applicable Law. The Requisite Lenders may direct the Agent to, and the Agent if so directed shall, exercise all other rights and remedies it may have under any Applicable Law.

(d)Appointment of Receiver. To the extent permitted by Applicable Law, the Agent and the Lenders shall be entitled to the appointment of a receiver for the assets and properties of the Borrower, the other Obligors and their respective Subsidiaries, without notice of any kind whatsoever and without regard to the adequacy of any security for the Obligations or the solvency of any party bound for its payment, to

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take possession of all or any portion of the business operations of the Borrower, the other Obligors and their respective Subsidiaries and to exercise such power as the court shall confer upon such receiver.

Section 10.3 Allocation of Proceeds.

If an Event of Default shall have occurred and be continuing and maturity of any of the Obligations has been accelerated, all payments received by the Agent under any of the Loan Documents, in respect of any principal of or interest on the Obligations or any other amounts payable by the Borrower hereunder or thereunder, shall be applied in the following order and priority:

(a)amounts due to the Agent and the Lenders in respect of fees and expenses due under Sections 3.6 and 12.2;

(b)payments of interest on all Loans, to be applied for the ratable benefit of the Lenders, pro rata among the Lenders based upon the aggregate outstanding Loans (first to Base Rate Loans and then to LIBOR Rate Loans);

(c)payments of principal of all Loans, to be applied for the ratable benefit of the Lenders, pro rata among the Lenders based upon the aggregate outstanding Loans (first to Base Rate Loans and then to LIBOR Rate Loans);

(d)amounts due the Agent and the Lenders pursuant to Sections 11.7 and 12.9;

(e)payments of all other amounts due and owing by the Borrower under any of the Loan Documents, if any, to be applied for the ratable benefit of the Lenders and Agent; and

(f)any amount remaining after application as provided above, shall be paid to the Borrower or whomever else may be legally entitled thereto.

Section 10.4 [Reserved].

Section 10.5 Performance by Agent.

If the Borrower shall fail to perform any covenant, duty or agreement contained in any of the Loan Documents, the Agent may perform or attempt to perform such covenant, duty or agreement on behalf of the Borrower after the expiration of any cure or grace periods set forth herein. In such event, the Borrower shall, at the request of the Agent, promptly pay any amount reasonably expended by the Agent in such performance or attempted performance to the Agent, together with interest thereon at the applicable Post‑Default Rate from the date of such expenditure until paid. Notwithstanding the foregoing, neither the Agent nor any Lender shall have any liability or responsibility whatsoever for the performance of any obligation of the Borrower under this Agreement or any other Loan Document.

Section 10.6 Rights Cumulative.

The rights and remedies of the Agent and the Lenders under this Agreement and each of the other Loan Documents shall be cumulative and not exclusive of any rights or remedies which any of them may otherwise have under Applicable Law. In exercising their respective rights and remedies the Agent and the Lenders may be selective and no failure or delay by the Agent or any of the Lenders in exercising any right shall operate as a waiver of it, nor shall any single or partial exercise of any power or right preclude its other or further exercise or the exercise of any other power or right.

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ARTICLE XI. THE AGENT

Section 11.1 Authorization and Action.

Each Lender hereby appoints and authorizes the Agent to take such action as contractual representative on such Lender’s behalf and to exercise such powers under this Agreement and the other Loan Documents as are specifically delegated to the Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto. Not in limitation of the foregoing, each Lender authorizes and directs the Agent to enter into the Loan Documents for the benefit of the Lenders. Each Lender hereby agrees that, except as otherwise set forth herein, any action taken by the Requisite Lenders in accordance with the provisions of this Agreement or the Loan Documents, and the exercise by the Requisite Lenders of the powers set forth herein or therein, together with such other powers as are reasonably incidental thereto, shall be authorized and binding upon all of the Lenders. Nothing herein (including the use of the term “Agent”) shall be construed to deem the Agent a trustee or fiduciary for any Lender nor to impose on the Agent duties or obligations other than those expressly provided for herein. At the request of a Lender, the Agent will forward to such Lender copies or, where appropriate, originals of the documents delivered to the Agent pursuant to this Agreement or the other Loan Documents. The Agent will also furnish to any Lender, upon the request of such Lender, a copy of any certificate or notice furnished to the Agent by the Borrower, any Obligor or any other Affiliate of the Borrower or any Obligor, pursuant to this Agreement or any other Loan Document not already delivered to such Lender pursuant to the terms of this Agreement or any such other Loan Document. As to any matters not expressly provided for by the Loan Documents (including, without limitation, enforcement or collection of any of the Obligations), the Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the Requisite Lenders (or all of the Lenders if explicitly required under any other provision of this Agreement), and such instructions shall be binding upon all Lenders and all holders of any of the Obligations; provided, however, that, notwithstanding anything in this Agreement to the contrary, the Agent shall not be required to take any action which exposes the Agent to personal liability or which is contrary to this Agreement or any other Loan Document or Applicable Law. Not in limitation of the foregoing, the Agent shall not exercise any right or remedy it or the Lenders may have under any Loan Document upon the occurrence of a Default or an Event of Default unless the Requisite Lenders have so directed the Agent to exercise such right or remedy. The Borrower may rely on written amendments or waivers executed by Agent or acts taken by Agent as being authorized by the Lenders or the Requisite Lenders, as applicable, to the extent Agent does not advise Borrower that it has not obtained such authorization from the Lenders or the Requisite Lenders, as applicable. With the exception of the foregoing sentence and Section 11.8, the provisions of this Article XI are solely for the benefit of the Agent and the Lenders, and the Borrower shall not have any rights as a third-party beneficiary of any of such provisions.

Section 11.2 Agent’s Reliance, Etc.

Notwithstanding any other provisions of this Agreement or any other Loan Documents, neither the Agent nor any of its directors, officers, agents, employees or counsel shall be liable for any action taken or omitted to be taken by it or them under or in connection with this Agreement, except for its or their own gross negligence or willful misconduct. Without limiting the generality of the foregoing, the Agent: (a) may treat the payee of any Note as the holder thereof until the Agent receives written notice of the assignment or transfer thereof signed by such payee and in form satisfactory to the Agent; (b) may consult with legal counsel (including its own counsel or counsel for the Borrower or any other Obligor), independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts; (c) makes no warranty or representation to any Lender or any other Person and shall not be responsible to any Lender or any other Person for any statements, warranties or representations made by any Person in or in connection with this

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Agreement or any other Loan Document; (d) shall not have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of any of this Agreement or any other Loan Document or the satisfaction of any conditions precedent under this Agreement or any Loan Document on the part of the Borrower or other Persons or inspect the property, books or records of the Borrower or any other Person; (e) shall not be responsible to any Lender for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other Loan Document, any other instrument or document furnished pursuant thereto or any collateral covered thereby or the perfection or priority of any Lien in favor of the Agent on behalf of the Lenders in any such collateral; (f) shall incur no liability under or in respect of this Agreement or any other Loan Document by acting upon any notice, consent, certificate or other instrument or writing (which may be by telephone or telecopy) believed by it to be genuine and signed, sent or given by the proper party or parties; and (g) except as expressly set forth in this Agreement, the Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower, the REIT Guarantor or any of their respective Subsidiaries that is communicated to or obtained by the bank serving as Agent or any of its Affiliates in any capacity.

Section 11.3 Notice of Defaults.

The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default, except with respect to defaults in the payment of principal, interest and fees required to be paid to Agent for the account of the Lenders, unless the Agent has received notice from a Lender or the Borrower referring to this Agreement, describing with reasonable specificity such Default or Event of Default and stating that such notice is a “notice of default.” If any Lender (excluding the Lender which is also serving as the Agent) becomes aware of any Default or Event of Default, it shall promptly send to the Agent such a “notice of default.” Further, if the Agent receives such a “notice of default”, the Agent shall give prompt notice thereof to the Lenders.

Section 11.4 JPMorgan Chase Bank, N.A. as Lender.

JPMCB, as a Lender, shall have the same rights and powers under this Agreement and any other Loan Document as any other Lender and may exercise the same as though it were not the Agent; and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated, include JPMCB in each case in its individual capacity. JPMCB and its affiliates may each accept deposits from, maintain deposits or credit balances for, invest in, lend money to, act as trustee under indentures of, serve as financial advisor to, and generally engage in any kind of business with, the Borrower, any other Obligor or any other affiliate thereof as if it were any other bank and without any duty to account therefor to the other Lenders. Further, the Agent and any affiliate may accept fees and other consideration from the Borrower for services in connection with this Agreement and otherwise without having to account for the same to the other Lenders.

Section 11.5 Approvals of Lenders.

All communications from the Agent to any Lender requesting such Lender’s consent to any amendments, waivers and consents under Section 12.6, (a) shall be given in the form of a written notice to such Lender and (b) shall be accompanied by a description of the matter or issue as to which such consent is requested, or shall advise such Lender where information, if any, regarding such matter or issue may be inspected, or shall otherwise describe the matter or issue to be resolved. Each Lender shall reply promptly, but in any event within twenty (20) Business Days (or such lesser or greater period as may be specifically required under the Loan Documents) of receipt of such communication. Except as otherwise provided in this Agreement and except with respect to items requiring the unanimous consent or approval of the Lenders under Section 12.6, unless a Lender shall give written notice to the Agent that it specifically objects to the

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requested amendment, waiver or consent (together with a written explanation of the reasons behind such objection) within the applicable time period for reply, such Lender shall be deemed to have conclusively approved of or consented to such requested amendment, waiver or consent.

Section 11.6 Lender Credit Decision, Etc.

Each Lender expressly acknowledges and agrees that neither the Agent nor any of its officers, directors, employees, agents, counsel, attorneys-in-fact or other affiliates has made any representations or warranties as to the financial condition, operations, creditworthiness, solvency or other information concerning the business or affairs of the Borrower, any other Obligor, any of their respective Subsidiaries or any other Person to such Lender and that no act by the Agent hereafter taken, including any review of the affairs of the Borrower, shall be deemed to constitute any such representation or warranty by the Agent to any Lender. Each Lender acknowledges that it has, independently and without reliance upon the Agent, any other Lender or counsel to the Agent, or any of their respective officers, directors, employees and agents, and based on the financial statements of the Borrower, the other Obligors, and their respective Subsidiaries, or any other Affiliate thereof, and inquiries of such Persons, its independent due diligence of the business and affairs of the Borrower, the Obligors, their respective Subsidiaries and other Persons, its review of the Loan Documents, the legal opinions required to be delivered to it hereunder, the advice of its own counsel and such other documents and information as it has deemed appropriate, made its own credit and legal analysis and decision to enter into this Agreement and the transaction contemplated hereby. Each Lender also acknowledges that it will, independently and without reliance upon the Agent, any other Lender or counsel to the Agent or any of their respective officers, directors, employees and agents, and based on such review, advice, documents and information as it shall deem appropriate at the time, continue to make its own decisions in taking or not taking action under the Loan Documents. Except for notices, reports and other documents and information expressly required to be furnished to the Lenders by the Agent under this Agreement or any of the other Loan Documents, the Agent shall have no duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, property, financial and other condition or creditworthiness of the Borrower, any other Obligor, any of their respective Subsidiaries or any other Affiliate thereof which may come into possession of the Agent or any of its officers, directors, employees, agents, attorneys-in-fact or other Affiliates. Each Lender acknowledges that the Agent’s legal counsel in connection with the transactions contemplated by this Agreement is only acting as counsel to the Agent and is not acting as counsel to such Lender.

Section 11.7 Indemnification of Agent.

Each Lender agrees to indemnify the Agent (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so) pro rata in accordance with such Lender’s respective Commitment Percentage, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may at any time be imposed on, incurred by, or asserted against the Agent (in its capacity as Agent but not as a Lender) in any way relating to or arising out of the Loan Documents, any transaction contemplated hereby or thereby or any action taken or omitted by the Agent under the Loan Documents (collectively, “Indemnifiable Amounts”); provided, however, that no Lender shall be liable for any portion of such Indemnifiable Amounts to the extent resulting from the Agent’s gross negligence or willful misconduct or if the Agent fails to follow the written direction of the Requisite Lenders unless such failure is pursuant to the reasonable advice of counsel of which the Lenders have received notice. Without limiting the generality of the foregoing but subject to the preceding provision, each Lender agrees to reimburse the Agent (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so) promptly upon demand for its ratable share of any out-of-pocket expenses (including reasonable counsel fees of the counsel(s) of the Agent’s own choosing) incurred by the Agent in connection with the preparation, negotiation, execution,

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administration or enforcement of, or legal advice with respect to the rights or responsibilities of the parties under, the Loan Documents, any suit or action brought by the Agent to enforce the terms of the Loan Documents and/or collect any Obligations, any “lender liability” suit or claim brought against the Agent and/or the Lenders, and any claim or suit brought against the Agent and/or the Lenders arising under any Environmental Laws. Such out-of-pocket expenses (including counsel fees) shall be advanced by the Lenders on the request of the Agent notwithstanding any claim or assertion that the Agent is not entitled to indemnification hereunder upon receipt of an undertaking by the Agent that the Agent will reimburse the Lenders if it is actually and finally determined by a court of competent jurisdiction that the Agent is not so entitled to indemnification. The agreements in this Section shall survive the payment of the Loans and all other amounts payable hereunder or under the other Loan Documents and the termination of this Agreement. If the Borrower shall reimburse the Agent for any Indemnifiable Amount following payment by any Lender to the Agent in respect of such Indemnifiable Amount pursuant to this Section, the Agent shall share such reimbursement on a ratable basis with each Lender making any such payment.

Section 11.8 Successor Agent.

The Agent may resign at any time as Agent under the Loan Documents by giving written notice thereof to the Lenders and the Borrower. The Agent may be removed as Agent under the Loan Documents by the Requisite Lenders (other than the Lender then acting as Agent) as a result of (i) its gross negligence or willful misconduct or (ii) it being a Defaulting Lender or meeting the criteria of a Defaulting Lender. Upon any such resignation or removal, the Requisite Lenders (other than the Lender then acting as Agent, in the case of the removal of the Agent under the immediately preceding sentence) shall have the right to appoint a successor Agent, which shall be a Lender, if any Lender shall be willing to serve, and otherwise shall be a commercial bank having total combined assets of at least $5,000,000,000, which appointment shall, provided no Default or Event of Default shall have occurred and be continuing, be subject to the Borrower’s approval, which approval shall not be unreasonably withheld or delayed (except that the Borrower shall, in all events, be deemed to have approved each Lender (and its affiliates) holding at least ten percent (10%) of the aggregate outstanding principal amount of the Loans (calculated at the time Agent gives notice of its resignation) as a successor Agent). If no successor Agent shall have been so appointed in accordance with the immediately preceding sentence, and shall have accepted such appointment, within thirty (30) days after the resigning Agent’s giving of notice of resignation or the Lenders’ removal of the resigning Agent, then the resigning or removed Agent may, on behalf of the Lenders, appoint a successor Agent, which shall be a Lender, if any Lender shall be willing to serve, and otherwise shall be a commercial bank having total combined assets of at least $5,000,000,000. Upon the acceptance of any appointment as Agent hereunder by a successor Agent, such successor Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Agent, and the retiring Agent shall be discharged from its duties and obligations under the Loan Documents as Agent. After any Agent’s resignation or removal hereunder as Agent, the provisions of this Article XI shall continue to inure to its benefit as to any actions taken or omitted to be taken by it while it was Agent under the Loan Documents.

Section 11.9 Titled Agents.

Each of the Titled Agents in each such respective capacity, assumes no responsibility or obligations hereunder, including, without limitation, for servicing enforcement or collection of any of the Loans, nor any duties as an agent hereunder for the Lenders. The titles of “Lead Arranger and Book Manager”, “Documentation Agent” and “Syndication Agent” are solely honorific and imply no fiduciary responsibility on the part of the Titled Agents to the Agent, the Borrower or any Lender and the use of such titles does not impose on the Titled Agents any duties or obligations greater than those of any other Lender or entitle the Titled Agents to any rights other than those to which any other Lender is entitled.

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Section 11.10 Other Loans by Lenders to Obligors.

The Lenders agree that one or more of them may now or hereafter have other loans to and derivative contracts and/or business arrangements with one or more of the Obligors which are not subject to this Agreement. The Lenders agree that the Lender(s) which may have such other loan(s) to the Obligors may collect payments on such loan(s) and may secure such loan(s) (so long as such loan does not itself expressly violate this Agreement). Further, the Lenders agree that the Lender(s) which may have such other loan(s) to the Obligors shall have no obligation to attempt to collect payments under the Loans in preference and priority over the collection and/or enforcement of such other loan(s).

ARTICLE XII. MISCELLANEOUS

Section 12.1 Notices.

Unless otherwise provided herein, communications provided for hereunder shall be in writing and shall be mailed, telecopied or delivered by hand or by nationally-recognized overnight courier as follows:

If to the Borrower:

Columbia Property Trust Operating Partnership, L.P.

One Glenlake Parkway, Suite 1200

Atlanta Georgia 30328-7267

Attention: Chief Financial Officer

Telecopy Number:(404) 465-2201

Telephone Number:(404) 465-2126

With a copy to:

King & Spalding LLP

1180 Peachtree Street

Atlanta, GA 30309

Attention: J. Craig Lee, Partner

Telecopy Number:(404) 572-4600

Telephone Number:(404) 572-2881

If to the Agent:

JPMorgan Chase Bank, N.A.

500 Stanton Christiana Road, 3rd Floor

Newark, DE 19713-2107

Attention: Loan and Agency Services Group

Telecopy Number:(302) 634-4733

With a copy to:

JPMorgan Chase Bank, N.A.

383 Madison Avenue, 24th Floor

New York, New York 10179

Attention: Anna Kostenko

Telecopy Number:(212) 270-2157

Telephone Number:(212) 622-4162

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And with a copy to:

Morgan, Lewis & Bockius LLP

One Federal Street

Boston, Massachusetts 02110-1726

Attention: Stephen M. Miklus

Telecopy Number:(617) 428-6387

Telephone Number:(617) 951-8364

If to a Lender:

To such Lender’s address or telecopy number, as applicable, set forth on its signature page hereto (or, if not set forth thereon, as specified in its Administrative Questionnaire provided to the Agent)or in the applicable Assignment and Acceptance Agreement.

or, as to each party at such other address as shall be designated by such party in a written notice to the other parties delivered in compliance with this Section. All such notices and other communications shall be effective (i) if mailed, when received; (ii) if telecopied, when transmitted; or (iii) if hand delivered or sent by overnight courier, when delivered. Notwithstanding the immediately preceding sentence, all notices or communications to the Agent or any Lender under Article II shall be effective only when actually received. Neither the Agent nor any Lender shall incur any liability to the Borrower (nor shall the Agent incur any liability to the Lenders) for acting upon any telephonic notice referred to in this Agreement which the Agent or such Lender, as the case may be, believes in good faith to have been given by a Person authorized to deliver such notice or for otherwise acting in good faith hereunder.

Notices and other communications to the Lenders hereunder may be delivered or furnished by using Electronic Systems pursuant to procedures approved by the Agent; provided that the foregoing shall not apply to notices pursuant to Article II unless otherwise agreed by the Agent and the applicable Lender. The Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications.

Unless the Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient, at its e-mail address as described in the foregoing clause (i), of notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii) above, if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient.

The Borrower agrees that the Agent may, but shall not be obligated to, make Communications (as defined below) available to the Lenders by posting the Communications on Debt Domain, Intralinks, Syndtrak, ClearPar or a substantially similar Electronic System.

Any Electronic System used by the Agent is provided “as is” and “as available.” The Agent Parties (as defined below) do not warrant the adequacy of such Electronic Systems and expressly disclaim liability

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for errors or omissions in the Communications. No warranty of any kind, express, implied or statutory, including, without limitation, any warranty of merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with the Communications or any Electronic System. In no event shall the Agent or any of its Affiliates or directors, officers, employees or agents (collectively, the “Agent Parties”) have any liability to the Borrower or the other Obligors, any Lender, or any other Person or entity for damages of any kind, including, without limitation, direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of the Borrower’s, any Obligor’s or the Agent’s transmission of communications through an Electronic System other than as a result of willful misconduct or gross negligence by such Person as determined by a final, non-appealable order of a court of competent jurisdiction. “Communications” means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of the Borrower or any other Obligor pursuant to any Loan Document or the transactions contemplated therein which is distributed by the Agent or any Lender by means of electronic communications pursuant to this Section, including through an Electronic System.

Section 12.2 Expenses.

The Borrower agrees (a) to pay or reimburse the Agent for all of its reasonable out-of-pocket costs and expenses incurred in connection with the preparation, negotiation, execution, administration and interpretation of, and any amendment, supplement or modification to, or waiver of, any of the Loan Documents (including due diligence expenses and travel expenses relating to closing), and the consummation of the transactions contemplated thereby, including the reasonable fees and disbursements of counsel to the Agent (such expenses to include ongoing charges for Intralinks, SyndTrak Online or any similar system), (b) to pay or reimburse JPMorgan Chase Bank, N.A. and J.P. Morgan Securities LLC or their reasonable out-of-pocket costs and expenses incurred in connection with the initial syndication of the Loans by JPMorgan Chase Bank, N.A. and J.P. Morgan Securities LLC, (c) to pay or reimburse the Agent and the Lenders for all their costs and expenses incurred in connection with the enforcement or preservation of any rights or any “work-out” under the Loan Documents, including the reasonable fees and disbursements of their respective counsel (including the allocated fees and expenses of in-house counsel) and any payments in indemnification or otherwise payable by the Lenders to the Agent pursuant to the Loan Documents, (d) to pay, and indemnify and hold harmless the Agent and the Lenders from, any and all recording and filing fees and any and all liabilities with respect to, or resulting from any failure to pay or delay in paying, documentary, stamp, excise and other similar taxes, if any, which may be payable or determined to be payable in connection with the execution and delivery of any of the Loan Documents, or consummation of any amendment, supplement or modification of, or any waiver or consent under or in respect of, any Loan Document, and (e) to the extent not already covered by any of the preceding subsections, to pay or reimburse the Agent and the Lenders for all their costs and expenses incurred in connection with any bankruptcy or other proceeding of the type described in Sections 10.1(f) or 10.1(g), including the reasonable fees and disbursements of counsel to the Agent and any Lender, whether such fees and expenses are incurred prior to, during or after the commencement of such proceeding or the confirmation or conclusion of any such proceeding. If the Borrower shall fail to pay any amounts required to be paid by it pursuant to this Section, the Agent and/or the Lenders may pay such amounts on behalf of the Borrower and either deem the same to be Loans outstanding hereunder or otherwise Obligations owing hereunder.

Section 12.3 Setoff.

Subject to Section 3.3 and in addition to any rights now or hereafter granted under Applicable Law and not by way of limitation of any such rights, the Agent and each Lender and Participant is hereby authorized by the Borrower, at any time or from time to time during the continuance of an Event of Default, without

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prior notice to the Borrower or to any other Person, any such notice being hereby expressly waived, but in the case of a Lender and Participant subject to receipt of the prior written consent of the Agent exercised in its sole discretion, to set off and to appropriate and to apply any and all deposits (general or special, including, but not limited to, indebtedness evidenced by certificates of deposit, whether matured or unmatured) and any other indebtedness at any time held or owing by the Agent, such Lender or Participant or any affiliate of the Agent or such Lender or Participant, to or for the credit or the account of the Borrower against and on account of any of the Obligations, irrespective of whether or not any or all of the Loans and all other Obligations have been declared to be, or have otherwise become, due and payable as permitted by Section 10.2, and although such obligations shall be contingent or unmatured. Promptly following any such set-off the Agent shall notify the Borrower thereof and of the application of such set-off, provided that the failure to give such notice shall not invalidate such set-off. The foregoing shall not apply to any account governed by a written agreement containing express waivers by the Agent or any Lender with respect to rights of setoff.

Section 12.4 Governing Law; Litigation; Jurisdiction; Other Matters; Waivers.

(a)THIS AGREEMENT SHALL BE DEEMED TO BE A CONTRACT ENTERED INTO PURSUANT TO THE LAWS OF THE STATE OF NEW YORK AND SHALL IN ALL RESPECTS BE GOVERNED, CONSTRUED, APPLIED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (OTHER THAN THOSE CONFLICT OF LAW PROVISIONS THAT WOULD DEFER TO THE SUBSTANTIVE LAWS OF ANOTHER JURISDICTION). WITHOUT IN ANY WAY LIMITING THE PRECEDING CHOICE OF LAW, THE PARTIES ELECT TO BE GOVERNED BY NEW YORK LAW IN ACCORDANCE WITH, AND ARE RELYING (AT LEAST IN PART) ON, SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK.

(b)WITH RESPECT TO ANY CLAIM OR ACTION ARISING HEREUNDER OR UNDER THIS AGREEMENT, THE NOTES, OR THE OTHER LOAN DOCUMENTS, BORROWER (A) IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES DISTRICT COURT LOCATED IN THE BOROUGH OF MANHATTAN IN NEW YORK, NEW YORK, AND APPELLATE COURTS FROM ANY THEREOF, AND (B) IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY HAVE AT ANY TIME TO THE LAYING ON VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE NOTES OR THE OTHER LOAN DOCUMENTS BROUGHT IN ANY SUCH COURT, IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. NOTHING IN THIS AGREEMENT, THE NOTES OR THE OTHER LOAN DOCUMENTS WILL BE DEEMED TO PRECLUDE LENDER FROM BRINGING AN ACTION OR PROCEEDING WITH RESPECT HERETO IN ANY OTHER JURISDICTION. WITHOUT IN ANY WAY LIMITING THE PRECEDING CONSENTS TO JURISDICTION AND VENUE, THE PARTIES AGREE TO SUBMIT TO THE JURISDICTION OF SUCH NEW YORK COURTS IN ACCORDANCE WITH SECTION 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK OR ANY CORRESPONDING OR SUCCEEDING PROVISIONS THEREOF.

(c)SERVICEOFPROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 12.1. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

(d)WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR

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RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

Section 12.5 Successors and Assigns.

(a)The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns, except that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations under this Agreement without the prior written consent of all Lenders and any such assignment or other transfer to which all of the Lenders have not so consented shall be null and void and (ii) no Lender may assign or otherwise transfer its rights or obligations under this Agreement except in accordance with this Section 12.5. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants (to the extent provided in paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the Affiliates, directors, officers, employees and agents of each of the Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

(b)Any Lender may make, carry or transfer Loans at, to or for the account of any of its branch offices or the office of an affiliate of such Lender except to the extent such transfer would result in increased costs to the Borrower.

(c)Any Lender may at any time grant to one or more banks or other financial institutions (each a “Participant”) participating interests in its Commitment or the Obligations owing to such Lender; provided, however, (i) any such participating interest must be for a constant and not a varying percentage interest, (ii) no Lender may grant a participating interest in its Commitment or the aggregate outstanding principal balance of the Loan held by it, in an amount less than $5,000,000 and (iii) after giving effect to any such participation by a Lender, the amount of its Commitment or the aggregate outstanding principal balance of the Loan held by it, in which it has not granted any participating interests must be equal to $1,000,000 and integral multiples of $1,000,000 in excess thereof. No Participant shall have any rights or benefits under this Agreement or any other Loan Document. In the event of any such grant by a Lender of a participating interest to a Participant, such Lender shall remain responsible for the performance of its obligations hereunder, and the Borrower and the Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement pursuant to which any Lender may grant such a participating interest shall provide that such Lender shall retain the sole right and responsibility to enforce the obligations of the Borrower hereunder including, without limitation, the right to approve any amendment, modification or waiver of any provision of this Agreement; provided, however, such Lender may agree with the Participant that it will not, without the consent of the Participant, agree to (i) increase, or extend the term or extend the time or waive any requirement for the reduction or termination of, such Lender’s Commitment, (ii) extend the date fixed for the payment of principal of or interest on the Loans or portions thereof owing to such Lender, (iii) reduce the amount of any such payment of principal, (iv) reduce the rate at which interest is payable thereon or (v) release all or substantially all of the Guarantors (except as otherwise permitted under Section 7.12(b)). An assignment or other transfer which is not permitted by Section 12.5(d) or (e) below shall be given effect for purposes of this Agreement only to the extent of a participating interest granted in accordance with this subsection (c). The selling Lender shall notify the Agent and the Borrower of the sale of any participation hereunder and, if requested by the Agent, certify to the

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Agent that such participation is permitted hereunder. The Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.12, 4.1 and 4.4 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (d) of this Section; provided that (a) a Participant shall not be entitled to receive any greater payment under Sections 3.12 and 4.1 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent and (b) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 3.12 unless the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower and the Agent, to comply with Section 3.12(f) as though it were a Lender. To the extent permitted by Applicable Law, each Participant also shall be entitled to the benefits of Section 12.3 as though it were a Lender, provided such Participant agrees to be subject to Section 3.3 as though it were a Lender.

Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Commitment, Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant's interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Agent (in its capacity as Agent) shall have no responsibility for maintaining a Participant Register.

(d)Any Lender may with the prior written consent of the Agent (which consent shall not be unreasonably withheld or delayed), assign to one or more Eligible Assignees (each an “Assignee”) all or a portion of its Commitment and Loan and its other rights and obligations under this Agreement and the Loan; provided, however, (i) no such consent by the Agent shall be required in the case of any assignment to another Lender or any affiliate of such Lender or of another Lender unless such Lender is a Defaulting Lender; (ii) any partial assignment of a Commitment or Loan shall be in an amount at least equal to $5,000,000 and integral multiples of $1,000,000 in excess thereof and after giving effect to such partial assignment the assigning Lender retains a portion of the Commitment or Loan so assigned having an aggregate outstanding principal balance, of at least $1,000,000 and integral multiples of $1,000,000 in excess thereof (provided, however, the conditions set forth in this subsection (ii) shall not apply to any full assignment by any Lender of its Commitment or Loan); and (iii) each such assignment shall be effected by means of an Assignment and Acceptance Agreement. Upon execution and delivery of such instrument and payment by such Assignee to such transferor Lender of an amount equal to the purchase price agreed between such transferor Lender and such Assignee, such Assignee shall be deemed to be a Lender party to this Agreement as of the effective date of the Assignment and Acceptance Agreement and shall have all the rights and obligations of a Lender with a Commitment or Loan amount as set forth in such Assignment and Acceptance Agreement, and the transferor Lender shall be released from its obligations hereunder to a corresponding extent, and no further consent or action by any party shall be required. Upon the consummation of any assignment pursuant to this subsection (d), the transferor Lender, the Agent and the Borrower shall make appropriate arrangements so that new Notes are issued to the Assignee and such transferor Lender, as appropriate, and any other documents reasonably required by a Lender in connection with such assignment shall be executed by the Borrower. In connection with any such assignment, the transferor Lender shall pay to the Agent an administrative fee for processing such assignment in the amount of $3,500.

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(e)The Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain at the Principal Office a copy of each Assignment and Acceptance Agreement delivered to and accepted by it and a register for the recordation of the names and addresses of the Lenders and the Commitment of, and principal amount of Loans owing to, each Lender from time to time (the “Register”). The Agent shall give each Lender and the Borrower notice of the assignment by any Lender of its rights as contemplated by this Section. The Borrower, the Agent and the Lenders may treat each Person whose name is recorded in the Register as a Lender hereunder for all purposes of this Agreement. The Register and copies of each Assignment and Acceptance Agreement shall be available for inspection by the Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice to the Agent. Upon its receipt of an Assignment and Acceptance Agreement executed by an assigning Lender, together with each Note subject to such assignment, the Agent shall, if such Assignment and Acceptance Agreement has been completed and if the Agent receives the processing and recording fee described in Section 12.5(d) above, (i) accept such Assignment and Acceptance Agreement, (ii) record the information contained therein in the Register and (iii) give prompt notice thereof to the Borrower.

(f)In addition to the assignments and participations permitted under the foregoing provisions of this Section, any Lender may assign and pledge all or any portion of its Loans and its Notes to any Federal Reserve Bank. No such assignment shall release the assigning Lender from its obligations hereunder.

(g)A Lender may furnish any information concerning the Borrower, any other Obligor or any of their respective Subsidiaries or Affiliates in the possession of such Lender from time to time to Assignees and Participants (including prospective Assignees and Participants) subject to compliance with Section 12.8.

(h)Anything in this Section to the contrary notwithstanding, no Lender may assign or participate any interest in any Loan held by it hereunder to (i) the Borrower, any other Obligor or any of their respective Affiliates or Subsidiaries or (ii) a Defaulting Lender.

(i)Each Lender agrees that, without the prior written consent of the Borrower and the Agent, it will not make any assignment hereunder in any manner or under any circumstances that would require registration or qualification of, or filings in respect of, any Loan or Note under the Securities Act or any other securities laws of the United States of America or of any other jurisdiction.

Section 12.6 Amendments.

Except as otherwise expressly provided in this Agreement, any consent or approval required or permitted by this Agreement or any other Loan Document to be given by the Lenders may be given, and any term of this Agreement or of any other Loan Document may be amended, and the performance or observance by the Borrower or any other Obligor or any of their respective Subsidiaries of any terms of this Agreement or such other Loan Document or the continuance of any Default or Event of Default may be waived (either generally or in a particular instance and either retroactively or prospectively) with, but only with, the written consent of the Requisite Lenders (and, in the case of an amendment to any Loan Document, the written consent of the Borrower). Notwithstanding the foregoing, no amendment, waiver or consent shall do any of the following: (i) increase the Commitments (or any component thereof) of any of Lenders (except as contemplated by Section 2.14) without the written consent of each Lender affected thereby; (ii) reduce the principal of, or interest rates that have accrued or that will be charged on the outstanding principal amount of, any Loans or Fees or other Obligations without the written consent of each Lender affected thereby; (iii) reduce the amount of any Fees payable hereunder without the written consent of each Lender affected thereby; (iv) except as provided in Section 2.12, postpone any date fixed for any payment of any principal of, or interest on, any Loans or any other Obligations, without the written consent of each Lender affected thereby; (v) (A) change the Commitment Percentages (or any component thereof) (except as a result of any

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increase or decrease in the aggregate amount of the Commitments contemplated by Section 2.14 or Section 4.5 or as a result of any reallocation contemplated by Section 3.11) without the written consent of each Lender affected thereby or (B) amend or otherwise modify the provisions of Section 3.2(a) without the written consent of each Lender affected thereby; (vi)  modify the definition of the term “Requisite Lenders”, modify in any other manner the number or percentage of the Lenders (including all of the Lenders) required to make any determinations or waive any rights hereunder or to modify any provision hereof, including without limitation, any modification of this Section 12.6 if such modification would have such effect without the written consent of each Lender; or (vii) release any Guarantor from its obligations under the Guaranty (except as otherwise permitted under Section 7.12(b) or Section 12.20(d)) without the written consent of each Lender. Further, no amendment, waiver or consent unless in writing and signed by the Agent, in addition to the Lenders required hereinabove to take such action, shall affect the rights or duties of the Agent under this Agreement or any of the other Loan Documents. No waiver shall extend to or affect any obligation not expressly waived or impair any right consequent thereon and any amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose set forth therein. No course of dealing or delay or omission on the part of the Agent or any Lender in exercising any right shall operate as a waiver thereof or otherwise be prejudicial thereto. Except as otherwise explicitly provided for herein or in any other Loan Document, no notice to or demand upon the Borrower shall entitle the Borrower to any other or further notice or demand in similar or other circumstances.

Section 12.7 Nonliability of Agent and Lenders.

The relationship between the Borrower and the Lenders and the Agent shall be solely that of borrower and lender. Neither the Agent nor any Lender shall have any fiduciary responsibilities to the Borrower and no provision in this Agreement or in any of the other Loan Documents, and no course of dealing between or among any of the parties hereto, shall be deemed to create any fiduciary duty owing by the Agent or any Lender to any Lender, the Borrower, any other Obligor or any of their respective Subsidiaries. Neither the Agent nor any Lender undertakes any responsibility to the Borrower to review or inform the Borrower of any matter in connection with any phase of the Borrower’s business or operations. The Agent, each Lender and their Affiliates may have economic interests that conflict with those of the Borrower and the REIT Guarantor, their respective stockholders and/or their respective Affiliates.

Section 12.8 Confidentiality.

(a)Each of the Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority, (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to this Agreement, (e) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (g) with the consent of the Borrower or (h) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section or (ii) becomes available to the Agent or any Lender on a nonconfidential basis from a source other than the Borrower; provided that the source of such information was not known by the Agent or any Lender to be bound by a confidentiality agreement or other legal or contractual obligation of confidentiality with respect to such information. For the purposes of this Section, “Information” means all information received from

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the Borrower relating to the Borrower or its business, other than any such information that is available to the Agent or any Lender on a nonconfidential basis prior to disclosure by the Borrower and other than information pertaining to this Agreement routinely provided by arrangers to data service providers, including league table providers, that serve the lending industry. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. In addition, the Agent and each Lender may disclose the existence of this Agreement and the information about this Agreement to service providers to the Agent and the Lenders in connection with the administration and management of this Agreement and the other Loan Documents.

(b)EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN SECTION 9.12(a) FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE BORROWER AND ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS.

(c)ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE BORROWER OR THE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE BORROWER AND ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES. ACCORDINGLY, EACH LENDER REPRESENTS TO THE BORROWER AND THE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW.

Section 12.9 Indemnification.

(a)Borrower shall and hereby agrees to indemnify, defend and hold harmless the Agent, any affiliate of the Agent and each of the Lenders and their respective directors, officers, shareholders, agents, employees and counsel (each referred to herein as an “Indemnified Party”) from and against any and all losses, costs, claims, damages, liabilities, deficiencies, judgments or expenses of every kind and nature (including, without limitation, amounts paid in settlement, court costs and the reasonable fees and disbursements of counsel incurred in connection with any litigation, investigation, claim or proceeding or any advice rendered in connection therewith, but excluding losses, costs, claims, damages, liabilities, deficiencies, judgments or expenses indemnification in respect of which is specifically covered by Section 3.12 or 4.1 or expressly excluded from the coverage of such Sections) incurred by an Indemnified Party in connection with, arising out of, or by reason of, any suit, cause of action, claim, arbitration, investigation or settlement, consent decree or other proceeding (the foregoing referred to herein as an “Indemnity Proceeding”) which is in any way related directly or indirectly to: (i) this Agreement or any other Loan Document or the transactions contemplated thereby; (ii) the making of any Loans; (iii) any actual or proposed use by the Borrower of the proceeds of the Loans; (iv) the Agent’s or any Lender’s entering into this Agreement; (v) the fact that the Agent and the Lenders have established the credit facility evidenced hereby in favor of the Borrower; (vi) the fact that the Agent and the Lenders are creditors of the Borrower and have or are alleged to have information regarding the financial condition, strategic plans or business operations of the Borrower, the other Obligors, or their respective Subsidiaries; (vii) the fact that the Agent

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and the Lenders are material creditors of the Borrower and are alleged to influence directly or indirectly the business decisions or affairs of the Borrower, the other Obligors and their respective Subsidiaries or their financial condition; (viii) the exercise of any right or remedy the Agent or the Lenders may have under this Agreement or the other Loan Documents; or (ix) any violation or non-compliance by the Borrower, any other Obligor, or any of their respective Subsidiaries of any Applicable Law (including any Environmental Law) including, but not limited to, any Indemnity Proceeding commenced by (A) the Internal Revenue Service or state taxing authority or (B) any Governmental Authority or other Person under any Environmental Law, including any Indemnity Proceeding commenced by a Governmental Authority or other Person seeking remedial or other action to cause the Borrower, the Obligors or their respective Subsidiaries (or their respective properties) (or the Agent and/or the Lenders as successors to the Borrower, any other Obligor or their respective Subsidiaries) to be in compliance with such Environmental Laws; provided, however, that the Borrower shall not be obligated to indemnify any Indemnified Party (x) for any acts or omissions of such Indemnified Party that constitute gross negligence or willful misconduct, as finally determined by a court of competent jurisdiction after the expiration of all applicable appeal periods or (y) in connection with any losses, costs, claims, damages, liabilities, deficiencies, judgments or expenses arising out of any action, claim, arbitration, investigation or settlement, consent decree or other proceeding brought by any Indemnified Party against any other Indemnified Party in connection with, arising out of, or by reason of this Agreement or any other Loan Document or the transactions contemplated thereby or the making of any Loans hereunder. In addition, the foregoing indemnification in favor of any director, officer, shareholder, agent, employee or counsel of the Agent, any affiliate of the Agent or any Lender shall be solely in their respective capacities as such director, officer, shareholder, agent, employee, or counsel. Borrower shall not be liable for payment of any settlement of any Indemnity Proceeding effected without Borrower’s written consent, but if the same is settled with such consent, Borrower agrees that such settlement is covered by the foregoing indemnity.

(b)The Borrower’s indemnification obligations under this Section shall apply to all Indemnity Proceedings arising out of, or related to, the foregoing whether or not an Indemnified Party is a named party in such Indemnity Proceeding. In this connection, this indemnification shall cover all reasonable costs and expenses of any Indemnified Party in connection with any deposition of any Indemnified Party or compliance with any subpoena (including any subpoena requesting the production of documents). This indemnification shall, among other things, apply to any Indemnity Proceeding commenced by other creditors of the Borrower, any other Obligor, or any of their respective Subsidiaries, any shareholder, partner or other equity holder of the Borrower, any other Obligor or any of their respective Subsidiaries (whether such shareholder(s) or such other Persons are prosecuting such Indemnity Proceeding in their individual capacity or derivatively on behalf of such Person), any account debtor of the Borrower, any other Obligor, or any of their respective Subsidiaries or by any Governmental Authority.

(c)This indemnification shall apply to any Indemnity Proceeding arising during the pendency of any bankruptcy proceeding filed by or against Borrower and/or an Obligor or any of their respective Subsidiaries.

(d)All out-of-pocket fees and expenses of, and all amounts paid to third‑persons by, an Indemnified Party with respect to an Indemnified Proceeding shall be advanced by the Borrower at the request of such Indemnified Party notwithstanding any claim or assertion by the Borrower that such Indemnified Party is not entitled to indemnification hereunder upon receipt of an undertaking by such Indemnified Party that such Indemnified Party will reimburse the Borrower if it is actually and finally determined by a court of competent jurisdiction that such Indemnified Party is not so entitled to indemnification hereunder.

(e)An Indemnified Party may conduct its own investigation and defense of, and may formulate its own strategy with respect to, any Indemnified Proceeding covered by this Section and, as provided above, all reasonable costs and expenses incurred by such Indemnified Party shall be reimbursed by the Borrower.

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No action taken by legal counsel chosen by an Indemnified Party in investigating or defending against any such Indemnified Proceeding shall vitiate or in any way impair the obligations and duties of the Borrower hereunder to indemnify and hold harmless each such Indemnified Party.

(f)If and to the extent that the obligations of the Borrower hereunder are unenforceable for any reason, the Borrower hereby agrees to make the maximum contribution to the payment and satisfaction of such obligations which is permissible under Applicable Law.

(g)The Borrower’s obligations hereunder shall survive any termination of this Agreement and the other Loan Documents and the payment in full in cash of the Obligations, and are in addition to, and not in substitution of, any other of their obligations set forth in this Agreement or any other Loan Document to which it is a party.

Section 12.10 Termination; Survival.

At such time as (a) all of the Commitments have been terminated, (b) none of the Lenders is obligated any longer under this Agreement to make any Loans and (c) all Obligations (other than obligations which survive as provided in the following sentence) have been paid and satisfied in full, this Agreement shall terminate. The indemnities to which the Agent and the Lenders are entitled under the provisions of Sections 3.12, 4.1, 4.4, 11.7, 12.2 and 12.9 and any other provision of this Agreement and the other Loan Documents, and the provisions of Section 12.4, shall continue in full force and effect and shall protect the Agent and the Lenders (i) notwithstanding any termination of this Agreement, or of the other Loan Documents, against events arising after such termination as well as before and (ii) at all times after any such party ceases to be a party to this Agreement with respect to all matters and events existing on or prior to the date such party ceased to be a party to this Agreement.

Section 12.11 Severability of Provisions.

Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without invalidating the remainder of such provision or the remaining provisions or affecting the validity or enforceability of such provision in any other jurisdiction.

Section 12.12 [Reserved]

Section 12.13 Counterparts.

This Agreement and any amendments, waivers, consents or supplements may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all of which counterparts together shall constitute but one and the same instrument. Except as provided in Section 5.1, this Agreement shall become effective when it shall have been executed by the Agent and when the Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or other electronic means shall be effective as delivery of a manually executed counterpart of this Agreement.

Section 12.14 Obligations with Respect to Obligors and Subsidiaries.

The obligations of the Borrower to direct or prohibit the taking of certain actions by the other Obligors and the Subsidiaries of the Borrower and the other Obligors as specified herein shall be absolute and not

- 84 -

subject to any defense the Borrower may have that the Borrower does not control such Obligors or Subsidiaries.

Section 12.15 Limitation of Liability.

Neither the Agent nor any Lender, nor any affiliate, officer, director, employee, attorney, or agent of the Agent or any Lender shall have any liability with respect to, and the Borrower hereby waives, releases, and agrees not to sue any of them upon, any claim for any special, indirect, incidental, or consequential damages suffered or incurred by the Borrower in connection with, arising out of, or in any way related to, this Agreement or any of the other Loan Documents, or any of the transactions contemplated by this Agreement or any of the other Loan Documents. The Borrower hereby waives, releases, and agrees not to sue the Agent or any Lender or any of the Agent’s or any Lender’s affiliates, officers, directors, employees, attorneys, or agents for punitive damages in respect of any claim in connection with, arising out of, or in any way related to, this Agreement or any of the other Loan Documents, or any of the transactions contemplated by this Agreement or financed hereby.

Section 12.16 Entire Agreement.

This Agreement, the Notes, and the other Loan Documents referred to herein and any separate letter agreements with respect to fees embody the final, entire agreement among the parties hereto and supersede any and all prior commitments, agreements, representations, and understandings, whether written or oral, relating to the subject matter hereof and thereof and may not be contradicted or varied by evidence of prior, contemporaneous, or subsequent oral agreements or discussions of the parties hereto. There are no oral agreements among the parties hereto.

Section 12.17 Construction.

The Agent, the Borrower and each Lender acknowledge that each of them has had the benefit of legal counsel of its own choice and has been afforded an opportunity to review this Agreement and the other Loan Documents with its legal counsel and that this Agreement and the other Loan Documents shall be construed as if jointly drafted by the Agent, the Borrower and each Lender.

Section 12.18 Time of the Essence.

Time is of the essence with respect to each and every covenant, agreement and obligation of the Borrower under this Agreement and the other Loan Documents.

Section 12.19 Patriot Act.

Each Lender that is subject to the Patriot Act (as hereinafter defined) and the Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower and the Guarantors that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), it is required to obtain, verify and record information that identifies the Borrower and each of the Guarantors, which information includes the name and address of the Borrowers and each of the Guarantors and other information that will allow such Lender or the Agent, as applicable, to identify the Borrower and each of the Guarantors Loan Party in accordance with the Patriot Act.

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EX-21.1

Exhibit 21.1

Subsidiaries of the Registrant

Columbia Property Trust Operating Partnership, L.P. (“Columbia Property Trust OP”)

Columbia Energy TRS, LLC

Columbia KCP TRS, LLC

Columbia Property Trust Advisory Services, LLC

Columbia Property Trust Services, LLC

Columbia Property Trust TRS, LLC

Market Square East & West, LLC

Wells OP II LP, LLC

Wells REIT II - KCP, LLC

Wells REIT II - 100 East Pratt LLC

Wells REIT II - 1200 Morris Business Trust

Wells REIT II - 2000 Park Lane Business Trust

Wells REIT II - 80 M Street, LLC

Wells REIT II - Cranberry Woods Development, Inc.

Wells REIT II - Park Lane Parcel 19 Business Trust

Wells REIT II Texas, Inc.

Indirect Subsidiaries of the Registrant

100 East Pratt Street Business Trust

Columbia REIT - 1881 Campus Commons, LLC

Key Center Lessee Limited Partnership

Wells REIT II - 544 Lakeview, LLC

Wells REIT II - Market Square East & West, LLC

Wells TRS II - 544 Lakeview, LLC

Wells TRS II - Concierge, LLC

Wells TRS II - Fitness, LLC

Wells TRS II - Hotel, LLC

Direct Subsidiaries of Columbia Property Trust OP

Columbia REIT - 116 Huntington, LLC

Columbia REIT - 221 Main, LLC

Columbia REIT - 315 Park Avenue South, LLC

Columbia REIT - 650 California, LLC

Wells International Real Estate II (CY) Ltd

Wells REIT II - 11200 W. Parkland, LLC

Wells REIT II - 1277 LPB Atlanta, LLC

Wells REIT II - 1580 A&B West Nursery Land, LLC

Wells REIT II - 1580 A&B West Nursery, LLC

Wells REIT II - 180 Park Avenue B105, LLC

Wells REIT II - 180 Park Avenue, LLC

Wells REIT II - 200 South Orange, LLC

Wells REIT II - 215 Diehl Road, LLC

Wells REIT II - 222 East 41^st Street, LLC

Wells REIT II - 263 Shuman Boulevard, LLC

Wells REIT II - 333 Market Street, LLC

Wells REIT II - 5 Houston Center, LP

Wells REIT II - 550 King Street, LLC

Wells REIT II - 7031 Columbia Gateway Drive, LLC

Wells REIT II - 80 Park Plaza, LLC

Wells REIT II - 8909 Purdue Road, LLC

Wells REIT II - 9 Technology Drive, LLC

Wells REIT II - Bannockburn Lakes III, LLC

Wells REIT II - Corridors III, LLC

Wells REIT II - Energy Center I, LLC

Wells REIT II - Gaithersburg, MD LLC

Wells REIT II - Highland Landmark III, LLC

Wells REIT II - International Financial Tower, LLC

Wells REIT II - Key Center, LLC

Wells REIT II - Lindbergh Center, LLC

Wells REIT II - MacArthur Ridge I, LLC

Wells REIT II - MacArthur Ridge I, LP

Wells REIT II - One Glenlake, LLC

Wells REIT II - Opus/Finley Portfolio, LLC

Wells REIT II - Parkside/Atlanta, LLC

Wells REIT II - Pasadena Corporate Park, LLC

Wells REIT II - Pasadena Corporate Park, LP

Wells REIT II - SanTan Corporate Center I, LLC

Wells REIT II - SanTan Corporate Center I Springing Member, LLC

Wells REIT II - SanTan Corporate Center II, LLC

Wells REIT II - SanTan Corporate Center II Springing Member, LLC

Wells REIT II - South Jamaica Street, LLC

Wells REIT II - Sterling Commerce, LLC

Wells REIT II - Sterling Commerce, LP

Wells REIT II - Tampa Commons, LLC

Wells REIT II - Three Glenlake, LLC

Wells REIT II - University Circle, LLC

Wells REIT II - University Circle, LP

Wells REIT II - Wildwood Properties, LLC

Wells Robbins Road, LLC

Indirect Subsidiaries of OP

Eastvale Finance Limited

I - 10 EC Corridor Limited Partnership

Key Center Properties, LLC

Nashoba View Ownership, LLC

Three Glenlake Building, LLC

Wells REIT II - Energy Center I GP, LLC

Wells REIT II/Lincoln - Highland Landmark III, LLC

Wells REIT II - Robbins Road, LLC

EX-23.1

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in Registration Statement No. 333-198764 on Form S-3 of our reports dated February 12, 2015, relating to (1) the consolidated financial statements and financial statement schedule of Columbia Property Trust, Inc. (which report expresses an unqualified opinion and includes an explanatory paragraph related to the Company’s adoption of a new accounting standard for reporting of discontinued operations and disposals of components of an entity), and (2) the effectiveness of Columbia Property Trust, Inc.’s internal control over financial reporting, appearing in this Annual Report on Form 10-K of Columbia Property Trust, Inc. for the year ended December 31, 2014.

/S/ Deloitte & Touche LLP

Atlanta, Georgia

February 12, 2015

EX-31.1

EXHIBIT 31.1

PRINCIPAL EXECUTIVE OFFICER

CERTIFICATION

PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. 1350)

I, E. Nelson Mills, certify that:

1. I have reviewed this annual report on Form 10-K of Columbia Property Trust, Inc. for the year ended December 31, 2014;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated:	February 12, 2015	By:	/s/ E. Nelson Mills
			E. Nelson Mills
			Principal Executive Officer

EX-31.2

EXHIBIT 31.2

PRINCIPAL FINANCIAL OFFICER

CERTIFICATION

PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. 1350)

I, James A. Fleming, certify that:

1. I have reviewed this annual report on Form 10-K of Columbia Property Trust, Inc. for the year ended December 31, 2014;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated:	February 12, 2015	By:	/s/ James A. Fleming
			James A. Fleming
			Principal Financial Officer

EX-32.1

EXHIBIT 32.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

AND PRINCIPAL FINANCIAL OFFICER

PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. 1350)

In connection with the Annual Report of Columbia Property Trust, Inc. (the “Registrant”) on Form 10-K for the year ended December 31, 2014, as filed with the Securities and Exchange Commission (the “Report”), the undersigned, E. Nelson Mills, Principal Executive Officer of the Registrant, and James A. Fleming, Principal Financial Officer of the Registrant, hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350) that, to the best of our knowledge and belief:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

/s/ E. NELSON MILLS

E. Nelson Mills

Principal Executive Officer

February 12, 2015

/s/ JAMES A. FLEMING

James A. Fleming

Principal Financial Officer

February 12, 2015

XML

Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Tables)

12 Months Ended

Dec. 31, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Balance Sheets

Condensed Consolidating Balance Sheets (in thousands)

	As of December 31, 2014
	Columbia Property Trust (Parent)		Columbia Property Trust OP  (the Issuer)		Non- Guarantors		Consolidating Adjustments			Columbia Property Trust (Consolidated)
Assets:
Real estate assets, at cost:
Land	$	—	$	6,241	$	778,860	$	—		$	785,101
Buildings and improvements, net	—		29,899		2,996,532		—			3,026,431
Intangible lease assets, net	—		—		247,068		—			247,068
Construction in progress	—		433		17,529		—			17,962
Total real estate assets	—		36,573		4,039,989		—			4,076,562
Cash and cash equivalents	119,488		10,504		19,798		—			149,790
Investment in subsidiaries	2,409,941		2,120,018		—		(4,529,959		)	—
Tenant receivables, net of allowance	—		246		6,699		—			6,945
Straight-line rent receivable	—		781		115,708		—			116,489
Prepaid expenses and other assets	204,079		148,226		19,734		(319,896		)	52,143
Deferred financing costs, net	—		6,020		2,406		—			8,426
Intangible lease origination costs, net	—		—		105,528		—			105,528
Deferred lease costs, net	—		1,658		101,337		—			102,995
Investment in development authority bonds	—		—		120,000		—			120,000
Total assets	$	2,733,508	$	2,324,026	$	4,531,199	$	(4,849,855	)	$	4,738,878
Liabilities:
Line of credit, term loan, and notes payable	$	—	$	450,000	$	1,299,232	$	(318,348	)	$	1,430,884
Bonds payable, net	—		249,182		—		—			249,182
Accounts payable, accrued expenses, and accrued capital expenditures	30		9,749		96,497		—			106,276
Due to affiliates	—		24		1,524		(1,548		)	—
Deferred income	—		171		24,582		—			24,753
Intangible lease liabilities, net	—		—		74,305		—			74,305
Obligations under capital leases	—		—		120,000		—			120,000
Total liabilities	30		709,126		1,616,140		(319,896		)	2,005,400
Equity:
Total equity	2,733,478		1,614,900		2,915,059		(4,529,959		)	2,733,478
Total liabilities, redeemable common stock, and equity	$	2,733,508	$	2,324,026	$	4,531,199	$	(4,849,855	)	$	4,738,878

Condensed Consolidating Balance Sheets (in thousands)

	As of December 31, 2013
	Columbia Property Trust (Parent)		Columbia Property Trust OP  (the Issuer)			Non- Guarantors		Consolidating Adjustments			Columbia Property Trust (Consolidated)
Assets:
Real estate assets, at cost:
Land	$	—	$	6,241		$	700,697	$	—		$	706,938
Building and improvements, net	—		24,185			2,952,102		—			2,976,287
Intangible lease assets, net	—		—			281,220		—			281,220
Construction in progress	—		28			7,921		—			7,949
Total real estate assets	—		30,454			3,941,940		—			3,972,394
Cash and cash equivalents	53,322		20,708			25,825		—			99,855
Investment in subsidiaries	2,557,347		2,286,982			—		(4,844,329		)	—
Tenant receivables, net of allowance	—		—			7,414		—			7,414
Straight-line rent receivable	—		22			113,570		—			113,592
Prepaid expenses and other assets	177,185		150,806			26,602		(322,170		)	32,423
Deferred financing costs, net	—		8,762			1,626		—			10,388
Intangible lease origination costs, net	—		—			148,889		—			148,889
Deferred lease costs, net	—		1,495			86,032		—			87,527
Investment in development authority bonds	—		—			120,000		—			120,000
Total assets	$	2,787,854	$	2,499,229		$	4,471,898	$	(5,166,499	)	$	4,592,482
Liabilities:
Lines of credit, term loan, and notes payable	$	—	$	450,000		$	1,110,838	$	(320,589	)	$	1,240,249
Bonds payable, net	—		248,930			—		—			248,930
Accounts payable, accrued expenses, and accrued capital expenditures	31		11,816			87,831		—			99,678
Due to affiliates	—		(925		)	2,506		(1,581		)	—
Deferred income	—		146			21,792		—			21,938
Intangible lease liabilities, net	—		—			73,864		—			73,864
Obligations under capital leases	—		—			120,000		—			120,000
Total liabilities	31		709,967			1,416,831		(322,170		)	1,804,659
Equity:
Total equity	2,787,823		1,789,262			3,055,067		(4,844,329		)	2,787,823
Total liabilities, redeemable common stock, and equity	$	2,787,854	$	2,499,229		$	4,471,898	$	(5,166,499	)	$	4,592,482

Consolidating Statements of Operations

Consolidating Statements of Operations (in thousands)

	For the Year Ended December 31, 2014
	Columbia Property Trust (Parent)			Columbia Property Trust OP (the Issuer)			Non- Guarantors			Consolidating Adjustments			Columbia Property Trust (Consolidated)
Revenues:
Rental income	$	—		$	1,150		$	413,752		$	(361	)	$	414,541
Tenant reimbursements	—			222			95,153			—			95,375
Hotel income	—			—			22,885			—			22,885
Other property income	—			—			8,220			(224		)	7,996
	—			1,372			540,010			(585		)	540,797
Expenses:
Property operating costs	—			2,716			161,367			(361		)	163,722
Hotel operating costs	—			—			18,792			—			18,792
Asset and property management fees:
Related-party	—			17			—			(17		)	—
Other	—			—			2,258			—			2,258
Depreciation	—			1,795			115,971			—			117,766
Amortization	—			121			78,722			—			78,843
Impairment loss on real estate assets	—			—			25,130			—			25,130
General and administrative	149			9,701			21,632			(207		)	31,275
Acquisition expenses	—			—			14,142			—			14,142
	149			14,350			438,014			(585		)	451,928
Real estate operating income (loss)	(149		)	(12,978		)	101,996			—			88,869
Other income (expense):
Interest expense	—			(30,271		)	(64,105		)	18,665			(75,711		)
Interest and other income	7,969			10,724			7,247			(18,665		)	7,275
Loss on interest rate swaps	—			—			(371		)	—			(371		)
Loss on early extinguishment of debt	—			—			(23		)	—			(23		)
Income from equity investment	84,815			113,976			—			(198,791		)	—
	92,784			94,429			(57,252		)	(198,791		)	(68,830		)
Income before income tax expense	92,635			81,451			44,744			(198,791		)	20,039
Income tax expense	—			(4		)	(658		)	—			(662		)
Income before gains of sale of real estate assets	92,635			81,447			44,086			(198,791		)	19,377
Gains on sale of real estate assets	—			—			75,275			—			75,275
Income from continuing operations	92,635			81,447			119,361			(198,791		)	94,652
Discontinued operations:
Operating loss from discontinued operations	—			—			(390		)	—			(390		)
Loss on disposition of discontinued operations	—			—			(1,627		)	—			(1,627		)
Loss from discontinued operations	—			—			(2,017		)	—			(2,017		)
Net income attributable to the common stockholders of Columbia Property Trust, Inc.	$	92,635		$	81,447		$	117,344		$	(198,791	)	$	92,635

Consolidating Statements of Operations (in thousands)

	For the Year Ended December 31, 2013
	Columbia Property Trust (Parent)			Columbia Property Trust OP (the Issuer)			Non- Guarantors			Consolidating Adjustments			Columbia Property Trust (Consolidated)
Revenues:
Rental income	$	—		$	403		$	406,791		$	(287	)	$	406,907
Tenant reimbursements	—			149			90,726			—			90,875
Hotel income	—			—			23,756			—			23,756
Other property income	—			17			5,208			(185		)	5,040
	—			569			526,481			(472		)	526,578
Expenses:
Property operating costs	—			1,966			152,880			(287		)	154,559
Hotel operating costs	—			—			18,340			—			18,340
Asset and property management fees:
Related-party	4,397			15			313			(32		)	4,693
Other	—			—			1,671			—			1,671
Depreciation	—			1,247			106,858			—			108,105
Amortization	—			28			78,682			—			78,710
General and administrative	16			43,555			18,448			(153		)	61,866
Listing fees	317			3,743			—			—			4,060
	4,730			50,554			377,192			(472		)	432,004
Real estate operating income (loss)	(4,730		)	(49,985		)	149,289			—			94,574
Other income (expense):
Interest expense	—			(32,659		)	(88,137		)	18,855			(101,941		)
Interest and other income	7,987			10,874			34,023			(18,855		)	34,029
Loss on interest rate swaps	—			—			(342		)	—			(342		)
Income from equity investment	12,463			86,101			—			(98,564		)	—
	20,450			64,316			(54,456		)	(98,564		)	(68,254		)
Income before income tax expense	15,720			14,331			94,833			(98,564		)	26,320
Income tax expense	—			(3		)	(497		)	—			(500		)
Income from continuing operations	15,720			14,328			94,336			(98,564		)	25,820
Discontinued operations:
Operating income (loss) from discontinued operations	—			658			(21,983		)	—			(21,325		)
Gain on disposition of discontinued operations	—			—			11,225			—			11,225
Income (loss) from discontinued operations	—			658			(10,758		)	—			(10,100		)
Net income attributable to the common stockholders of Columbia Property Trust, Inc.	$	15,720		$	14,986		$	83,578		$	(98,564	)	$	15,720

Consolidating Statements of Operations (in thousands)

	For the Year Ended December 31, 2012
	Columbia Property Trust (Parent)			Columbia Property Trust OP (the Issuer)			Non- Guarantors			Consolidating Adjustments			Columbia Property Trust (Consolidated)
Revenues:
Rental income	$	—		$	1,649		$	380,280		$	(133	)	$	381,796
Tenant reimbursements	—			103			90,756			(2,457		)	88,402
Hotel income	—			—			23,049			—			23,049
Other property income	—			86			1,024			(86		)	1,024
	—			1,838			495,109			(2,676		)	494,271
Expenses:
Property operating costs	—			1,634			148,025			(2,457		)	147,202
Hotel operating costs	—			—			18,495			(133		)	18,362
Asset and property management fees:
Related-party	26,264			58			4,191			(1,141		)	29,372
Other	—			—			2,421			—			2,421
Depreciation	—			710			97,988			—			98,698
Amortization	—			357			86,101			—			86,458
General and administrative	49			21,436			3,128			—			24,613
Acquisition fees and expenses	—			—			1,876			—			1,876
	26,313			24,195			362,225			(3,731		)	409,002
Real estate operating income (loss)	(26,313		)	(22,357		)	132,884			1,055			85,269
Other income (expense):
Interest expense	—			(32,469		)	(88,414		)	18,997			(101,886		)
Interest and other income	7,988			11,018			39,847			(18,997		)	39,856
Loss on interest rate swaps	—			—			(1,225		)	—			(1,225		)
Income from equity investment	66,364			92,228			—			(158,592		)	—
	74,352			70,777			(49,792		)	(158,592		)	(63,255		)
Income before income tax expense	48,039			48,420			83,092			(157,537		)	22,014
Income tax expense	—			(14		)	(558		)	—			(572		)
Income from continuing operations	48,039			48,406			82,534			(157,537		)	21,442
Discontinued operations:
Operating income from discontinued operations	—			5,942			542			—			6,484
Gain on disposition of discontinued operations	—			—			20,117			—			20,117
Income from discontinued operations	—			5,942			20,659			—			26,601
Net income	48,039			54,348			103,193			(157,537		)	48,043
Less: net income attributable to noncontrolling interests	—			—			(4		)	—			(4		)
Net income attributable to the common stockholders of Columbia Property Trust, Inc.	$	48,039		$	54,348		$	103,189		$	(157,537	)	$	48,039

Consolidating Statements Comprehensive Income

Consolidating Statements of Comprehensive Income (in thousands)

	For the Year Ended December 31, 2014
	Columbia Property Trust (Parent)		Columbia Property Trust OP (the Issuer)		Non- Guarantors		Consolidating Adjustments			Columbia Property Trust (Consolidated)
Net income attributable to the common stockholders of Columbia Property Trust, Inc.	$	92,635	$	81,447	$	117,344	$	(198,791	)	$	92,635
Market value adjustment to interest rate swap	1,339		1,339		—		(1,339		)	1,339
Comprehensive income	$	93,974	$	82,786	$	117,344	$	(200,130	)	$	93,974

	For the Year Ended December 31, 2013
	Columbia Property Trust (Parent)			Columbia Property Trust OP (the Issuer)		Non- Guarantors			Consolidating Adjustments			Columbia Property Trust (Consolidated)
Net income attributable to the common stockholders of Columbia Property Trust, Inc.	$	15,720		$	14,986	$	83,578		$	(98,564	)	$	15,720
Foreign currency translation adjustment	(83		)	—		(83		)	83			(83		)
Market value adjustment to interest rate swap	1,997			1,997		—			(1,997		)	1,997
Comprehensive income	$	17,634		$	16,983	$	83,495		$	(100,478	)	$	17,634

	For the Year Ended December 31, 2012
	Columbia Property Trust (Parent)			Columbia Property Trust OP (the Issuer)			Non- Guarantors		Consolidating Adjustments			Columbia Property Trust (Consolidated)
Net income attributable to the common stockholders of Columbia Property Trust, Inc.	$	48,039		$	54,348		$	103,189	$	(157,537	)	$	48,039
Market value adjustment to interest rate swap	(5,305		)	(5,305		)	—		5,305			(5,305		)
Comprehensive income attributable to the common stockholders of Columbia Property Trust, Inc.	42,734			49,043			103,189		(152,232		)	42,734
Comprehensive income attributable to noncontrolling interests	—			—			4		—			4
Comprehensive income	$	42,734		$	49,043		$	103,193	$	(152,232	)	$	42,738

Consolidating Statements Cash Flows

Consolidating Statements of Cash Flows (in thousands)

	For the Year Ended December 31, 2014
	Columbia Property Trust (Parent)			Columbia Property Trust OP (the Issuer)			Non- Guarantors			Consolidating Adjustments			Columbia Property Trust (Consolidated)
Cash flows from operating activities	$	(122	)	$	(38,618	)	$	275,646		$	—		$	236,906
Cash flows from investing activities:
Net proceeds from sale of real estate	—			418,207			—			—			418,207
Investment in real estate and related assets	(5,000		)	(366,380		)	(70,615		)	—			(441,995		)
Investments in subsidiaries	67,403			—			—			(67,403		)	—
Net cash provided by (used in) investing activities	62,403			51,827			(70,615		)	(67,403		)	(23,788		)
Cash flows from financing activities:
Borrowings, net of fees and prepayment penalty on early extinguishment of debt	—			282,807			(1,289		)	—			281,518
Repayments	—			(283,000		)	(11,739		)	—			(294,739		)
Loss on early extinguishment of debt	—			—			—			—			—
Redemptions of common stock and fees, net of issuances	—			—			—			—			—
Distributions	(149,962		)	—			—			—			(149,962		)
Intercompany transfers, net	153,847			(23,220		)	(198,030		)	67,403			—
Net cash provided by (used in) financing activities	3,885			(23,413		)	(211,058		)	67,403			(163,183		)
Net increase (decrease) in cash and cash equivalents	66,166			(10,204		)	(6,027		)	—			49,935
Cash and cash equivalents, beginning of period	53,322			20,708			25,825			—			99,855
Cash and cash equivalents, end of period	$	119,488		$	10,504		$	19,798		$	—		$	149,790

Consolidating Statements of Cash Flows (in thousands)

	For the Year Ended December 31, 2013
	Columbia Property Trust (Parent)			Columbia Property Trust OP (the Issuer)			Non- Guarantors			Columbia Property Trust (Consolidated)
Cash flows from operating activities	$	(331	)	$	(84,270	)	$	302,930		$	218,329
Cash flows from investing activities:
Net proceeds from sale of real estate	14,127			551,818			—			565,945
Investment in real estate and related assets	—			(5,270		)	(65,286		)	(70,556		)
Net cash provided by (used in) investing activities	14,127			546,548			(65,286		)	495,389
Cash flows from financing activities:
Borrowings, net of fees	—			297,320			(41		)	297,279
Repayments	—			(343,000		)	(118,940		)	(461,940		)
Loss on early extinguishment of debt	—			—			(4,709		)	(4,709		)
Redemptions of common stock and fees, net of issuances	(306,574		)	—			—			(306,574		)
Distributions	(191,473		)	—			—			(191,473		)
Intercompany transfers	516,659			(400,712		)	(115,947		)	—
Net cash provided by (used in) financing activities	18,612			(446,392		)	(239,637		)	(667,417		)
Net increase (decrease) in cash and cash equivalents	32,408			15,886			(1,993		)	46,301
Effect of foreign exchange rate on cash and cash equivalents	—			—			(103		)	(103		)
Cash and cash equivalents, beginning of period	20,914			4,822			27,921			53,657
Cash and cash equivalents, end of period	$	53,322		$	20,708		$	25,825		$	99,855

	For the Year Ended December 31, 2012
	Columbia Property Trust (Parent)			Columbia Property Trust OP (the Issuer)			Non- Guarantors			Columbia Property Trust (Consolidated)
Cash flows from operating activities	$	(49	)	$	(83,489	)	$	336,377		$	252,839
Cash flows from investing activities:
Net proceeds from sale of real estate	30,441			273,823			—			304,264
Investment in real estate and related assets	—			(193,410		)	(79,807		)	(273,217		)
Net cash provided by (used in) investing activities	30,441			80,413			(79,807		)	31,047
Cash flows from financing activities:
Borrowings, net of fees	—			595,731			(929		)	594,802
Repayments	—			(591,000		)	(36,191		)	(627,191		)
Issuance of common stock, net of redemptions and fees	18,996			—			—			18,996
Distributions	(256,020		)	—			(15		)	(256,035		)
Intercompany transfers	216,255			(7,430		)	(208,825		)	—
Redemptions of noncontrolling interest	—			—			(301		)	(301		)
Net cash used in financing activities	(20,769		)	(2,699		)	(246,261		)	(269,729		)
Net increase (decrease) in cash and cash equivalents	9,623			(5,775		)	10,309			14,157
Effect of foreign exchange rate on cash and cash equivalents	—			—			32			32
Cash and cash equivalents, beginning of period	11,291			10,597			17,580			39,468
Cash and cash equivalents, end of period	$	20,914		$	4,822		$	27,921		$	53,657

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Commitments and Contingencies (Lease Obligations) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014 Properties	Dec. 31, 2013	Dec. 31, 2012
Commitments and Contingencies Disclosure [Abstract]
Number of properties subject to ground leases	3
Rent expenses incurred	$ 2,100,000	$ 2,100,000	$ 2,100,000
Obligations Under Operating Leases
2015	2,557,000
2016	2,557,000
2017	2,702,000
2018	2,731,000
2019	2,731,000
Thereafter	202,798,000
Total	216,076,000
Obligations Under Capital Leases
2015	7,200,000
2016	7,200,000
2017	7,200,000
2018	7,200,000
2019	7,200,000
Thereafter	134,400,000
Total payments with interest	170,400,000
Amounts representing interest	(50,400,000)
Total	$ 120,000,000

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Real Estate and Other Transactions (Interests in Properties Acquired) (Details) (USD $) In Thousands, unless otherwise specified	Apr. 22, 2014	Sep. 09, 2014
221 MAIN STREET
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Land	$ 60,509
Building and improvements	161,853
Intangible lease assets	12,776
Intangible lease origination costs	3,475
Intangible below market lease liability	(10,323)
Total Purchase Price	228,290
650 CALIFORNIA STREET
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Land		75,384
Building and improvements		221,135
Intangible lease assets		19,306
Intangible lease origination costs		4,290
Intangible below market lease liability		(9,908)
Total Purchase Price		$ 310,207

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Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Narratives) (Details) (USD $)	Dec. 31, 2014
Guarantor Obligations [Line Items]
Ownership percentage of wholly owned subsidiary	100.00%
$450 Million Term Loan | Term Loans
Guarantor Obligations [Line Items]
Debt face amount	450,000,000.0

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Stockholders' Equity (Details) (USD $)	0 Months Ended	12 Months Ended			0 Months Ended
	Aug. 14, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jan. 21, 2014	Nov. 18, 2013	Jan. 21, 2015	Jul. 01, 2014	Jun. 30, 2014	Jul. 31, 2013	Oct. 10, 2013
Class of Stock [Line Items]
Stock-based compensation expense		$ 0	$ 1,055,000	$ 0
Four for one reverse stock split (in percent)	0.25
Common stock, shares authorized		225,000,000	900,000,000					225,000,000	900,000,000
Listing costs		0	4,060,000	0
Redemption of common stock		0	115,781,000	99,381,000
2014 LTIP Employee Grant
Class of Stock [Line Items]
Stock-based compensation expense related to future employee awards		900,000
2013 LTIP Employee Grant
Class of Stock [Line Items]
Shares authorized and reserved under the Director Plan										2,000,000
Shares granted		144,000			143,740
Shares withheld to settle tax liability					12,752
Stock-based compensation expense		2,000,000	1,100,000
Unrecognized compensation costs related to unvested awards		1,700,000	900,000
Stock Options | Director Stock Option Plan
Class of Stock [Line Items]
Shares authorized and reserved under the Director Plan		25,000
Award vesting rights (in percent)		20.00%
Shares available for options upon granted initially		625
Options to purchase common stock price per share upon granted initially		$ 48.00
Exercisable percentage of stock options on each anniversary (percent)		20.00%
Additional options to purchase share on each annual stockholder meeting		250
Additional options to purchase share on each annual stockholder meeting, per share		$ 48.00
Percentage of additional shares purchased on date of each annual stockholder meeting exercisable after two years (percent)		100.00%
Stock option exercisable period after the date of grant		2 years
Options granted expiration period		10 years
Percentage of outstanding shares ( in percent)		10.00%
Weighted-average contractual remaining life for options		1 year 9 months
Minimum
Class of Stock [Line Items]
Unrecognized compensation costs recognition period (years)		1 year
Maximum
Class of Stock [Line Items]
Unrecognized compensation costs recognition period (years)		3 years
Dutch-Auction Tender Offer
Class of Stock [Line Items]
Dutch-auction tender offer maximum amount											300,000,000
Tender offer redemptions of common stock accepted (in shares)						9,400,000
Redemption of common stock						234,100,000
Dutch-Auction Tender Offer | Maximum
Class of Stock [Line Items]
Tender offer price per share						$ 25.00
Grant date | 2013 LTIP Employee Grant
Class of Stock [Line Items]
Award vesting rights (in percent)					25.00%
12 months after grant date | 2013 LTIP Employee Grant
Class of Stock [Line Items]
Award vesting rights (in percent)					25.00%
24 months after grant date | 2013 LTIP Employee Grant
Class of Stock [Line Items]
Award vesting rights (in percent)					25.00%
36 months after grant date | 2013 LTIP Employee Grant
Class of Stock [Line Items]
Award vesting rights (in percent)					25.00%
Employees | 2013 LTIP Employee Grant
Class of Stock [Line Items]
Stock-based compensation expense		700,000	900,000
Director | 2013 LTIP Employee Grant
Class of Stock [Line Items]
Stock-based compensation expense		$ 400,000	$ 200,000
Subsequent Event | 2014 LTIP Employee Grant
Class of Stock [Line Items]
Shares granted							123,187
Shares withheld to settle tax liability							11,368
Subsequent Event | Grant date | 2014 LTIP Employee Grant
Class of Stock [Line Items]
Award vesting rights (in percent)							25.00%
Subsequent Event | 12 months after grant date | 2014 LTIP Employee Grant
Class of Stock [Line Items]
Award vesting rights (in percent)							25.00%
Subsequent Event | 24 months after grant date | 2014 LTIP Employee Grant
Class of Stock [Line Items]
Award vesting rights (in percent)							25.00%
Subsequent Event | 36 months after grant date | 2014 LTIP Employee Grant
Class of Stock [Line Items]
Award vesting rights (in percent)							25.00%

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Summary of Significant Accounting Policies (Interest Rate Swaps) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Summary of Derivative Instruments Impact on Results of Operations [Abstract]
Market value adjustment to interest rate swaps designated as hedging instruments and included in other comprehensive income	$ 1,339	$ 1,997	$ (5,305)
Loss on interest rate swap recognized through earnings	(371)	(342)	(1,225)
Interest Rate Contract | Accounts Payable
Derivative, Fair Value, Net [Abstract]
Derivative designated as hedging instruments, interest rate contracts	(1,968)	(3,307)
Derivatives not designated as hedging instruments, interest rate contracts	$ (2,633)	$ (7,579)

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Supplemental Disclosures of Noncash Investing and Financing Activities (Tables)

12 Months Ended

Dec. 31, 2014

Supplemental Cash Flow Information [Abstract]

Schedule of Other Significant Noncash Transactions

Outlined below are significant noncash investing and financing activities for the years ended December 31, 2014, 2013, and 2012 (in thousands):

	Years ended December 31,
	2014		2013			2012
Investment in real estate funded with other assets	$	3,807	$	—		$	—
Other assets assumed upon acquisition	$	2,493	$	741		$	130
Other liabilities assumed upon acquisition	$	2,004	$	741		$	—
Other liabilities settled at disposition	$	—	$	872		$	—
Interest rate swap assumed upon acquisition of property	$	—	$	—		$	11,560
Notes payable assumed at acquisition	$	203,000	$	—		$	208,330
Interest accruing into notes payable	$	—	$	186		$	306
Amortization of discounts (premiums) on debt	$	396	$	(363	)	$	364
Market value adjustment to interest rate swaps that qualify for hedge accounting treatment	$	1,339	$	1,997		$	(5,305	)
Accrued capital expenditures and deferred lease costs	$	17,283	$	15,997		$	16,325
Accrued deferred financing costs	$	—	$	—		$	35
Common stock issued to employees and directors, and amortized (net of amounts withheld for taxes)	$	1,642	$	—		$	—
Accrued redemptions of common stock	$	—	$	—		$	3,655
Transfer of development authority bonds	$	—	$	466,000		$	60,000
Stock-based compensation expense	$	—	$	1,055		$	—
Increase (decrease) in redeemable common stock	$	—	$	(99,526	)	$	13,621

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Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Consolidating Statements of Comprehensive Income) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended										12 Months Ended
	Dec. 31, 2014		Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013		Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Condensed Financial Statements, Captions [Line Items]
Net income attributable to the common stockholders of Columbia Property Trust, Inc.	$ 56,226	[1]	$ 24,988	$ 8,021	$ 3,400	$ 12,927	$ 4,800	$ 20,601	$ (22,608)	[2]	$ 92,635	$ 15,720	$ 48,039
Foreign currency translation adjustment											0	(83)	0
Market value adjustment to interest rate swap											1,339	1,997	(5,305)
Comprehensive income attributable to the common stockholders of Columbia Property Trust, Inc.											93,974	17,634	42,734
Comprehensive income attributable to noncontrolling interests											0	0	4
Comprehensive income											93,974	17,634	42,738
Columbia Property Trust (Parent)
Condensed Financial Statements, Captions [Line Items]
Net income attributable to the common stockholders of Columbia Property Trust, Inc.											92,635	15,720	48,039
Foreign currency translation adjustment												(83)
Market value adjustment to interest rate swap											1,339	1,997	(5,305)
Comprehensive income attributable to the common stockholders of Columbia Property Trust, Inc.													42,734
Comprehensive income attributable to noncontrolling interests													0
Comprehensive income											93,974	17,634	42,734
Columbia Property Trust OP (the Issuer)
Condensed Financial Statements, Captions [Line Items]
Net income attributable to the common stockholders of Columbia Property Trust, Inc.											81,447	14,986	54,348
Foreign currency translation adjustment												0
Market value adjustment to interest rate swap											1,339	1,997	(5,305)
Comprehensive income attributable to the common stockholders of Columbia Property Trust, Inc.													49,043
Comprehensive income attributable to noncontrolling interests													0
Comprehensive income											82,786	16,983	49,043
Non-Guarantors
Condensed Financial Statements, Captions [Line Items]
Net income attributable to the common stockholders of Columbia Property Trust, Inc.											117,344	83,578	103,189
Foreign currency translation adjustment												(83)
Market value adjustment to interest rate swap											0	0	0
Comprehensive income attributable to the common stockholders of Columbia Property Trust, Inc.													103,189
Comprehensive income attributable to noncontrolling interests													4
Comprehensive income											117,344	83,495	103,193
Consolidating Adjustments
Condensed Financial Statements, Captions [Line Items]
Net income attributable to the common stockholders of Columbia Property Trust, Inc.											(198,791)	(98,564)	(157,537)
Foreign currency translation adjustment												83
Market value adjustment to interest rate swap											(1,339)	(1,997)	5,305
Comprehensive income attributable to the common stockholders of Columbia Property Trust, Inc.													(152,232)
Comprehensive income attributable to noncontrolling interests													0
Comprehensive income											$ (200,130)	$ (100,478)	$ (152,232)

[1] Net income for the fourth quarter of 2014 includes gains on sales of real estate of $56.6 million (See Note 3, Real Estate and Other Transactions), partially offset by impairment losses of $10.1 million.

[2] Net income for the first quarter of 2013 reflects the incurrence of nonrecurring fees under the Consulting and Transitions Services Agreements (See Note 10, Related-Party Transactions and Agreements).

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Stockholders' Equity (Summary of Shares Granted to Independent Director) (Details) (2013 LTIP Employee Grant, USD $)	0 Months Ended	12 Months Ended		0 Months Ended
	Jan. 21, 2014	Dec. 31, 2014		Apr. 02, 2014	Jul. 01, 2014	Oct. 01, 2014	Sep. 13, 2013	Jan. 02, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	143,740	144,000
Weighted-Average Grant-Date Fair Value		$ 24.82	[1]
January 21, 2014 | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	3,344
Weighted-Average Grant-Date Fair Value	24.82
April 1, 2014 | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted				2,968
Weighted-Average Grant-Date Fair Value				$ 27.22
July 1, 2014 | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted					3,016
Weighted-Average Grant-Date Fair Value					$ 25.78
October 1, 2014 | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted						4,960
Weighted-Average Grant-Date Fair Value						$ 23.89
September 13, 2013 | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted							6,820
Weighted-Average Grant-Date Fair Value							$ 29.32
Subsequent Event | January 02, 2015 | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted								5,850
Weighted-Average Grant-Date Fair Value								$ 25.75

[1] Columbia Property Trust determined the weighted-average grant-date fair value using the market closing price on the date of the grant.

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Schedule III - Real Estate Assets and Accumulated Depreciation and Amortization (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	794,391
Initial Costs, Building and Improvements	4,195,938
Initial Costs, Total	4,990,329
Costs Capitalized Subsequent to Acquisition	60,153
Gross Amount at Which Carried at December 31, 2014, Land	785,101
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements	4,265,381
Gross Amount at Which Carried at December 31, 2014, Total	5,050,482		4,875,866	5,507,769	5,483,193
Accumulated Depreciation and Amortization	973,920
Investment in development authority bonds	120,000		120,000
515 POST OAK
Real Estate and Accumulated Depreciation [Line Items]
Ownership percentage	100.00%
Encumbrances	0
Initial Costs, Land	6,100
Initial Costs, Building and Improvements	28,905
Initial Costs, Total	35,005
Costs Capitalized Subsequent to Acquisition	9,761
Gross Amount at Which Carried at December 31, 2014, Land	6,241
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements	38,525
Gross Amount at Which Carried at December 31, 2014, Total	44,766
Accumulated Depreciation and Amortization	8,267
170 PARK AVENUE
Real Estate and Accumulated Depreciation [Line Items]
Ownership percentage	100.00%
Encumbrances	0
Initial Costs, Land	10,802
Initial Costs, Building and Improvements	62,595
Initial Costs, Total	73,397
Costs Capitalized Subsequent to Acquisition	(54,688)
Gross Amount at Which Carried at December 31, 2014, Land	4,125
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements	14,584
Gross Amount at Which Carried at December 31, 2014, Total	18,709
Accumulated Depreciation and Amortization	3,729
ONE GLENLAKE PARKWAY
Real Estate and Accumulated Depreciation [Line Items]
Ownership percentage	100.00%
Encumbrances	34,713
Initial Costs, Land	5,846
Initial Costs, Building and Improvements	66,681
Initial Costs, Total	72,527
Costs Capitalized Subsequent to Acquisition	742
Gross Amount at Which Carried at December 31, 2014, Land	5,934
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements	67,335
Gross Amount at Which Carried at December 31, 2014, Total	73,269
Accumulated Depreciation and Amortization	23,777
80 M STREET
Real Estate and Accumulated Depreciation [Line Items]
Ownership percentage	100.00%
Encumbrances	0
Initial Costs, Land	26,248
Initial Costs, Building and Improvements	76,269
Initial Costs, Total	102,517
Costs Capitalized Subsequent to Acquisition	(5,816)
Gross Amount at Which Carried at December 31, 2014, Land	26,806
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements	69,895
Gross Amount at Which Carried at December 31, 2014, Total	96,701
Accumulated Depreciation and Amortization	23,496
ACXIOM
Real Estate and Accumulated Depreciation [Line Items]
Ownership percentage	100.00%
Encumbrances	0
Initial Costs, Land	10,504
Initial Costs, Building and Improvements	51,795
Initial Costs, Total	62,299
Costs Capitalized Subsequent to Acquisition	958
Gross Amount at Which Carried at December 31, 2014, Land	10,640
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements	52,617
Gross Amount at Which Carried at December 31, 2014, Total	63,257
Accumulated Depreciation and Amortization	15,599
800 NORTH FREDERICK
Real Estate and Accumulated Depreciation [Line Items]
Ownership percentage	100.00%
Encumbrances	0
Initial Costs, Land	22,758
Initial Costs, Building and Improvements	43,174
Initial Costs, Total	65,932
Costs Capitalized Subsequent to Acquisition	582
Gross Amount at Which Carried at December 31, 2014, Land	20,195
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements	46,319
Gross Amount at Which Carried at December 31, 2014, Total	66,514
Accumulated Depreciation and Amortization	20,559
THE CORRIDORS III
Real Estate and Accumulated Depreciation [Line Items]
Ownership percentage	100.00%
Encumbrances	0
Initial Costs, Land	2,524
Initial Costs, Building and Improvements	35,016
Initial Costs, Total	37,540
Costs Capitalized Subsequent to Acquisition	(2,034)
Gross Amount at Which Carried at December 31, 2014, Land	2,558
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements	32,948
Gross Amount at Which Carried at December 31, 2014, Total	35,506
Accumulated Depreciation and Amortization	10,876
HIGHLAND LANDMARK III
Real Estate and Accumulated Depreciation [Line Items]
Ownership percentage	100.00%
Encumbrances	0
Initial Costs, Land	3,028
Initial Costs, Building and Improvements	47,454
Initial Costs, Total	50,482
Costs Capitalized Subsequent to Acquisition	(3,592)
Gross Amount at Which Carried at December 31, 2014, Land	3,055
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements	43,835
Gross Amount at Which Carried at December 31, 2014, Total	46,890
Accumulated Depreciation and Amortization	13,122
180 PARK AVENUE
Real Estate and Accumulated Depreciation [Line Items]
Ownership percentage	100.00%
Encumbrances	0
Initial Costs, Land	4,501
Initial Costs, Building and Improvements	47,957
Initial Costs, Total	52,458
Costs Capitalized Subsequent to Acquisition	(3,016)
Gross Amount at Which Carried at December 31, 2014, Land	4,501
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements	44,941
Gross Amount at Which Carried at December 31, 2014, Total	49,442
Accumulated Depreciation and Amortization	11,184
215 DIEHL ROAD
Real Estate and Accumulated Depreciation [Line Items]
Ownership percentage	100.00%
Encumbrances	21,000
Initial Costs, Land	3,452
Initial Costs, Building and Improvements	17,456
Initial Costs, Total	20,908
Costs Capitalized Subsequent to Acquisition	4,144
Gross Amount at Which Carried at December 31, 2014, Land	3,472
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements	21,580
Gross Amount at Which Carried at December 31, 2014, Total	25,052
Accumulated Depreciation and Amortization	8,366
100 EAST PRATT
Real Estate and Accumulated Depreciation [Line Items]
Ownership percentage	100.00%
Encumbrances	105,000
Initial Costs, Land	31,234
Initial Costs, Building and Improvements	140,217
Initial Costs, Total	171,451
Costs Capitalized Subsequent to Acquisition	35,139
Gross Amount at Which Carried at December 31, 2014, Land	31,777
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements	174,813
Gross Amount at Which Carried at December 31, 2014, Total	206,590
Accumulated Depreciation and Amortization	60,604
ROBBINS ROAD
Real Estate and Accumulated Depreciation [Line Items]
Ownership percentage	100.00%
Encumbrances	0
Initial Costs, Land	8,341
Initial Costs, Building and Improvements	66,332
Initial Costs, Total	74,673
Costs Capitalized Subsequent to Acquisition	250
Gross Amount at Which Carried at December 31, 2014, Land	8,341
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements	66,582
Gross Amount at Which Carried at December 31, 2014, Total	74,923
Accumulated Depreciation and Amortization	27,538
UNIVERSITY CIRCLE
Real Estate and Accumulated Depreciation [Line Items]
Ownership percentage	100.00%
Encumbrances	0
Initial Costs, Land	27,493
Initial Costs, Building and Improvements	278,288
Initial Costs, Total	305,781
Costs Capitalized Subsequent to Acquisition	(19,915)
Gross Amount at Which Carried at December 31, 2014, Land	27,756
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements	258,110
Gross Amount at Which Carried at December 31, 2014, Total	285,866
Accumulated Depreciation and Amortization	63,652
5 HOUSTON CENTER
Real Estate and Accumulated Depreciation [Line Items]
Ownership percentage	100.00%
Encumbrances	0
Initial Costs, Land	8,186
Initial Costs, Building and Improvements	147,653
Initial Costs, Total	155,839
Costs Capitalized Subsequent to Acquisition	(17,528)
Gross Amount at Which Carried at December 31, 2014, Land	8,186
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements	130,125
Gross Amount at Which Carried at December 31, 2014, Total	138,311
Accumulated Depreciation and Amortization	39,497
KEY CENTER TOWER
Real Estate and Accumulated Depreciation [Line Items]
Ownership percentage	100.00%
Encumbrances	0	[1]
Initial Costs, Land	7,269
Initial Costs, Building and Improvements	244,424
Initial Costs, Total	251,693
Costs Capitalized Subsequent to Acquisition	20,566
Gross Amount at Which Carried at December 31, 2014, Land	7,454
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements	264,805
Gross Amount at Which Carried at December 31, 2014, Total	272,259
Accumulated Depreciation and Amortization	87,912
KEY CENTER MARRIOTT
Real Estate and Accumulated Depreciation [Line Items]
Ownership percentage	100.00%
Encumbrances	0
Initial Costs, Land	3,473
Initial Costs, Building and Improvements	34,458
Initial Costs, Total	37,931
Costs Capitalized Subsequent to Acquisition	16,278
Gross Amount at Which Carried at December 31, 2014, Land	3,629
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements	50,580
Gross Amount at Which Carried at December 31, 2014, Total	54,209
Accumulated Depreciation and Amortization	17,287
SANTAN CORPORATE CENTER
Real Estate and Accumulated Depreciation [Line Items]
Ownership percentage	100.00%
Encumbrances	39,000
Initial Costs, Land	8,045
Initial Costs, Building and Improvements	46,282
Initial Costs, Total	54,327
Costs Capitalized Subsequent to Acquisition	(1,867)
Gross Amount at Which Carried at December 31, 2014, Land	8,193
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements	44,267
Gross Amount at Which Carried at December 31, 2014, Total	52,460
Accumulated Depreciation and Amortization	11,495
263 SHUMAN BOULEVARD
Real Estate and Accumulated Depreciation [Line Items]
Ownership percentage	100.00%
Encumbrances	49,000
Initial Costs, Land	7,142
Initial Costs, Building and Improvements	41,535
Initial Costs, Total	48,677
Costs Capitalized Subsequent to Acquisition	6,890
Gross Amount at Which Carried at December 31, 2014, Land	7,233
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements	48,334
Gross Amount at Which Carried at December 31, 2014, Total	55,567
Accumulated Depreciation and Amortization	19,327
80 PARK PLAZA
Real Estate and Accumulated Depreciation [Line Items]
Ownership percentage	100.00%
Encumbrances	0
Initial Costs, Land	31,766
Initial Costs, Building and Improvements	109,952
Initial Costs, Total	141,718
Costs Capitalized Subsequent to Acquisition	22,484
Gross Amount at Which Carried at December 31, 2014, Land	32,221
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements	131,981
Gross Amount at Which Carried at December 31, 2014, Total	164,202
Accumulated Depreciation and Amortization	47,027
INTERNATIONAL FINANCIAL TOWER
Real Estate and Accumulated Depreciation [Line Items]
Ownership percentage	100.00%
Encumbrances	0
Initial Costs, Land	29,061
Initial Costs, Building and Improvements	141,544
Initial Costs, Total	170,605
Costs Capitalized Subsequent to Acquisition	17,407
Gross Amount at Which Carried at December 31, 2014, Land	29,712
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements	158,300
Gross Amount at Which Carried at December 31, 2014, Total	188,012
Accumulated Depreciation and Amortization	49,998
STERLING COMMERCE
Real Estate and Accumulated Depreciation [Line Items]
Ownership percentage	100.00%
Encumbrances	0
Initial Costs, Land	8,639
Initial Costs, Building and Improvements	43,980
Initial Costs, Total	52,619
Costs Capitalized Subsequent to Acquisition	2,637
Gross Amount at Which Carried at December 31, 2014, Land	8,752
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements	46,504
Gross Amount at Which Carried at December 31, 2014, Total	55,256
Accumulated Depreciation and Amortization	21,305
PASADENA CORPORATE PARK
Real Estate and Accumulated Depreciation [Line Items]
Ownership percentage	100.00%
Encumbrances	0
Initial Costs, Land	53,099
Initial Costs, Building and Improvements	59,630
Initial Costs, Total	112,729
Costs Capitalized Subsequent to Acquisition	352
Gross Amount at Which Carried at December 31, 2014, Land	53,099
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements	59,982
Gross Amount at Which Carried at December 31, 2014, Total	113,081
Accumulated Depreciation and Amortization	14,267
222 EAST 41ST STREET
Real Estate and Accumulated Depreciation [Line Items]
Ownership percentage	100.00%
Encumbrances	0	[1]
Initial Costs, Land	0
Initial Costs, Building and Improvements	324,520
Initial Costs, Total	324,520
Costs Capitalized Subsequent to Acquisition	(429)
Gross Amount at Which Carried at December 31, 2014, Land	0
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements	324,091
Gross Amount at Which Carried at December 31, 2014, Total	324,091
Accumulated Depreciation and Amortization	72,842
BANNOCKBURN LAKE III
Real Estate and Accumulated Depreciation [Line Items]
Ownership percentage	100.00%
Encumbrances	0
Initial Costs, Land	7,635
Initial Costs, Building and Improvements	11,002
Initial Costs, Total	18,637
Costs Capitalized Subsequent to Acquisition	(12,030)
Gross Amount at Which Carried at December 31, 2014, Land	2,797
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements	3,810
Gross Amount at Which Carried at December 31, 2014, Total	6,607
Accumulated Depreciation and Amortization	1,608
SOUTH JAMAICA STREET
Real Estate and Accumulated Depreciation [Line Items]
Ownership percentage	100.00%
Encumbrances	0
Initial Costs, Land	13,429
Initial Costs, Building and Improvements	109,781
Initial Costs, Total	123,210
Costs Capitalized Subsequent to Acquisition	3,252
Gross Amount at Which Carried at December 31, 2014, Land	13,735
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements	112,727
Gross Amount at Which Carried at December 31, 2014, Total	126,462
Accumulated Depreciation and Amortization	32,657
LINDBERGH CENTER
Real Estate and Accumulated Depreciation [Line Items]
Ownership percentage	100.00%
Encumbrances	0	[1]
Initial Costs, Land	0
Initial Costs, Building and Improvements	262,468
Initial Costs, Total	262,468
Costs Capitalized Subsequent to Acquisition	3,252
Gross Amount at Which Carried at December 31, 2014, Land	0
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements	265,720
Gross Amount at Which Carried at December 31, 2014, Total	265,720
Accumulated Depreciation and Amortization	52,966
THREE GLENLAKE BUILDING
Real Estate and Accumulated Depreciation [Line Items]
Ownership percentage	100.00%
Encumbrances	120,000	[2]
Initial Costs, Land	7,517
Initial Costs, Building and Improvements	88,784
Initial Costs, Total	96,301
Costs Capitalized Subsequent to Acquisition	891
Gross Amount at Which Carried at December 31, 2014, Land	8,055
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements	89,137
Gross Amount at Which Carried at December 31, 2014, Total	97,192
Accumulated Depreciation and Amortization	18,906
Investment in development authority bonds	120,000
1580 WEST NURSERY ROAD
Real Estate and Accumulated Depreciation [Line Items]
Ownership percentage	100.00%
Encumbrances	0
Initial Costs, Land	11,410
Initial Costs, Building and Improvements	78,988
Initial Costs, Total	90,398
Costs Capitalized Subsequent to Acquisition	1,212
Gross Amount at Which Carried at December 31, 2014, Land	11,745
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements	79,865
Gross Amount at Which Carried at December 31, 2014, Total	91,610
Accumulated Depreciation and Amortization	20,336
550 KING STREET BUILDINGS
Real Estate and Accumulated Depreciation [Line Items]
Ownership percentage	100.00%
Encumbrances	0
Initial Costs, Land	8,632
Initial Costs, Building and Improvements	74,625
Initial Costs, Total	83,257
Costs Capitalized Subsequent to Acquisition	8,177
Gross Amount at Which Carried at December 31, 2014, Land	8,632
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements	82,802
Gross Amount at Which Carried at December 31, 2014, Total	91,434
Accumulated Depreciation and Amortization	19,457
CRANBERRY WOODS DRIVE
Real Estate and Accumulated Depreciation [Line Items]
Ownership percentage	100.00%
Encumbrances	0
Initial Costs, Land	15,512
Initial Costs, Building and Improvements	173,062
Initial Costs, Total	188,574
Costs Capitalized Subsequent to Acquisition	3,542
Gross Amount at Which Carried at December 31, 2014, Land	15,512
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements	176,604
Gross Amount at Which Carried at December 31, 2014, Total	192,116
Accumulated Depreciation and Amortization	29,050
HOUSTON ENERGY CENTER I
Real Estate and Accumulated Depreciation [Line Items]
Ownership percentage	100.00%
Encumbrances	0
Initial Costs, Land	4,734
Initial Costs, Building and Improvements	79,344
Initial Costs, Total	84,078
Costs Capitalized Subsequent to Acquisition	5,045
Gross Amount at Which Carried at December 31, 2014, Land	4,734
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements	84,389
Gross Amount at Which Carried at December 31, 2014, Total	89,123
Accumulated Depreciation and Amortization	15,015
MARKET SQUARE BUILDINGS
Real Estate and Accumulated Depreciation [Line Items]
Ownership percentage	100.00%
Encumbrances	325,000
Initial Costs, Land	152,629
Initial Costs, Building and Improvements	450,757
Initial Costs, Total	603,386
Costs Capitalized Subsequent to Acquisition	12,158
Gross Amount at Which Carried at December 31, 2014, Land	152,629
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements	462,915
Gross Amount at Which Carried at December 31, 2014, Total	615,544
Accumulated Depreciation and Amortization	79,798
544 LAKEVIEW
Real Estate and Accumulated Depreciation [Line Items]
Ownership percentage	100.00%	[3]
Encumbrances	0
Initial Costs, Land	3,006
Initial Costs, Building and Improvements	3,100
Initial Costs, Total	6,106
Costs Capitalized Subsequent to Acquisition	2,701
Gross Amount at Which Carried at December 31, 2014, Land	3,006
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements	5,801
Gross Amount at Which Carried at December 31, 2014, Total	8,807
Accumulated Depreciation and Amortization	742
Columbia Property Trust's interest in property through a subsidiary	50.00%
333 MARKET STREET
Real Estate and Accumulated Depreciation [Line Items]
Ownership percentage	100.00%
Encumbrances	206,500
Initial Costs, Land	114,483
Initial Costs, Building and Improvements	292,840
Initial Costs, Total	407,323
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried at December 31, 2014, Land	114,483
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements	292,840
Gross Amount at Which Carried at December 31, 2014, Total	407,323
Accumulated Depreciation and Amortization	18,406
221 MAIN STREET
Real Estate and Accumulated Depreciation [Line Items]
Ownership percentage	100.00%
Encumbrances	73,000
Initial Costs, Land	60,509
Initial Costs, Building and Improvements	174,629
Initial Costs, Total	235,138
Costs Capitalized Subsequent to Acquisition	2,604
Gross Amount at Which Carried at December 31, 2014, Land	60,509
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements	177,233
Gross Amount at Which Carried at December 31, 2014, Total	237,742
Accumulated Depreciation and Amortization	8,486
650 CALIFORNIA STREET
Real Estate and Accumulated Depreciation [Line Items]
Ownership percentage	100.00%
Encumbrances	130,000
Initial Costs, Land	75,384
Initial Costs, Building and Improvements	240,441
Initial Costs, Total	315,825
Costs Capitalized Subsequent to Acquisition	44
Gross Amount at Which Carried at December 31, 2014, Land	75,384
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements	240,485
Gross Amount at Which Carried at December 31, 2014, Total	315,869
Accumulated Depreciation and Amortization	4,767
Minimum | 515 POST OAK
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	0 years	[4]
Minimum | 170 PARK AVENUE
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	0 years	[4]
Minimum | ONE GLENLAKE PARKWAY
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	0 years	[4]
Minimum | 80 M STREET
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	0 years	[4]
Minimum | ACXIOM
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	0 years	[4]
Minimum | 800 NORTH FREDERICK
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	0 years	[4]
Minimum | THE CORRIDORS III
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	0 years	[4]
Minimum | HIGHLAND LANDMARK III
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	0 years	[4]
Minimum | 180 PARK AVENUE
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	0 years	[4]
Minimum | 215 DIEHL ROAD
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	0 years	[4]
Minimum | 100 EAST PRATT
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	0 years	[4]
Minimum | ROBBINS ROAD
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	0 years	[4]
Minimum | UNIVERSITY CIRCLE
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	0 years	[4]
Minimum | 5 HOUSTON CENTER
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	0 years	[4]
Minimum | KEY CENTER TOWER
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	0 years	[4]
Minimum | KEY CENTER MARRIOTT
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	0 years	[4]
Minimum | SANTAN CORPORATE CENTER
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	0 years	[4]
Minimum | 263 SHUMAN BOULEVARD
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	0 years	[4]
Minimum | 80 PARK PLAZA
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	0 years	[4]
Minimum | INTERNATIONAL FINANCIAL TOWER
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	0 years	[4]
Minimum | STERLING COMMERCE
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	0 years	[4]
Minimum | PASADENA CORPORATE PARK
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	0 years	[4]
Minimum | 222 EAST 41ST STREET
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	0 years	[4]
Minimum | BANNOCKBURN LAKE III
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	0 years	[4]
Minimum | SOUTH JAMAICA STREET
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	0 years	[4]
Minimum | LINDBERGH CENTER
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	0 years	[4]
Minimum | THREE GLENLAKE BUILDING
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	0 years	[4]
Minimum | 1580 WEST NURSERY ROAD
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	0 years	[4]
Minimum | 550 KING STREET BUILDINGS
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	0 years
Minimum | CRANBERRY WOODS DRIVE
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	0 years
Minimum | HOUSTON ENERGY CENTER I
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	0 years
Minimum | MARKET SQUARE BUILDINGS
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	0 years
Minimum | 544 LAKEVIEW
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	0 years
Minimum | 333 MARKET STREET
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	0 years
Minimum | 221 MAIN STREET
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	0 years
Minimum | 650 CALIFORNIA STREET
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	0 years
Maximum | 515 POST OAK
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	40 years	[4]
Maximum | 170 PARK AVENUE
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	40 years	[4]
Maximum | ONE GLENLAKE PARKWAY
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	40 years	[4]
Maximum | 80 M STREET
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	40 years	[4]
Maximum | ACXIOM
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	40 years	[4]
Maximum | 800 NORTH FREDERICK
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	40 years	[4]
Maximum | THE CORRIDORS III
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	40 years	[4]
Maximum | HIGHLAND LANDMARK III
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	40 years	[4]
Maximum | 180 PARK AVENUE
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	40 years	[4]
Maximum | 215 DIEHL ROAD
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	40 years	[4]
Maximum | 100 EAST PRATT
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	40 years	[4]
Maximum | ROBBINS ROAD
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	40 years	[4]
Maximum | UNIVERSITY CIRCLE
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	40 years	[4]
Maximum | 5 HOUSTON CENTER
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	40 years	[4]
Maximum | KEY CENTER TOWER
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	40 years	[4]
Maximum | KEY CENTER MARRIOTT
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	40 years	[4]
Maximum | SANTAN CORPORATE CENTER
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	40 years	[4]
Maximum | 263 SHUMAN BOULEVARD
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	40 years	[4]
Maximum | 80 PARK PLAZA
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	40 years	[4]
Maximum | INTERNATIONAL FINANCIAL TOWER
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	40 years	[4]
Maximum | STERLING COMMERCE
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	40 years	[4]
Maximum | PASADENA CORPORATE PARK
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	40 years	[4]
Maximum | 222 EAST 41ST STREET
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	40 years	[4]
Maximum | BANNOCKBURN LAKE III
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	40 years	[4]
Maximum | SOUTH JAMAICA STREET
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	40 years	[4]
Maximum | LINDBERGH CENTER
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	40 years	[4]
Maximum | THREE GLENLAKE BUILDING
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	40 years	[4]
Maximum | 1580 WEST NURSERY ROAD
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	40 years	[4]
Maximum | 550 KING STREET BUILDINGS
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	40 years
Maximum | CRANBERRY WOODS DRIVE
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	40 years
Maximum | HOUSTON ENERGY CENTER I
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	40 years
Maximum | MARKET SQUARE BUILDINGS
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	40 years
Maximum | 544 LAKEVIEW
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	40 years
Maximum | 333 MARKET STREET
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	40 years
Maximum | 221 MAIN STREET
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	40 years
Maximum | 650 CALIFORNIA STREET
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	40 years
Building Improvements | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	5 years
Building Improvements | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	25 years
Building
Real Estate and Accumulated Depreciation [Line Items]
Real estate and accumulated depreciation, life used for depreciation	40 years

[1] Property is owned subject to a long-term ground lease.

[2] As a result of the acquisition of the Three Glenlake Building, Columbia Property Trust acquired investments in bonds and certain obligations under capital leases in the amount of $120.0 million.

[3] 544 Lakeview is owned through a subsidiary in which Columbia Property Trust holds a 50% ownership interest and owns 100% of the economic interest.

[4] Columbia Property Trust assets are depreciated or amortized using the straight-line method over the useful lives of the assets by class. Generally, tenant improvements are amortized over the shorter of economic life or lease term, lease intangibles are amortized over the respective lease term, building improvements are depreciated over 5-25 years and buildings are depreciated over 40 years.

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Schedule III - Real Estate Assets and Accumulated Depreciation and Amortization Rollforward (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Real Estate [Roll Forward]
Balance at beginning of year	$ 4,875,866		$ 5,507,769		$ 5,483,193
Additions to/improvements of real estate	610,510		51,422		453,541
Sale/transfer of real estate	(399,499)		(614,822)		(328,804)
Impairment of real estate	(25,130)		(29,737)		(18,467)
Write-offs of building and tenant improvements	(1,230)		(492)		(301)
Write-offs of intangible assets	(5,251)	[1]	(466)	[1]	(1,311)	[1]
Write-offs of fully depreciated assets	(4,784)		(37,808)		(80,082)
Balance at end of the year	5,050,482		4,875,866		5,507,769
Real Estate Accumulated Depreciation and Amortization [Roll Forward]
Balance at beginning of year	903,472		896,174		867,975
Depreciation and amortization expense	161,133		166,720		181,155
Sale/transfer of real estate	(80,607)		(120,981)		(71,654)
Write-offs of tenant improvements	(690)		(212)		(196)
Write-offs of intangible assets	(4,604)	[1]	(421)	[1]	(1,024)	[1]
Write-offs of fully depreciated assets	(4,784)		(37,808)		(80,082)
Balance at end of the year	$ 973,920		$ 903,472		$ 896,174

[1] Consists of write-offs of intangible lease assets related to lease restructurings, amendments, and terminations.

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Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Condensed Consolidating Balance Sheets) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Assets:
Land	$ 785,101	$ 706,938
Buildings and improvements, net	3,026,431	2,976,287
Intangible lease assets, net	247,068	281,220
Construction in progress	17,962	7,949
Total real estate assets	4,076,562	3,972,394
Cash and cash equivalents	149,790	99,855	53,657	39,468
Investment in subsidiaries	0	0
Tenant receivables, net of allowance	6,945	7,414
Straight-line rent receivable	116,489	113,592
Prepaid expenses and other assets	52,143	32,423
Deferred financing costs, net	8,426	10,388
Intangible lease origination costs, net	105,528	148,889
Deferred lease costs, net	102,995	87,527
Investment in development authority bonds	120,000	120,000
Total assets	4,738,878	4,592,482
Liabilities:
Line of credit, term loan, and notes payable	1,430,884	1,240,249
Bonds payable, net	249,182	248,930
Accounts payable, accrued expenses, and accrued capital expenditures	106,276	99,678
Due to affiliates	0	0
Deferred income	24,753	21,938
Intangible lease liabilities, net	74,305	73,864
Obligations under capital leases	120,000	120,000
Total liabilities	2,005,400	1,804,659
Equity:
Total equity	2,733,478	2,787,823	3,163,980	3,346,972
Total liabilities and equity	4,738,878	4,592,482
Columbia Property Trust (Parent)
Assets:
Land	0	0
Buildings and improvements, net	0	0
Intangible lease assets, net	0	0
Construction in progress	0	0
Total real estate assets	0	0
Cash and cash equivalents	119,488	53,322	20,914	11,291
Investment in subsidiaries	2,409,941	2,557,347
Tenant receivables, net of allowance	0	0
Straight-line rent receivable	0	0
Prepaid expenses and other assets	204,079	177,185
Deferred financing costs, net	0	0
Intangible lease origination costs, net	0	0
Deferred lease costs, net	0	0
Investment in development authority bonds	0	0
Total assets	2,733,508	2,787,854
Liabilities:
Line of credit, term loan, and notes payable	0	0
Bonds payable, net	0	0
Accounts payable, accrued expenses, and accrued capital expenditures	30	31
Due to affiliates	0	0
Deferred income	0	0
Intangible lease liabilities, net	0	0
Obligations under capital leases	0	0
Total liabilities	30	31
Equity:
Total equity	2,733,478	2,787,823
Total liabilities and equity	2,733,508	2,787,854
Columbia Property Trust OP (the Issuer)
Assets:
Land	6,241	6,241
Buildings and improvements, net	29,899	24,185
Intangible lease assets, net	0	0
Construction in progress	433	28
Total real estate assets	36,573	30,454
Cash and cash equivalents	10,504	20,708	4,822	10,597
Investment in subsidiaries	2,120,018	2,286,982
Tenant receivables, net of allowance	246	0
Straight-line rent receivable	781	22
Prepaid expenses and other assets	148,226	150,806
Deferred financing costs, net	6,020	8,762
Intangible lease origination costs, net	0	0
Deferred lease costs, net	1,658	1,495
Investment in development authority bonds	0	0
Total assets	2,324,026	2,499,229
Liabilities:
Line of credit, term loan, and notes payable	450,000	450,000
Bonds payable, net	249,182	248,930
Accounts payable, accrued expenses, and accrued capital expenditures	9,749	11,816
Due to affiliates	24	(925)
Deferred income	171	146
Intangible lease liabilities, net	0	0
Obligations under capital leases	0	0
Total liabilities	709,126	709,967
Equity:
Total equity	1,614,900	1,789,262
Total liabilities and equity	2,324,026	2,499,229
Non-Guarantors
Assets:
Land	778,860	700,697
Buildings and improvements, net	2,996,532	2,952,102
Intangible lease assets, net	247,068	281,220
Construction in progress	17,529	7,921
Total real estate assets	4,039,989	3,941,940
Cash and cash equivalents	19,798	25,825	27,921	17,580
Investment in subsidiaries	0	0
Tenant receivables, net of allowance	6,699	7,414
Straight-line rent receivable	115,708	113,570
Prepaid expenses and other assets	19,734	26,602
Deferred financing costs, net	2,406	1,626
Intangible lease origination costs, net	105,528	148,889
Deferred lease costs, net	101,337	86,032
Investment in development authority bonds	120,000	120,000
Total assets	4,531,199	4,471,898
Liabilities:
Line of credit, term loan, and notes payable	1,299,232	1,110,838
Bonds payable, net	0	0
Accounts payable, accrued expenses, and accrued capital expenditures	96,497	87,831
Due to affiliates	1,524	2,506
Deferred income	24,582	21,792
Intangible lease liabilities, net	74,305	73,864
Obligations under capital leases	120,000	120,000
Total liabilities	1,616,140	1,416,831
Equity:
Total equity	2,915,059	3,055,067
Total liabilities and equity	4,531,199	4,471,898
Consolidating Adjustments
Assets:
Land	0	0
Buildings and improvements, net	0	0
Intangible lease assets, net	0	0
Construction in progress	0	0
Total real estate assets	0	0
Cash and cash equivalents	0	0
Investment in subsidiaries	(4,529,959)	(4,844,329)
Tenant receivables, net of allowance	0	0
Straight-line rent receivable	0	0
Prepaid expenses and other assets	(319,896)	(322,170)
Deferred financing costs, net	0	0
Intangible lease origination costs, net	0	0
Deferred lease costs, net	0	0
Investment in development authority bonds	0	0
Total assets	(4,849,855)	(5,166,499)
Liabilities:
Line of credit, term loan, and notes payable	(318,348)	(320,589)
Bonds payable, net	0	0
Accounts payable, accrued expenses, and accrued capital expenditures	0	0
Due to affiliates	(1,548)	(1,581)
Deferred income	0	0
Intangible lease liabilities, net	0	0
Obligations under capital leases	0	0
Total liabilities	(319,896)	(322,170)
Equity:
Total equity	(4,529,959)	(4,844,329)
Total liabilities and equity	$ (4,849,855)	$ (5,166,499)

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Schedule III - Real Estate Assets and Accumulated Depreciation and Amortization

12 Months Ended

Dec. 31, 2014

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Real Estate Assets and Accumulated Depreciation and Amortization

Columbia Property Trust, Inc. Schedule III – Real Estate Assets and Accumulated Depreciation and Amortization December 31, 2014 (in thousands)
							Initial Costs						Costs Capitalized Subsequent to Acquisition			Gross Amount at Which Carried at December 31, 2014						Accumulated Depreciation and Amortization				Life on Which Depreciation and Amortization is Computed(d)
Description	Location	Owner- ship %		Encumbrances			Land		Buildings and Improvements		Total					Land		Buildings and Improvements		Total				Date of Construction	Date Acquired
515 POST OAK	Houston, TX	100	%	None			$	6,100	$	28,905	$	35,005	$	9,761		$	6,241	$	38,525	$	44,766	$	8,267	1980	2/10/2004	0 to 40 years
170 PARK AVENUE	Florham Park, NJ	100	%	None			10,802		62,595		73,397		(54,688		)	4,125		14,584		18,709		3,729		1982	6/23/2004	0 to 40 years
ONE GLENLAKE PARKWAY	Atlanta, GA	100	%	$	34,713		5,846		66,681		72,527		742			5,934		67,335		73,269		23,777		2003	6/25/2004	0 to 40 years
80 M STREET	Washington, DC	100	%	None			26,248		76,269		102,517		(5,816		)	26,806		69,895		96,701		23,496		2001	6/29/2004	0 to 40 years
ACXIOM	Downers Grove, IL	100	%	None			10,504		51,795		62,299		958			10,640		52,617		63,257		15,599		1988/1999	8/4/2004	0 to 40 years
800 NORTH FREDERICK	Gaithersburg, MD	100	%	None			22,758		43,174		65,932		582			20,195		46,319		66,514		20,559		1986	10/22/2004	0 to 40 years
THE CORRIDORS III	Downers Grove, IL	100	%	None			2,524		35,016		37,540		(2,034		)	2,558		32,948		35,506		10,876		2001	11/1/2004	0 to 40 years
HIGHLAND LANDMARK III	Downers Grove, IL	100	%	None			3,028		47,454		50,482		(3,592		)	3,055		43,835		46,890		13,122		2000	12/27/2004	0 to 40 years
180 PARK AVENUE	Florham Park, NJ	100	%	None			4,501		47,957		52,458		(3,016		)	4,501		44,941		49,442		11,184		2001	3/14/2005	0 to 40 years
215 DIEHL ROAD	Naperville, IL	100	%	$	21,000		3,452		17,456		20,908		4,144			3,472		21,580		25,052		8,366		1988	4/19/2005	0 to 40 years
100 EAST PRATT	Baltimore, MD	100	%	$	105,000		31,234		140,217		171,451		35,139			31,777		174,813		206,590		60,604		1975/1991	5/12/2005	0 to 40 years
ROBBINS ROAD	Westford, MA	100	%	None			8,341		66,332		74,673		250			8,341		66,582		74,923		27,538		1981/2001	8/18/2005	0 to 40 years
UNIVERSITY CIRCLE	East Palo Alto, CA	100	%	None			27,493		278,288		305,781		(19,915		)	27,756		258,110		285,866		63,652		2001/2002/ 2003	9/20/2005	0 to 40 years
5 HOUSTON CENTER	Houston, TX	100	%	None			8,186		147,653		155,839		(17,528		)	8,186		130,125		138,311		39,497		2002	12/20/2005	0 to 40 years
KEY CENTER TOWER	Cleveland, OH	100	%	None		(a)	7,269		244,424		251,693		20,566			7,454		264,805		272,259		87,912		1991	12/22/2005	0 to 40 years
KEY CENTER MARRIOTT	Cleveland, OH	100	%	None			3,473		34,458		37,931		16,278			3,629		50,580		54,209		17,287		1991	12/22/2005	0 to 40 years
SANTAN CORPORATE CENTER	Chandler, AZ	100	%	$	39,000		8,045		46,282		54,327		(1,867		)	8,193		44,267		52,460		11,495		2000/2003	4/18/2006	0 to 40 years
263 SHUMAN BOULEVARD	Naperville, IL	100	%	$	49,000		7,142		41,535		48,677		6,890			7,233		48,334		55,567		19,327		1986	7/20/2006	0 to 40 years
80 PARK PLAZA	Newark, NJ	100	%	None			31,766		109,952		141,718		22,484			32,221		131,981		164,202		47,027		1979	9/21/2006	0 to 40 years
INTERNATIONAL FINANCIAL TOWER	Jersey City, NJ	100	%	None			29,061		141,544		170,605		17,407			29,712		158,300		188,012		49,998		1989	10/31/2006	0 to 40 years
STERLING COMMERCE	Irving, TX	100	%	None			8,639		43,980		52,619		2,637			8,752		46,504		55,256		21,305		1999	12/21/2006	0 to 40 years
PASADENA CORPORATE PARK	Pasadena, CA	100	%	None			53,099		59,630		112,729		352			53,099		59,982		113,081		14,267		1965/2000/ 2002/2003	7/11/2007	0 to 40 years
222 EAST 41ST STREET	New York City, NY	100	%	None		(a)	—		324,520		324,520		(429		)	—		324,091		324,091		72,842		2001	8/17/2007	0 to 40 years
BANNOCKBURN LAKE III	Bannockburn, IL	100	%	None			7,635		11,002		18,637		(12,030		)	2,797		3,810		6,607		1,608		1987	9/10/2007	0 to 40 years
SOUTH JAMAICA STREET	Englewood, CO	100	%	None			13,429		109,781		123,210		3,252			13,735		112,727		126,462		32,657		2002/2003/ 2007	9/26/2007	0 to 40 years
LINDBERGH CENTER	Atlanta, GA	100	%	None		(a)	—		262,468		262,468		3,252			—		265,720		265,720		52,966		2002	7/1/2008	0 to 40 years
THREE GLENLAKE BUILDING	Atlanta, GA	100	%	$	120,000	(b)	7,517		88,784		96,301		891			8,055		89,137		97,192		18,906		2008	7/31/2008	0 to 40 years
1580 WEST NURSERY ROAD	Linthicum, MD	100	%	None			11,410		78,988		90,398		1,212			11,745		79,865		91,610		20,336		1992	9/5/2008	0 to 40 years
550 KING STREET BUILDINGS	Boston, MA	100	%	None			8,632		74,625		83,257		8,177			8,632		82,802		91,434		19,457		1984	4/1/2010	0 to 40 years

Columbia Property Trust, Inc. Schedule III – Real Estate Assets and Accumulated Depreciation and Amortization December 31, 2014 (in thousands)
							Initial Costs						Costs Capitalized Subsequent to Acquisition		Gross Amount at Which Carried at December 31, 2014						Accumulated Depreciation and Amortization				Life on Which Depreciation and Amortization is Computed(d)
Description	Location	Owner- ship %			Encumbrances		Land		Buildings and Improvements		Total				Land		Buildings and Improvements		Total				Date of Construction	Date Acquired
CRANBERRY WOODS DRIVE	Cranberry Township, PA	100	%		None		$	15,512	$	173,062	$	188,574	$	3,542	$	15,512	$	176,604	$	192,116	$	29,050	2009/2010	6/1/2010	0 to 40 years
HOUSTON ENERGY CENTER I	Houston, TX	100	%		None		4,734		79,344		84,078		5,045		4,734		84,389		89,123		15,015		2008	6/28/2010	0 to 40 years
MARKET SQUARE BUILDINGS	Washington, DC	100	%		$	325,000	152,629		450,757		603,386		12,158		152,629		462,915		615,544		79,798		1990	3/7/2011	0 to 40 years
544 LAKEVIEW	Vernon Hills, IL	100	%	(c)	None		3,006		3,100		6,106		2,701		3,006		5,801		8,807		742		1994	4/1/2011	0 to 40 years
333 MARKET STREET	San Francisco, CA	100	%		$	206,500	114,483		292,840		407,323		—		114,483		292,840		407,323		18,406		1979	12/21/2012	0 to 40 years
221 MAIN STREET	San Francisco, CA	100	%		$	73,000	60,509		174,629		235,138		2,604		60,509		177,233		237,742		8,486		1974	4/22/2014	0 to 40 years
650 CALIFORNIA STREET	San Francisco, CA	100	%		$	130,000	75,384		240,441		315,825		44		75,384		240,485		315,869		4,767		1964	9/9/2014	0 to 40 years
TOTAL REAL ESTATE ASSETS							$	794,391	$	4,195,938	$	4,990,329	$	60,153	$	785,101	$	4,265,381	$	5,050,482	$	973,920

^(a)  Property is owned subject to a long-term ground lease.

^(b)  As a result of the acquisition of the Three Glenlake Building, Columbia Property Trust acquired investments in bonds and certain obligations under capital leases in the amount of $120.0 million.

^(c)  544 Lakeview is owned through a subsidiary in which Columbia Property Trust holds a 50% ownership interest and owns 100% of the economic interest.

^(d)  Columbia Property Trust assets are depreciated or amortized using the straight-line method over the useful lives of the assets by class. Generally, tenant improvements are amortized over the shorter of economic life or lease term, lease intangibles are amortized over the respective lease term, building improvements are depreciated over 5-25 years and buildings are depreciated over 40 years.

Columbia Property Trust, Inc.

Schedule III – Real Estate Assets and Accumulated Depreciation and Amortization

(in thousands)

	For the Years Ended December 31,
	2014			2013			2012
Real Estate:
Balance at beginning of year	$	4,875,866		$	5,507,769		$	5,483,193
Additions to/improvements of real estate	610,510			51,422			453,541
Sale/transfer of real estate	(399,499		)	(614,822		)	(328,804		)
Impairment of real estate	(25,130		)	(29,737		)	(18,467		)
Write-offs of building and tenant improvements	(1,230		)	(492		)	(301		)
Write-offs of intangible assets(1)	(5,251		)	(466		)	(1,311		)
Write-offs of fully depreciated assets	(4,784		)	(37,808		)	(80,082		)
Balance at end of year	$	5,050,482		$	4,875,866		$	5,507,769
Accumulated Depreciation and Amortization:
Balance at beginning of year	$	903,472		$	896,174		$	867,975
Depreciation and amortization expense	161,133			166,720			181,155
Sale/transfer of real estate	(80,607		)	(120,981		)	(71,654		)
Write-offs of tenant improvements	(690		)	(212		)	(196		)
Write-offs of intangible assets(1)	(4,604		)	(421		)	(1,024		)
Write-offs of fully depreciated assets	(4,784		)	(37,808		)	(80,082		)
Balance at end of year	$	973,920		$	903,472		$	896,174

⁽¹⁾  Consists of write-offs of intangible lease assets related to lease restructurings, amendments, and terminations.

XML

Line of Credit, Term Loan, and Notes Payable (Schedule of Long-Term Debt (excluding Bonds Payable)) (Details) (USD $)	12 Months Ended		1 Months Ended
	Dec. 31, 2014		Aug. 21, 2013	Dec. 31, 2013	Sep. 30, 2014	Apr. 30, 2014
Debt Instrument [Line Items]
Outstanding Balance	$ 1,430,884,000			$ 1,240,249,000
Term Loans | $450 Million Term Loan
Debt Instrument [Line Items]
Maturity	Feb. 03, 2016
Outstanding Balance	450,000,000			450,000,000
Debt face amount	450,000,000.0
Effective interest rate (percent)	2.07%
Mortgage Notes | Market Square Buildings mortgage note
Debt Instrument [Line Items]
Stated Interest Rate	5.07%
Maturity	Jul. 01, 2023
Outstanding Balance	325,000,000			325,000,000
Mortgage Notes | 333 Market Street Building mortgage note
Debt Instrument [Line Items]
Maturity	Jul. 01, 2015
Outstanding Balance	206,810,000			207,559,000
Effective interest rate (percent)	4.75%
Mortgage Notes | 650 California Street Building mortgage note
Debt Instrument [Line Items]
Stated Interest Rate	3.60%
Maturity	Jul. 01, 2019
Outstanding Balance	130,000,000			0	130,000,000
Mortgage Notes | 100 East Pratt Street Building mortgage note
Debt Instrument [Line Items]
Stated Interest Rate	5.08%
Maturity	Jun. 11, 2017
Outstanding Balance	105,000,000			105,000,000
Mortgage Notes | 221 Main Building mortgage note
Debt Instrument [Line Items]
Stated Interest Rate	3.95%
Maturity	May 10, 2017
Outstanding Balance	73,000,000			0		73,000,000
Mortgage Notes | 263 Shuman Boulevard Building mortgage note
Debt Instrument [Line Items]
Stated Interest Rate	5.55%
Maturity	Jul. 01, 2017
Outstanding Balance	49,000,000			49,000,000
Mortgage Notes | SanTan Corporate Center mortgage notes
Debt Instrument [Line Items]
Stated Interest Rate	5.83%
Maturity	Oct. 11, 2016
Outstanding Balance	39,000,000			39,000,000
Mortgage Notes | One Glenlake Building mortgage note
Debt Instrument [Line Items]
Stated Interest Rate	5.80%
Maturity	Dec. 10, 2018
Outstanding Balance	32,074,000			34,713,000
Mortgage Notes | 215 Diehl Road Building mortgage note
Debt Instrument [Line Items]
Stated Interest Rate	5.55%
Maturity	Jul. 01, 2017
Outstanding Balance	21,000,000			21,000,000
Mortgage Notes | 544 Lakeview Building mortgage note
Debt Instrument [Line Items]
Stated Interest Rate	5.54%
Maturity	Dec. 01, 2014
Outstanding Balance	0			8,977,000
Credit Facilities | JPMorgan Chase Credit Facility
Debt Instrument [Line Items]
Maturity	Aug. 21, 2017
Outstanding Balance	$ 0			$ 0
London Interbank Offered Rate (LIBOR) | Term Loans | $450 Million Term Loan
Debt Instrument [Line Items]
Variable rate margin	1.30%	[1]
Variable rate basis	LIBOR	[1]
London Interbank Offered Rate (LIBOR) | Mortgage Notes | 333 Market Street Building mortgage note
Debt Instrument [Line Items]
Variable rate margin	2.02%	[2]
Variable rate basis	LIBOR	[2]
London Interbank Offered Rate (LIBOR) | Credit Facilities | JPMorgan Chase Credit Facility
Debt Instrument [Line Items]
Variable rate margin	1.10%	[3]
Variable rate basis	LIBOR	[3]
Seven-Day LIBOR | JPMorgan Chase Credit Facility Amended
Debt Instrument [Line Items]
Variable rate basis			Seven-Day LIBOR
Seven-Day LIBOR | Minimum | JPMorgan Chase Credit Facility Amended
Debt Instrument [Line Items]
Variable rate margin			1.00%
Seven-Day LIBOR | Maximum | JPMorgan Chase Credit Facility Amended
Debt Instrument [Line Items]
Variable rate margin			1.70%
Prime Rate | Credit Facilities | JPMorgan Chase Credit Facility
Debt Instrument [Line Items]
Variable rate basis	prime rate
Alternative Base Rate | Minimum | JPMorgan Chase Credit Facility Amended
Debt Instrument [Line Items]
Variable rate margin			0.00%
Alternative Base Rate | Maximum | JPMorgan Chase Credit Facility Amended
Debt Instrument [Line Items]
Variable rate margin			0.70%
One-Month LIBOR | JPMorgan Chase Credit Facility Amended
Debt Instrument [Line Items]
Variable rate basis			One-Month LIBOR
One-Month LIBOR | Minimum | JPMorgan Chase Credit Facility Amended
Debt Instrument [Line Items]
Variable rate margin			1.00%
One-Month LIBOR | Maximum | JPMorgan Chase Credit Facility Amended
Debt Instrument [Line Items]
Variable rate margin			1.70%
Two-Month LIBOR | JPMorgan Chase Credit Facility Amended
Debt Instrument [Line Items]
Variable rate basis			Two-Month LIBOR
Two-Month LIBOR | Minimum | JPMorgan Chase Credit Facility Amended
Debt Instrument [Line Items]
Variable rate margin			1.00%
Two-Month LIBOR | Maximum | JPMorgan Chase Credit Facility Amended
Debt Instrument [Line Items]
Variable rate margin			1.70%
Three-Month LIBOR | JPMorgan Chase Credit Facility Amended
Debt Instrument [Line Items]
Variable rate basis			Three-Month LIBOR
Three-Month LIBOR | Minimum | JPMorgan Chase Credit Facility Amended
Debt Instrument [Line Items]
Variable rate margin			1.00%
Three-Month LIBOR | Maximum | JPMorgan Chase Credit Facility Amended
Debt Instrument [Line Items]
Variable rate margin			1.70%
Six-Month LIBOR | JPMorgan Chase Credit Facility Amended
Debt Instrument [Line Items]
Variable rate basis			Six-Month LIBOR
Six-Month LIBOR | Minimum | JPMorgan Chase Credit Facility Amended
Debt Instrument [Line Items]
Variable rate margin			1.00%
Six-Month LIBOR | Maximum | JPMorgan Chase Credit Facility Amended
Debt Instrument [Line Items]
Variable rate margin			1.70%

[1] Columbia Property Trust is party to an interest rate swap agreement, which effectively fixes its interest rate on the $450 Million Term Loan (the "450 Million Term Loan") at 2.07% per annum and terminates on February 3, 2016. This interest rate swap agreement qualifies for hedge accounting treatment; therefore, changes in fair value are recorded as a market value adjustment to interest rate swap in the accompanying consolidated statements of other comprehensive income.

[2] Columbia Property Trust is party to an interest rate swap agreement, which effectively fixes its interest rate on the 333 Market Street Building mortgage note at 4.75% per annum and terminates on July 1, 2015. This interest rate swap agreement does not qualify for hedge accounting treatment; therefore, changes in fair value are recorded as loss on interest rate swaps in the accompanying consolidated statements of operations.

[3] JPMorgan Chase Credit Facility debt bears interest at a rate based on, at the option of Columbia Property Trust, LIBOR for seven-day or one-, two-, three-, or six-month periods, plus an applicable margin ranging from 1.00% to 1.70%, or the alternate base rate for any day is the greatest of the rate of interest publicly announced by JPMorgan Chase Bank ("JPMorgan Chase Bank") as its prime rate in effect in its principal office in New York City for such day plus an applicable margin ranging from 0.00% to 0.70%.

XML

Summary of Significant Accounting Policies (Schedule of Recognized Fair Value Adjustments) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended	12 Months Ended			3 Months Ended
	Dec. 31, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Mar. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment Loss Recognized	$ (10,100)	$ (25,130)	$ 0	$ 0
Bannockburn Lake III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment Loss Recognized	(10,100)
Bannockburn Lake III | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Book Value	15,148	15,148
Impairment Loss Recognized		(10,148)
Fair Value	5,000	5,000
120 Eagle Rock | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Book Value			23,808
Impairment Loss Recognized			(11,708)		(11,700)
Fair Value			12,100
333 & 777 Republic Drive | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Book Value			13,359
Impairment Loss Recognized			(5,159)		(5,200)
Fair Value			8,200
180 E 100 South | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Book Value				30,847
Impairment Loss Recognized				(18,467)
Fair Value				$ 12,380

XML

Subsequent Event (Details) (USD $)	3 Months Ended												0 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013		Sep. 30, 2013		Jun. 30, 2013		Mar. 31, 2013		Feb. 11, 2015
Subsequent Event [Line Items]
Dividend declared, per share (in dollars per share)	$ 0.3	$ 0.3	$ 0.30	$ 0.3	$ 0.3	[1]	$ 0.38	[1]	$ 0.38	[1]	$ 0.38	[1]
Subsequent Event
Subsequent Event [Line Items]
Dividend declared, per share (in dollars per share)													$ 0.30

[1] All computations using share amounts have been retroactively adjusted to reflect the August 14, 2013, four-for-one reverse stock split (See Note 7, Stockholders' Equity).

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Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings per Share

The following table reconciles the numerator for the basic and diluted earnings per share computations shown on the consolidated statements of income for 2014, 2013, and 2012 (in thousands):

	2014			2013		2012
Net income	$	92,635		$	15,720	$	48,039
Distributions paid on unvested shares	(128		)	—		—
Net income used to calculate basic and diluted earnings per share	$	92,507		$	15,720	$	48,039

The following table reconciles the denominator for the basic and diluted earnings-per-share computations shown on the consolidated statements of income for 2014, 2013, and 2012 (in thousands):

	2014	2013	2012
Weighted-average common shares – basic	124,860	134,085	136,672
Plus incremental weighted-average shares from time-vested conversions less assumed share repurchases:
2013 LTIP Employee Grant	29	—	—
2014 LTIP Employee Grant	29	—	—
Weighted-average common shares – diluted	124,918	134,085	136,672

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Line of Credit, Term Loan, and Notes Payable (Maturities) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014
Debt Disclosure [Abstract]
2015	$ 210,821
2016	494,460
2017	253,728
2018	25,860
2019	121,015
Thereafter	325,000
Total	$ 1,430,884

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Discontinued Operations (Schedule of Revenue and Expenses from Discontinued Operations) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenues:
Rental income	$ 4	$ 48,550	$ 91,132
Tenant reimbursements	115	11,205	18,059
Other property income	0	291	5,471
Revenues	119	60,046	114,662
Expenses:
Property operating costs	(250)	21,232	36,996
Asset and property management fees	7	1,501	7,974
Depreciation	0	11,730	21,609
Amortization	0	7,590	15,776
Impairment loss on real estate assets	0	29,737	18,467
General and administrative	755	1,360	748
Total expenses	512	73,150	101,570
Operating income (loss)	(393)	(13,104)	13,092
Other income (expense):
Interest expense	3	(3,804)	(6,610)
Interest and other income	0	293	16
Loss on early extinguishment of debt	0	(4,709)	0
Income (loss) from discontinued operations before income tax expense	(390)	(21,324)	6,498
Income tax expense	0	(1)	(14)
Income (loss) from discontinued operations	(390)	(21,325)	6,484
Gain (loss) on disposition of discontinued operations	(1,627)	11,225	20,117
Income from discontinued operations	$ (2,017)	$ (10,100)	$ 26,601

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Related-Party Transactions and Agreements (Narratives) (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2014
Related Party Transaction [Line Items]
Due to affiliates	$ 0	$ 0
Transitional Services Agreement | WREF
Related Party Transaction [Line Items]
Total amount payable to related party under agreement	$ 8,800,000

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Real Estate and Other Transactions (Details) (USD $)	3 Months Ended	12 Months Ended			0 Months Ended	3 Months Ended	0 Months Ended				9 Months Ended	4 Months Ended	0 Months Ended	3 Months Ended		0 Months Ended	1 Months Ended	0 Months Ended		1 Months Ended	0 Months Ended
	Dec. 31, 2014 sqft	Dec. 31, 2014 sqft	Dec. 31, 2013	Dec. 31, 2012	Jun. 04, 2014	Mar. 31, 2014	Jun. 30, 2014	Jul. 01, 2014	Aug. 22, 2014	Oct. 03, 2014 Buildings	Dec. 31, 2014	Dec. 31, 2014	Nov. 05, 2013 Properties	Dec. 31, 2013	Sep. 30, 2013	Mar. 21, 2013	Mar. 21, 2013	Apr. 22, 2014 sqft	Sep. 09, 2014	Dec. 31, 2014	Jan. 07, 2015	Jan. 08, 2015	Jan. 06, 2015	Jan. 31, 2015 sqft
Business Acquisition [Line Items]
Square feet of commercial space	15,700,000	15,700,000									15,700,000	15,700,000								15,700,000
Payments to acquire real estate		$ 335,986,000	$ 0	$ 188,750,000
Acquisition fees and expenses		14,142,000	0	1,876,000
Leased office space of owned properties, percent	93.30%	93.30%									93.30%	93.30%								93.30%
Earnest money deposits		27,000,000	0	0
Discontinued Operations and Disposal Groups [Abstract]
Impairment loss on real estate assets	10,100,000	25,130,000	0	0
Gain (loss) on disposition of discontinued operations		(1,627,000)	11,225,000	20,117,000
160 Park Avenue Building
Discontinued Operations and Disposal Groups [Abstract]
Proceeds from sale of real estate					10,200,000
Impairment loss on real estate assets						13,600,000
200 South Orange Building
Discontinued Operations and Disposal Groups [Abstract]
Proceeds from sale of real estate							18,800,000
Impairment loss on real estate assets							1,400,000
7031 Columbia Gateway Drive
Discontinued Operations and Disposal Groups [Abstract]
Proceeds from sale of real estate								59,500,000
Gain on sale of real estate								7,700,000
Nine Technology Drive Building
Discontinued Operations and Disposal Groups [Abstract]
Proceeds from sale of real estate									47,000,000
Gain on sale of real estate									11,100,000
Lenox Park Buildings
Discontinued Operations and Disposal Groups [Abstract]
Proceeds from sale of real estate										290,000,000
Gain on sale of real estate										56,500,000
Number of property sold										5
221 MAIN STREET
Business Acquisition [Line Items]
Revenues recognized since acquisition date											12,700,000
Net loss recognized since acquisition date											10,900,000
Acquisition fees and expenses											6,100,000
Leased office space of owned properties, percent																		82.80%
Number of tenants																		40
650 CALIFORNIA STREET
Business Acquisition [Line Items]
Revenues recognized since acquisition date												8,000,000
Net loss recognized since acquisition date												9,700,000
Acquisition fees and expenses												8,000,000
Leased office space of owned properties, percent																			88.10%
Number of tenants																			18
18 Property Sale
Discontinued Operations and Disposal Groups [Abstract]
Proceeds from sale of real estate													521,500,000
Impairment loss on real estate assets														29,700,000	12,900,000
Number of property sold													18
Gain (loss) on sale of real estate properties													(400,000)
Dvintsev Business Center - Tower B | Landlink Ltd
Discontinued Operations and Disposal Groups [Abstract]
Proceeds from sale of real estate																67,500,000
Gain (loss) on sale of real estate properties																	10,000,000
Real estate ownership percentage																100.00%	100.00%
Gain (loss) on disposition of discontinued operations																10,000,000
Office Building
Business Acquisition [Line Items]
Number of properties	35	35									35	35								35
Office Building | 221 MAIN STREET
Business Acquisition [Line Items]
Square feet of commercial space																		388,000
Payments to acquire real estate																		228,800,000
Liability assumed from business acquisition																		73,000,000
Office Building | 650 CALIFORNIA STREET
Business Acquisition [Line Items]
Square feet of commercial space																			478,000
Payments to acquire real estate																			310,200,000
Liability assumed from business acquisition																			130,000,000
Office Building | 315 Park Ave S and 1881 Campus Commons Building
Business Acquisition [Line Items]
Earnest money deposits																				17,000,000
Office Building | 116 Huntington Avenue
Business Acquisition [Line Items]
Earnest money deposits																				10,000,000
JPMorgan
Business Acquisition [Line Items]
Proceeds from borrowings on line of credit																		116,000,000	118,000,000
DocuSign, Inc | Customer concentration risk | 221 MAIN STREET
Business Acquisition [Line Items]
Concentration risk percentage																		16.00%
Littler Mendelson | Customer concentration risk | 650 CALIFORNIA STREET
Business Acquisition [Line Items]
Concentration risk percentage																			24.00%
Credit Suisse | Customer concentration risk | 650 CALIFORNIA STREET
Business Acquisition [Line Items]
Concentration risk percentage																			13.00%
Goodby Silverstein | Customer concentration risk | 650 CALIFORNIA STREET
Business Acquisition [Line Items]
Concentration risk percentage																			11.00%
Subsequent Event | Office Building
Business Acquisition [Line Items]
Square feet of commercial space																								900,000
Subsequent Event | Office Building | 315 Park Ave S and 1881 Campus Commons Building
Business Acquisition [Line Items]
Payments to acquire real estate																					436,000,000
Number of properties																					2
Subsequent Event | Office Building | 116 Huntington Avenue
Business Acquisition [Line Items]
Square feet of commercial space																						274,000
Payments to acquire real estate																						152,000,000
Subsequent Event | Office Building | 315 Park Avenue Commons Building
Business Acquisition [Line Items]
Square feet of commercial space																					341,000
Subsequent Event | Office Building | 1881 Campus Commons Building
Business Acquisition [Line Items]
Square feet of commercial space																					245,000
JPMorgan Chase Term Loan | Unsecured Debt | Subsequent Event
Business Acquisition [Line Items]
Debt face amount																							300,000,000
JPMorgan Chase Credit Facility | Credit Facilities | Subsequent Event
Business Acquisition [Line Items]
Proceeds from borrowings on line of credit																							$ 140,000,000

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Organization

12 Months Ended

Dec. 31, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

Organization

Columbia Property Trust, Inc. ("Columbia Property Trust") (NYSE: CXP) is a Maryland corporation that operates as a real estate investment trust ("REIT") for federal income tax purposes and owns and operates commercial real estate properties. Columbia Property Trust was incorporated in 2003, commenced operations in 2004, and conducts business primarily through Columbia Property Trust Operating Partnership, L.P. ("Columbia Property Trust OP"), a Delaware limited partnership. Columbia Property Trust is the general partner and sole owner of Columbia Property Trust OP and possesses full legal control and authority over its operations. Columbia Property Trust OP acquires, develops, owns, leases, and operates real properties directly, through wholly owned subsidiaries, or through joint ventures. References to Columbia Property Trust, "we," "us," or "our" herein shall include Columbia Property Trust and all subsidiaries of Columbia Property Trust, direct and indirect, and consolidated joint ventures.

Columbia Property Trust typically invests in high-quality, income-generating office properties. As of December 31, 2014, Columbia Property Trust owned 35 office properties and one hotel, which included 52 operational buildings comprising approximately 15.7 million square feet of commercial space, located in 12 states and the District of Columbia. All of the office properties are wholly owned except for one property, which is owned through a consolidated subsidiary. As of December 31, 2014, the office properties were approximately 93.3% leased. In January 2015, Columbia Property Trust acquired three additional office properties comprising 0.9 million square feet. See Note 3, Real Estate and Other Transactions, for additional information.

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Related-Party Transactions and Agreements (Schedule of Related-Party Costs) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Related Party Transaction [Line Items]
Total related-party costs	$ 0		$ 39,749,000		$ 53,726,000
Tenant reimbursements			700,000		4,400,000
Consulting Fees
Related Party Transaction [Line Items]
Total related-party costs	0		25,417,000		0
Transition services
Related Party Transaction [Line Items]
Total related-party costs	0		5,750,000		3,008,000
Asset management fees
Related Party Transaction [Line Items]
Total related-party costs	0		5,083,000		32,000,000
Administrative reimbursements, net
Related Party Transaction [Line Items]
Total related-party costs	0	[1]	1,939,000	[1]	11,099,000	[1]
Investor Services
Related Party Transaction [Line Items]
Total related-party costs	0		829,000		0
Property management fees
Related Party Transaction [Line Items]
Total related-party costs	0		523,000		4,462,000
Construction fees
Related Party Transaction [Line Items]
Total related-party costs	0	[2]	139,000	[2]	220,000	[2]
Other offering costs
Related Party Transaction [Line Items]
Total related-party costs	0		69,000		126,000
Acquisition Fees
Related Party Transaction [Line Items]
Total related-party costs	0		0		1,500,000
Disposition Fee
Related Party Transaction [Line Items]
Total related-party costs	$ 0		$ 0		$ 1,311,000

[1] Administrative reimbursements are presented net of reimbursements from tenants of approximately $0.7 million and $4.4 million for the years ended December 31, 2013 and 2012, respectively.

[2] Construction fees are capitalized to real estate assets as incurred

XML

Summary of Significant Accounting Policies (Schedule of Intangible Assets & Liabilities) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Intangible Lease Assets
Accumulated Amortization	$ (313,822)	$ (298,975)
Intangible lease origination costs, accumulated amortization	(219,626)	(216,598)
Intangible Lease Assets, Net	247,068	281,220
Intangible Lease Origination Costs, Net	105,528	148,889
Intangible Below-Market In-Place Lease Liabilities
Intangible Below-Market In-Place Lease Liabilities, Gross	159,240	150,364
Intangible Below-Market In-Please Lease Liabilities, Accumulated Amortization	(84,935)	(76,500)
Below Market Lease, Net	74,305	73,864
Amortization of Below Market Lease	15,507	14,411	15,324
Above-Market In-Place Lease Assets
Intangible Lease Assets
Intangible Lease Assets, Gross	79,805	80,836
Accumulated Amortization	(61,619)	(56,859)
Intangible Lease Assets, Net	18,186	23,977
Amortization of Intangible Assets	5,368	6,077	8,901
Absorption Period Costs
Intangible Lease Assets
Intangible Lease Assets, Gross	370,412	388,686
Accumulated Amortization	(237,084)	(229,065)
Intangible Lease Assets, Net	133,328	159,621
Amortization of Intangible Assets	36,474	38,879	48,997
Intangible Lease Origination Costs
Intangible Lease Assets
Intangible Lease Origination Costs, Gross	325,154	365,487
Intangible lease origination costs, accumulated amortization	(219,626)	(216,598)
Intangible Lease Origination Costs, Net	105,528	148,889
Amortization of Intangible Assets	$ 33,037	$ 38,978	$ 42,866

XML

Line of Credit, Term Loan, and Notes Payable (Tables)

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Line of credit and notes payable indebtedness outstanding

As of December 31, 2014 and 2013, Columbia Property Trust had the following line of credit, term loan, and notes payable indebtedness outstanding (excluding bonds payable; see Note 5, Bonds Payable) in thousands:

	Rate as of December 31, 2014			Term Debt or Interest Only		Outstanding Balance as of December 31,
Facility					Maturity	2014		2013
$450 Million Term Loan	LIBOR + 130 bp		(1)	Interest only	2/3/2016	$	450,000	$	450,000
Market Square Buildings mortgage note	5.07	%		Interest only	7/1/2023	325,000		325,000
333 Market Street Building mortgage note	LIBOR + 202 bp		(2)	Interest only	7/1/2015	206,810		207,559
650 California Street Building mortgage note	3.60	%		Interest only	7/1/2019	130,000		—
100 East Pratt Street Building mortgage note	5.08	%		Interest only	6/11/2017	105,000		105,000
221 Main Building mortgage note	3.95	%		Interest only	5/10/2017	73,000		—
263 Shuman Boulevard Building mortgage note	5.55	%		Interest only	7/1/2017	49,000		49,000
SanTan Corporate Center mortgage notes	5.83	%		Interest only	10/11/2016	39,000		39,000
One Glenlake Building mortgage note	5.80	%		Term debt	12/10/2018	32,074		34,713
215 Diehl Road Building mortgage note	5.55	%		Interest only	7/1/2017	21,000		21,000
544 Lakeview Building mortgage note	5.54	%		Interest only	12/1/2014	—		8,977
JPMorgan Chase Credit Facility	LIBOR + 110 bp		(3)	Interest only	8/21/2017	—		—
Total indebtedness						$	1,430,884	$	1,240,249

⁽¹⁾  Columbia Property Trust is party to an interest rate swap agreement, which effectively fixes its interest rate on the $450 Million Term Loan (the "450 Million Term Loan") at 2.07% per annum and terminates on February 3, 2016. This interest rate swap agreement qualifies for hedge accounting treatment; therefore, changes in fair value are recorded as a market value adjustment to interest rate swap in the accompanying consolidated statements of other comprehensive income.

⁽²⁾  Columbia Property Trust is party to an interest rate swap agreement, which effectively fixes its interest rate on the 333 Market Street Building mortgage note at 4.75% per annum and terminates on July 1, 2015. This interest rate swap agreement does not qualify for hedge accounting treatment; therefore, changes in fair value are recorded as loss on interest rate swaps in the accompanying consolidated statements of operations.

⁽³⁾  JPMorgan Chase Credit Facility debt bears interest at a rate based on, at the option of Columbia Property Trust, LIBOR for seven-day or one-, two-, three-, or six-month periods, plus an applicable margin ranging from 1.00% to 1.70%, or the alternate base rate for any day is the greatest of the rate of interest publicly announced by JPMorgan Chase Bank ("JPMorgan Chase Bank") as its prime rate in effect in its principal office in New York City for such day plus an applicable margin ranging from 0.00% to 0.70%.

Aggregate maturities of Columbia Property Trust's line of credit, term loan, and notes payable

The following table summarizes the aggregate maturities of Columbia Property Trust's line of credit, term loan, and notes payable as of December 31, 2014 (in thousands):

2015	$	210,821
2016	494,460
2017	253,728
2018	25,860
2019	121,015
Thereafter	325,000
Total	$	1,430,884

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Real Estate and Other Transactions (Tables)

12 Months Ended

Dec. 31, 2014

Business Combinations [Abstract]

Interests in Properties Acquired

During 2014, Columbia Property Trust acquired interests in the following properties (in thousands). Columbia Property Trust did not acquire any real estate assets during 2013.

	2014
	221 Main Street Building			650 California Street Building
Location	San Francisco, CA			San Francisco, CA
Date acquired	April 22, 2014			September 9, 2014
Purchase price:
Land	$	60,509		$	75,384
Building and improvements	161,853			221,135
Intangible lease assets	12,776			19,306
Intangible lease origination costs	3,475			4,290
Intangible below market lease liability	(10,323		)	(9,908		)
Total purchase price	$	228,290		$	310,207

Business Acquisition, Pro Forma Information

The following unaudited pro forma financial results for Columbia Property Trust have been prepared for informational purposes only and are not necessarily indicative of future results or of actual results that would have been achieved had the acquisitions of Columbia Property Trust Advisory Services and Columbia Property Trust Services been consummated as of January 1, 2012 (in thousands).

	As of December 31,
	2014	2013		2012
Revenues	*	$	526,966	$	479,056
Net income attributable to common shareholders	*	$	47,661	$	47,591

* Columbia Property Trust owned Columbia Property Trust Advisory Services and Columbia Property Trust Services for all of 2014.

The following unaudited pro forma statements of operations presented for 2014, 2013, and 2012 have been prepared for Columbia Property Trust to give effect to the acquisition of both the 650 California Street Building and the 221 Main Street Building as if the acquisitions occurred on January 1, 2012. The following unaudited pro forma financial results for Columbia Property Trust have been prepared for informational purposes only and are not necessarily indicative of future results or of actual results that would have been achieved had the acquisitions of the 650 California Street Building and the 221 Main Street Building been consummated as of January 1, 2012 (in thousands).

	2014		2013			2012
Revenues	$	555,472	$	550,675		$	517,958
Net income (loss)	$	90,999	$	(17,969	)	$	(665	)
Net income (loss) per share – basic	$	0.73	$	(0.13	)	$	—
Net income (loss) per share – diluted	$	0.73	$	(0.13	)	$	—

Schedule of Properties of the 18 Property Sale

The following properties make up the 18 Property Sale:

2500 Windy Ridge Parkway	Sterling Commerce Center	11200 West Parkland Avenue
4100-4300 Wildwood Parkway	4300 Centreway Place	One Century Place
4200 Wildwood Parkway	919 Hidden Ridge	1200 Morris Drive
4241 Irwin Simpson	333 & 777 Republic Drive	15815 25th Avenue West
8990 Duke Road	120 Eagle Rock	16201 25th Avenue West
Chase Center Building	College Park Plaza	13655 Riverport Drive

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Stockholders' Equity (Unvested Activity Rollforward) (Details) (2013 LTIP Employee Grant, USD $)	0 Months Ended	12 Months Ended
	Jan. 21, 2014	Dec. 31, 2014
2013 LTIP Employee Grant
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested shares as of January 1, 2014		0
Granted	143,740	144,000
Vested		(39,000)
Forfeited		(1,000)
Unvested shares as of December 31, 2014		104,000	[1]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Unvested shares as of January 1, 2014		$ 0.00	[2]
Granted		$ 24.82	[2]
Vested		$ 24.82	[2]
Forfeited		$ 24.82	[2]
Unvested shares as of December 31, 2014		$ 24.82	[2]
Shares expected to ultimately vest		98,800
Expected forfeiture rate		5.00%

[1] As of December 31, 2014, we expect approximately 98,800 of the 104,000 unvested shares to ultimately vest, assuming a forfeiture rate of 5%, which was determined based on peer company data, adjusted for the specifics of the Long-Term Incentive Plan.

[2] Columbia Property Trust determined the weighted-average grant-date fair value using the market closing price on the date of the grant.

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Summary of Significant Accounting Policies (Schedule of Future Amortization by Intangible Asset Class) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Intangible Lease Assets
Intangible Lease Assets, Net	$ 247,068	$ 281,220
Intangible Lease Origination Costs, Net	105,528	148,889
Intangible Below-Market In-Place Lease Liabilities
2015	17,198
2016	11,895
2017	8,073
2018	6,596
2019	5,893
Thereafter	24,650
Below Market Lease, Net	74,305	73,864
Weighted-Average Amortization Period	6 years
Above-Market In-Place Lease Assets
Intangible Lease Assets
2015	4,480
2016	3,748
2017	1,879
2018	1,075
2019	1,035
Thereafter	5,969
Intangible Lease Assets, Net	18,186	23,977
Weighted-Average Amortization Period	3 years
Absorption Period Costs
Intangible Lease Assets
2015	35,284
2016	24,942
2017	16,687
2018	12,297
2019	10,969
Thereafter	33,149
Intangible Lease Assets, Net	133,328	159,621
Weighted-Average Amortization Period	4 years
Intangible Lease Origination Costs
Intangible Lease Assets
2015	28,483
2016	21,587
2017	14,777
2018	10,269
2019	9,198
Thereafter	21,214
Intangible Lease Origination Costs, Net	$ 105,528	$ 148,889
Weighted-Average Amortization Period	4 years

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Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases

As of December 31, 2014, the remaining required payments under the terms of these ground leases are as follows (in thousands):

2015	$	2,557
2016	2,557
2017	2,702
2018	2,731
2019	2,731
Thereafter	202,798
Total	$	216,076

Schedule of Future Minimum Lease Payments for Capital Leases

The required payments under the terms of the leases are as follows as of December 31, 2014 (in thousands):

2015	$	7,200
2016	7,200
2017	7,200
2018	7,200
2019	7,200
Thereafter	134,400
	170,400
Amounts representing interest	(50,400		)
Total	$	120,000

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Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2014

Stockholders' Equity Note [Abstract]

Summary of the Activity of the Employee Stock Grants

A summary of the activity for the employee stock grants under the Long-Term Incentive Plan for 2014, follows:

	Shares (in thousands)			Weighted-Average, Grant-Date Fair Value(1)
Unvested shares as of January 1, 2014	—			$	—
Granted	144			$	24.82
Vested	(39	)		$	24.82
Forfeited	(1	)		$	24.82
Unvested shares as of December 31, 2014	104		(2)	$	24.82

⁽¹⁾  Columbia Property Trust determined the weighted-average grant-date fair value using the market closing price on the date of the grant.

⁽²⁾  As of December 31, 2014, we expect approximately 98,800 of the 104,000 unvested shares to ultimately vest, assuming a forfeiture rate of 5%, which was determined based on peer company data, adjusted for the specifics of the Long-Term Incentive Plan.

Summary of Shares Granted to Independent Directors

A summary of these grants, made under the Long-Term Incentive Plan, follows:

Date of Grant	Shares	Weighted-Average Grant-Date Fair Value
2015 Director Grants:
January 2, 2015	5,850	$	25.75
2014 Director Grants:
January 21, 2014	3,344	$	24.82
April 1, 2014	2,968	$	27.22
July 1, 2014	3,016	$	25.78
October 1, 2014	4,960	$	23.89
2013 Director Grant:
September 13, 2013	6,820	$	29.32

Summary of Stock Option Activity Under the Director Plan

A summary of stock option activity under the Director Plan during 2014, 2013, and 2012, follows:

	Number		Exercise Price	Exercisable
Outstanding as of December 31, 2011	7,375		$48	7,250
Granted	—
Expired	—
Outstanding as of December 31, 2012	7,375		$48	7,375
Granted	—
Expired	—
Outstanding as of December 31, 2013	7,375		$48	7,375
Granted	—
Expired	(3,500	)
Outstanding as of December 31, 2014	3,875		$48	3,875

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Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash Flows from Operating Activities:
Net income	$ 92,635	$ 15,720	$ 48,043
Adjustments to reconcile net income to net cash provided by operating activities:
Straight-line rental income	(9,916)	(22,793)	(11,033)
Depreciation	117,766	119,835	120,307
Amortization	74,212	84,630	100,482
Impairment losses on real estate assets	25,130	29,737	18,467
Noncash interest expense	3,055	3,602	3,881
Loss on interest rate swaps	(4,945)	(5,530)	(173)
Gain on sale of real estate	(73,648)	(11,225)	(20,117)
Loss on early extinguishment of debt	23	4,709	0
Stock-based compensation expense	1,975	1,055	0
Changes in assets and liabilities, net of acquisitions and dispositions:
Decrease (increase) in tenant receivables, net	(227)	6,249	(4,767)
Decrease (increase) in prepaid expenses and other assets	5,442	(4,097)	2,344
Increase in accounts payable and accrued expenses	2,589	4,207	4,270
Decrease in due to affiliates	0	(1,801)	(1,411)
Increase (decrease) in deferred income	2,815	(5,969)	(7,454)
Net cash provided by operating activities	236,906	218,329	252,839
Cash Flows from Investing Activities:
Net proceeds from the sale of real estate	418,207	565,945	304,264
Real estate acquisitions	(335,986)	0	(188,750)
Earnest money paid	(27,000)	0	0
Capital improvements	(54,005)	(44,856)	(45,048)
Deferred lease costs paid	(25,004)	(25,700)	(39,419)
Net cash provided by (used in) investing activities	(23,788)	495,389	31,047
Cash Flows from Financing Activities:
Financing costs paid	(1,482)	(3,721)	(4,198)
Proceeds from lines of credit and notes payable	283,000	301,000	599,000
Repayments of lines of credit and notes payable	(294,739)	(461,940)	(627,191)
Prepayment penalty on early extinguishment of debt	0	(4,709)	0
Issuance of common stock	0	46,402	118,388
Redemptions of common stock	0	(115,781)	(99,381)
Tender offer redemptions of common stock	0	(234,062)	0
Distributions paid to stockholders	(149,962)	(145,071)	(137,632)
Distributions paid to stockholders and reinvested in shares of our common stock	0	(46,402)	(118,388)
Redemption of noncontrolling interests	0	0	(301)
Tender offer and offering costs paid	0	(3,133)	(11)
Distributions paid to nonredeemable noncontrolling interests	0	0	(15)
Net cash used in financing activities	(163,183)	(667,417)	(269,729)
Net increase in cash and cash equivalents	49,935	46,301	14,157
Effect of foreign exchange rate on cash and cash equivalents	0	(103)	32
Cash and cash equivalents, beginning of period	99,855	53,657	39,468
Cash and cash equivalents, end of period	$ 149,790	$ 99,855	$ 53,657

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Operating Leases (Tables)

12 Months Ended

Dec. 31, 2014

Leases [Abstract]

Schedule of Future Minimum Payments Receivable for Operating Leases

The future minimum rental income from Columbia Property Trust's investment in real estate assets under noncancelable operating leases, excluding properties under development, as of December 31, 2014, is as follows (in thousands):

2015	$	376,623
2016	361,085
2017	306,788
2018	269,712
2019	248,991
Thereafter	1,070,022
Total	$	2,633,221

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Organization (Details)	1 Months Ended
	Jan. 31, 2015 Properties sqft	Dec. 31, 2014 Buildings States sqft
Real Estate
Number of operational buildings		52
Square feet of commercial space		15,700,000
Number of states with properties		12
Leased office space of owned properties, percent		93.30%
Office Building
Real Estate
Number of properties		35
Office Building | Corporate Joint Venture
Real Estate
Number of properties		1
Hotel
Real Estate
Number of properties		1
Subsequent Event | Office Building
Real Estate
Square feet of commercial space	900,000
Number of real estate properties acquired	3

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Bonds Payable (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2011
Debt Instrument [Line Items]
Initial issuance discount of bonds payable	$ 818,000	$ 1,070,000
Bonds Payable
Debt Instrument [Line Items]
Maturity period of debt instrument			7 years
Bonds Payable | 2018 Bonds Payable
Debt Instrument [Line Items]
Debt face amount			250,000,000.0
Interest rate for debt instrument (percent)			5.875%
Discount rate of face value of issued debt instrument (percent)			99.295%
Net proceeds received from issuance of bonds payable			246,700,000
Initial issuance discount of bonds payable			1,800,000
Interest payments	14,700,000	14,700,000
Restrictive covenant ratio of debt to total asset			60.00%
Fair Value, Inputs, Level 2 | Bonds Payable | 2018 Bonds Payable
Debt Instrument [Line Items]
Estimated fair value of debt instrument	$ 250,600,000	$ 250,800,000
Maximum | Bonds Payable | 2018 Bonds Payable
Debt Instrument [Line Items]
Restrictive covenant ratio of secured debt to total asset			40.00%
Minimum | Bonds Payable | 2018 Bonds Payable
Debt Instrument [Line Items]
Restrictive covenant of consolidated income to annual debt service charges			150.00%
Ratio of unencumbered asset value to total unsecured debt			150.00%

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Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries Consolidating Statements of Operations) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended													12 Months Ended
	Dec. 31, 2014		Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013		Sep. 30, 2013		Jun. 30, 2013		Mar. 31, 2013		Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenues:
Rental income														$ 414,541	$ 406,907	$ 381,796
Tenant reimbursements														95,375	90,875	88,402
Hotel income														22,885	23,756	23,049
Other property income														7,996	5,040	1,024
Revenues	137,891		136,981	136,757	129,168	133,387	[1]	132,502	[1]	131,897	[1]	128,792	[1]	540,797	526,578	494,271
Expenses:
Property operating costs														163,722	154,559	147,202
Hotel operating costs														18,792	18,340	18,362
Asset and property management fees:
Related-party														0	4,693	29,372
Other														2,258	1,671	2,421
Depreciation														117,766	108,105	98,698
Amortization														78,843	78,710	86,458
Impairment loss on real estate assets	10,100													25,130	0	0
General and administrative														31,275	61,866	24,613
Listing costs														0	4,060	0
Acquisition fees and expenses														14,142	0	1,876
Costs and expenses														451,928	432,004	409,002
Real estate operating income (loss)														88,869	94,574	85,269
Other income (expense):
Interest expense														(75,711)	(101,941)	(101,886)
Interest and other income														7,275	34,029	39,856
Loss on interest rate swaps														(371)	(342)	(1,225)
Loss on the early extinguishment of debt														(23)	0	0
Income from equity investment														0	0	0
Nonoperating income (expense)														(68,830)	(68,254)	(63,255)
Income before income tax expense and gains on sale of real estate														20,039	26,320	22,014
Income tax expense														(662)	(500)	(572)
Income before gains of sale of real estate assets														19,377	25,820	21,442
Gains on sale of real estate assets	56,600													75,275	0	0
Income from continuing operations														94,652	25,820	21,442
Discontinued operations:
Operating loss from discontinued operations														(390)	(21,325)	6,484
Gain (loss) on disposition of discontinued operations														(1,627)	11,225	20,117
Income (loss) from discontinued operations														(2,017)	(10,100)	26,601
Net income														92,635	15,720	48,043
Less: net income attributable to nonredeemable noncontrolling interests														0	0	(4)
Net income attributable to the common stockholders of Columbia Property Trust, Inc.	56,226	[2]	24,988	8,021	3,400	12,927		4,800		20,601		(22,608)	[3]	92,635	15,720	48,039
Columbia Property Trust (Parent)
Revenues:
Rental income														0	0	0
Tenant reimbursements														0	0	0
Hotel income														0	0	0
Other property income														0	0	0
Revenues														0	0	0
Expenses:
Property operating costs														0	0	0
Hotel operating costs														0	0	0
Asset and property management fees:
Related-party														0	4,397	26,264
Other														0	0	0
Depreciation														0	0	0
Amortization														0	0	0
Impairment loss on real estate assets														0
General and administrative														149	16	49
Listing costs															317
Acquisition fees and expenses														0		0
Costs and expenses														149	4,730	26,313
Real estate operating income (loss)														(149)	(4,730)	(26,313)
Other income (expense):
Interest expense														0	0	0
Interest and other income														7,969	7,987	7,988
Loss on interest rate swaps														0	0	0
Loss on the early extinguishment of debt														0
Income from equity investment														84,815	12,463	66,364
Nonoperating income (expense)														92,784	20,450	74,352
Income before income tax expense and gains on sale of real estate														92,635	15,720	48,039
Income tax expense														0	0	0
Income before gains of sale of real estate assets														92,635
Gains on sale of real estate assets														0
Income from continuing operations														92,635	15,720	48,039
Discontinued operations:
Operating loss from discontinued operations														0	0	0
Gain (loss) on disposition of discontinued operations														0	0	0
Income (loss) from discontinued operations														0	0	0
Net income																48,039
Less: net income attributable to nonredeemable noncontrolling interests																0
Net income attributable to the common stockholders of Columbia Property Trust, Inc.														92,635	15,720	48,039
Columbia Property Trust OP (the Issuer)
Revenues:
Rental income														1,150	403	1,649
Tenant reimbursements														222	149	103
Hotel income														0	0	0
Other property income														0	17	86
Revenues														1,372	569	1,838
Expenses:
Property operating costs														2,716	1,966	1,634
Hotel operating costs														0	0	0
Asset and property management fees:
Related-party														17	15	58
Other														0	0	0
Depreciation														1,795	1,247	710
Amortization														121	28	357
Impairment loss on real estate assets														0
General and administrative														9,701	43,555	21,436
Listing costs															3,743
Acquisition fees and expenses														0		0
Costs and expenses														14,350	50,554	24,195
Real estate operating income (loss)														(12,978)	(49,985)	(22,357)
Other income (expense):
Interest expense														(30,271)	(32,659)	(32,469)
Interest and other income														10,724	10,874	11,018
Loss on interest rate swaps														0	0	0
Loss on the early extinguishment of debt														0
Income from equity investment														113,976	86,101	92,228
Nonoperating income (expense)														94,429	64,316	70,777
Income before income tax expense and gains on sale of real estate														81,451	14,331	48,420
Income tax expense														(4)	(3)	(14)
Income before gains of sale of real estate assets														81,447
Gains on sale of real estate assets														0
Income from continuing operations														81,447	14,328	48,406
Discontinued operations:
Operating loss from discontinued operations														0	658	5,942
Gain (loss) on disposition of discontinued operations														0	0	0
Income (loss) from discontinued operations														0	658	5,942
Net income																54,348
Less: net income attributable to nonredeemable noncontrolling interests																0
Net income attributable to the common stockholders of Columbia Property Trust, Inc.														81,447	14,986	54,348
Non-Guarantors
Revenues:
Rental income														413,752	406,791	380,280
Tenant reimbursements														95,153	90,726	90,756
Hotel income														22,885	23,756	23,049
Other property income														8,220	5,208	1,024
Revenues														540,010	526,481	495,109
Expenses:
Property operating costs														161,367	152,880	148,025
Hotel operating costs														18,792	18,340	18,495
Asset and property management fees:
Related-party														0	313	4,191
Other														2,258	1,671	2,421
Depreciation														115,971	106,858	97,988
Amortization														78,722	78,682	86,101
Impairment loss on real estate assets														25,130
General and administrative														21,632	18,448	3,128
Listing costs															0
Acquisition fees and expenses														14,142		1,876
Costs and expenses														438,014	377,192	362,225
Real estate operating income (loss)														101,996	149,289	132,884
Other income (expense):
Interest expense														(64,105)	(88,137)	(88,414)
Interest and other income														7,247	34,023	39,847
Loss on interest rate swaps														(371)	(342)	(1,225)
Loss on the early extinguishment of debt														(23)
Income from equity investment														0	0	0
Nonoperating income (expense)														(57,252)	(54,456)	(49,792)
Income before income tax expense and gains on sale of real estate														44,744	94,833	83,092
Income tax expense														(658)	(497)	(558)
Income before gains of sale of real estate assets														44,086
Gains on sale of real estate assets														75,275
Income from continuing operations														119,361	94,336	82,534
Discontinued operations:
Operating loss from discontinued operations														(390)	(21,983)	542
Gain (loss) on disposition of discontinued operations														(1,627)	11,225	20,117
Income (loss) from discontinued operations														(2,017)	(10,758)	20,659
Net income																103,193
Less: net income attributable to nonredeemable noncontrolling interests																(4)
Net income attributable to the common stockholders of Columbia Property Trust, Inc.														117,344	83,578	103,189
Consolidating Adjustments
Revenues:
Rental income														(361)	(287)	(133)
Tenant reimbursements														0	0	(2,457)
Hotel income														0	0	0
Other property income														(224)	(185)	(86)
Revenues														(585)	(472)	(2,676)
Expenses:
Property operating costs														(361)	(287)	(2,457)
Hotel operating costs														0	0	(133)
Asset and property management fees:
Related-party														(17)	(32)	(1,141)
Other														0	0	0
Depreciation														0	0	0
Amortization														0	0	0
Impairment loss on real estate assets														0
General and administrative														(207)	(153)	0
Listing costs															0
Acquisition fees and expenses														0		0
Costs and expenses														(585)	(472)	(3,731)
Real estate operating income (loss)														0	0	1,055
Other income (expense):
Interest expense														18,665	18,855	18,997
Interest and other income														(18,665)	(18,855)	(18,997)
Loss on interest rate swaps														0	0	0
Loss on the early extinguishment of debt														0
Income from equity investment														(198,791)	(98,564)	(158,592)
Nonoperating income (expense)														(198,791)	(98,564)	(158,592)
Income before income tax expense and gains on sale of real estate														(198,791)	(98,564)	(157,537)
Income tax expense														0	0	0
Income before gains of sale of real estate assets														(198,791)
Gains on sale of real estate assets														0
Income from continuing operations														(198,791)	(98,564)	(157,537)
Discontinued operations:
Operating loss from discontinued operations														0	0	0
Gain (loss) on disposition of discontinued operations														0	0	0
Income (loss) from discontinued operations														0	0	0
Net income																(157,537)
Less: net income attributable to nonredeemable noncontrolling interests																0
Net income attributable to the common stockholders of Columbia Property Trust, Inc.														$ (198,791)	$ (98,564)	$ (157,537)

[1] Prior-period amounts adjusted to conform with current-period presentation, including classifying revenues generated by properties sold as discontinued operations for all periods presented (see Note 12, Discontinued Operations).

[2] Net income for the fourth quarter of 2014 includes gains on sales of real estate of $56.6 million (See Note 3, Real Estate and Other Transactions), partially offset by impairment losses of $10.1 million.

[3] Net income for the first quarter of 2013 reflects the incurrence of nonrecurring fees under the Consulting and Transitions Services Agreements (See Note 10, Related-Party Transactions and Agreements).

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Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Assets:
Land	$ 785,101	$ 706,938
Buildings and improvements, less accumulated depreciation of $660,098 and $604,497, as of December 31, 2014 and 2013, respectively	3,026,431	2,976,287
Intangible lease assets, less accumulated amortization of $313,822 and $298,975, as of December 31, 2014 and 2013, respectively	247,068	281,220
Construction in progress	17,962	7,949
Total real estate assets	4,076,562	3,972,394
Cash and cash equivalents	149,790	99,855
Tenant receivables, net of allowance for doubtful accounts of $3 and $52, as of December 31, 2014 and 2013, respectively	6,945	7,414
Straight-line rent receivable	116,489	113,592
Prepaid expenses and other assets	52,143	32,423
Deferred financing costs, less accumulated amortization of $15,205 and $11,938, as of December 31, 2014 and 2013, respectively	8,426	10,388
Intangible lease origination costs, less accumulated amortization of $219,626 and $216,598, as of December 31, 2014 and 2013, respectively	105,528	148,889
Deferred lease costs, less accumulated amortization of $36,589 and $27,375, as of December 31, 2014 and 2013, respectively	102,995	87,527
Investment in development authority bonds	120,000	120,000
Total assets	4,738,878	4,592,482
Liabilities:
Line of credit, term loan, and notes payable	1,430,884	1,240,249
Bonds payable, net of discount of $818 and $1,070, as of December 31, 2014 and 2013, respectively	249,182	248,930
Accounts payable, accrued expenses, and accrued capital expenditures	106,276	99,678
Deferred income	24,753	21,938
Intangible lease liabilities, less accumulated amortization of $84,935 and $76,500, as of December 31, 2014 and 2013, respectively	74,305	73,864
Obligations under capital leases	120,000	120,000
Total liabilities	2,005,400	1,804,659
Commitments and Contingencies (Note 6)
Equity:
Common stock, $0.01 par value, 225,000,000 and 900,000,000 shares authorized, 124,973,304 and 124,830,122 shares issued and outstanding as of December 31, 2014 and 2013, respectively	1,249	1,248
Additional paid-in capital	4,601,808	4,600,166
Cumulative distributions in excess of earnings	(1,867,611)	(1,810,284)
Accumulated other comprehensive loss	(1,968)	(3,307)
Total equity	2,733,478	2,787,823
Total liabilities and equity	$ 4,738,878	$ 4,592,482

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Summary of Significant Accounting Policies (Schedule of Future Amortization for Below-Market Lease Assets) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Intangible Lease Assets
Intangible Lease Assets, Net	$ 247,068	$ 281,220
Below-Market Lease Assets
Intangible Lease Assets
2015	2,069
2016	2,069
2017	2,069
2018	2,069
2019	2,069
Thereafter	85,209
Intangible Lease Assets, Net	$ 95,554
Weighted-Average Amortization Period	47 years

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Consolidated Statements of Equity (USD $) In Thousands, except Share data, unless otherwise specified		Total	Common Stock		Additional Paid-In Capital		Cumulative Distributions in Excess of Earnings	Redeemable Common Stock	Accumulated Other Comprehensive Income (Loss)	Total Columbia Property Trust, Inc. Stockholders' Equity	Non- redeemable Non- controlling Interests
Balance, value at beginning of period at Dec. 31, 2011		$ 3,346,972	$ 1,365	[1]	$ 4,884,903	[1]	$ (1,426,550)	$ (113,147)	$ 84	$ 3,346,655	$ 317
Balance, shares at beginning of period at Dec. 31, 2011	[1]		136,550,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, shares	[1]		4,166,000
Issuance of common stock, value		118,388	42	[1]	118,346	[1]				118,388
Redemptions of common stock, shares	[1]		(3,815,000)
Redemptions of common stock, value		(101,396)	(38)	[1]	(101,358)	[1]				(101,396)
Decrease in redeemable common stock		13,621						13,621		13,621
Distributions to common stockholders		(256,020)					(256,020)			(256,020)
Offering costs		(7)			(7)	[1]				(7)
Distributions to noncontrolling interests		(15)									(15)
Acquisition of noncontrolling interest in consolidated joint ventures		(301)			5	[1]				5	(306)
Net income attributable to the common stockholders of Columbia Property Trust, Inc.		48,039					48,039			48,039
Net income attributable to noncontrolling interest		4									4
Market value adjustment to interest rate swap		(5,305)							(5,305)	(5,305)
Balance, value at end of period at Dec. 31, 2012		3,163,980	1,369	[1]	4,901,889	[1]	(1,634,531)	(99,526)	(5,221)	3,163,980	0
Balance, shares at end of period at Dec. 31, 2012	[1]		136,901,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, shares	[1]		1,665,000
Issuance of common stock, value		46,602	17	[1]	46,585	[1]				46,602
Stock compensation		855			855	[1]				855
Redemptions of common stock, shares	[1]		(4,373,000)
Redemptions of common stock, value		(112,106)	(44)	[1]	(112,062)	[1]				(112,106)
Decrease in redeemable common stock		99,526						99,526		99,526
Tender repurchase of common stock, shares	[1]		(9,363,000)
Tender repurchase of common stock		(234,062)	(94)	[1]	(233,968)	[1]				(234,062)
Distributions to common stockholders		(191,473)					(191,473)			(191,473)
Offering costs		(3,133)			(3,133)	[1]				(3,133)
Net income attributable to the common stockholders of Columbia Property Trust, Inc.		15,720					15,720			15,720
Foreign currency translation adjustment		(83)							(83)	(83)
Net income attributable to noncontrolling interest		0
Market value adjustment to interest rate swap		1,997							1,997	1,997
Balance, value at end of period at Dec. 31, 2013		2,787,823	1,248	[1]	4,600,166	[1]	(1,810,284)	0	(3,307)	2,787,823	0
Balance, shares at end of period at Dec. 31, 2013		124,830,122	124,830,000	[1]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued to employees and directors, and amortized (net of amounts withheld for income taxes), shares	[1]		143,000
Common stock issued to employees and directors, and amortized (net of amounts withheld for income taxes)		1,643	1	[1]	1,642	[1]				1,643
Distributions to common stockholders		(149,962)					(149,962)			(149,962)
Net income attributable to the common stockholders of Columbia Property Trust, Inc.		92,635					92,635			92,635
Net income attributable to noncontrolling interest		0
Market value adjustment to interest rate swap		1,339							1,339	1,339
Balance, value at end of period at Dec. 31, 2014		$ 2,733,478	$ 1,249	[1]	$ 4,601,808	[1]	$ (1,867,611)	$ 0	$ (1,968)	$ 2,733,478	$ 0
Balance, shares at end of period at Dec. 31, 2014		124,973,304	124,973,000	[1]

[1] All share amounts and computations using such amounts have been retroactively adjusted to reflect the August 14, 2013, four-for-one reverse stock split (See Note 7, Stockholders' Equity).

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Operating Leases (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014
Operating Leased Assets [Line Items]
Number of states in which entity operates	12
Operating Leases, Future Minimum Payments Receivable [Abstract]
2015	376,623
2016	361,085
2017	306,788
2018	269,712
2019	248,991
Thereafter	1,070,022
Total	2,633,221
Lease revenue | Customer concentration risk
Operating Leased Assets [Line Items]
Concentration risk percentage	6.00%
Number of properties | San Francisco | Geographic concentration risk
Operating Leased Assets [Line Items]
Concentration risk percentage	19.00%
Number of properties | District Of Columbia | Geographic concentration risk
Operating Leased Assets [Line Items]
Concentration risk percentage	12.00%
Number of properties | Northern New Jersey | Geographic concentration risk
Operating Leased Assets [Line Items]
Concentration risk percentage	10.00%
Legal industry | Lease revenue | Customer concentration risk
Operating Leased Assets [Line Items]
Concentration risk percentage	18.00%
Banking industry | Lease revenue | Customer concentration risk
Operating Leased Assets [Line Items]
Concentration risk percentage	14.00%
Business Services Industry | Lease revenue | Customer concentration risk
Operating Leased Assets [Line Items]
Concentration risk percentage	8.00%

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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of Income Tax Basis Net Income Reconciliation

Columbia Property Trust's income tax basis net income during 2014, 2013, and 2012 (in thousands) follows:

	2014			2013			2012
GAAP basis financial statement net income attributable to the common stockholders of Columbia Property Trust, Inc.	$	92,635		$	15,720		$	48,039
Increase (decrease) in net income resulting from:
Depreciation and amortization expense for financial reporting purposes in excess of amounts for income tax purposes	69,832			72,554			81,681
Rental income accrued for financial reporting purposes in excess of amounts for income tax purposes	(8,437		)	(26,565		)	(24,798		)
Net amortization of above-/below-market lease intangibles for financial reporting purposes less than amounts for income tax purposes	(9,394		)	(8,186		)	(3,423		)
Gain on interest rate swaps that do not qualify for hedge accounting treatment for financial reporting purposes in excess of amounts for income tax purposes	(4,945		)	(5,530		)	(173		)
Bad debt expense for financial reporting purposes less than amounts for income tax purposes	(1		)	(65		)	(5,034		)
Gains or losses on disposition of real property for financial reporting purposes that are more favorable than amounts for income tax purposes	(47,159		)	(78,559		)	(61,198		)
Other expenses for financial reporting purposes in excess of amounts for income tax purposes	31,991			9,710			7,349
Income tax basis net income (loss), prior to dividends-paid deduction	$	124,522		$	(20,921	)	$	42,443

Schedule of Distributions to Common Stockholders

Columbia Property Trust's distributions per common share are summarized as follows:

	2014		2013		2012
Ordinary income	83.1	%	—	%	16	%
Capital gains	—	%	—	%	—	%
Return of capital	16.9	%	100	%	84	%
Total	100	%	100	%	100	%

Schedule of Income Taxes

The income taxes recorded by the TRS Entities for the years ended December 31, 2014, 2013, and 2012, are as follows:

	Years ended December 31,
	2014		2013		2012
Federal income tax	$	318	$	307	$	265
State income tax	35		2		14
Total income tax	$	353	$	309	$	279

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Income Taxes (Effective Tax Rate Reconciliation) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Effective Tax Reconciliation [Line Items]
Total income tax	$ 662,000	$ 500,000	$ 572,000
Deferred tax liabilities	0	0
Deferred tax asset	300,000	600,000
Columbia TRS
Effective Tax Reconciliation [Line Items]
Federal income tax	318,000	307,000	265,000
State income tax	35,000	2,000	14,000
Total income tax	$ 353,000	$ 309,000	$ 279,000

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Quarterly Results (unaudited)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results (unaudited)

Quarterly Results (unaudited)

Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2014 and 2013(in thousands, except per-share data):

	2014
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Revenues	$	129,168	$	136,757	$	136,981	$	137,891
Net income attributable to common stockholders of Columbia Property Trust, Inc.	$	3,400	$	8,021	$	24,988	$	56,226	(1)
Basic net income attributable to common stockholders of Columbia Property Trust, Inc. per share	$	0.03	$	0.06	$	0.20	$	0.45
Diluted net income attributable to common stockholders of Columbia Property Trust, Inc. per share	$	0.03	$	0.06	$	0.20	$	0.45
Distributions declared per share	$	0.30	$	0.30	$	0.30	$	0.30

	2013
	First Quarter				Second Quarter		Third Quarter		Fourth Quarter
Revenues(2)	$	128,792			$	131,897	$	132,502	$	133,387
Net income (loss) attributable to common stockholders of Columbia Property Trust, Inc.	$	(22,608	)	(3)	$	20,601	$	4,800	$	12,927
Basic net income (loss) attributable to common stockholders of Columbia Property Trust, Inc. per share(4)	$	(0.17	)		$	0.15	$	0.04	$	0.10
Diluted net income (loss) attributable to common stockholders of Columbia Property Trust, Inc. per share(4)	$	(0.17	)		$	0.15	$	0.04	$	0.10
Distributions declared per share(4)	$	0.38			$	0.38	$	0.38	$	0.30

⁽¹⁾  Net income for the fourth quarter of 2014 includes gains on sales of real estate of $56.6 million (See Note 3, Real Estate and Other Transactions), partially offset by impairment losses of $10.1 million.

⁽²⁾  Prior-period amounts adjusted to conform with current-period presentation, including classifying revenues generated by properties sold as discontinued operations for all periods presented (see Note 12, Discontinued Operations).

⁽³⁾  Net income for the first quarter of 2013 reflects the incurrence of nonrecurring fees under the Consulting and Transitions Services Agreements (See Note 10, Related-Party Transactions and Agreements).

⁽⁴⁾  All computations using share amounts have been retroactively adjusted to reflect the August 14, 2013, four-for-one reverse stock split (See Note 7, Stockholders'Equity).

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Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2014

Discontinued Operation, Additional Disclosures [Abstract]

Schedule of revenues and expenses of the discontinued operations

The following table shows the revenues and expenses of the above-described discontinued operations (in thousands). 2014 amounts reflect post closing adjustments and true ups related to the 18 Property Sale, which closed prior to our adoption of ASU 2014-08.

	Years ended December 31,
	2014			2013			2012
Revenues:
Rental income	$	4		$	48,550		$	91,132
Tenant reimbursements	115			11,205			18,059
Other property income	—			291			5,471
	119			60,046			114,662
Expenses:
Property operating costs	(250		)	21,232			36,996
Asset and property management fees	7			1,501			7,974
Depreciation	—			11,730			21,609
Amortization	—			7,590			15,776
Impairment loss on real estate assets	—			29,737			18,467
General and administrative	755			1,360			748
Total expenses	512			73,150			101,570
Operating income (loss)	(393		)	(13,104		)	13,092
Other income (expense):
Interest expense	3			(3,804		)	(6,610		)
Interest and other income	—			293			16
Loss on early extinguishment of debt	—			(4,709		)	—
Income (loss) from discontinued operations before income tax expense	(390		)	(21,324		)	6,498
Income tax expense	—			(1		)	(14		)
Income (loss) from discontinued operations	(390		)	(21,325		)	6,484
Gain (loss) on disposition of discontinued operations	(1,627		)	11,225			20,117
Income (loss) from discontinued operations	$	(2,017	)	$	(10,100	)	$	26,601

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Subsequent Event

12 Months Ended

Dec. 31, 2014

Subsequent Events [Abstract]

Subsequent Event

Subsequent Events

Columbia Property Trust has evaluated subsequent events in connection with the preparation of its consolidated financial statements and notes thereto included in this report on Form 10-K and noted the following items in addition to those disclosed elsewhere in this report:

Property Acquisitions and Financing

During January 2015, Columbia Property Trust closed on the acquisitions of three properties. These acquisitions and the related financing transaction are described in Note 3, Real Estate and Other Transactions, and Note 4, Line of Credit, Term Loan, and Notes Payable, of the accompanying consolidated financial statements.

Dividend Declaration

On February 11, 2015, the board of directors declared dividends for the first quarter of 2015 in the amount of $0.30 per share, payable on March 17, 2015 to stockholders of record on March 2, 2015.

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Earnings Per Share (Schedule of Basic and Diluted EPS Computation) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended										12 Months Ended
	Dec. 31, 2014		Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013		Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to the common stockholders of Columbia Property Trust, Inc.	$ 56,226	[1]	$ 24,988	$ 8,021	$ 3,400	$ 12,927	$ 4,800	$ 20,601	$ (22,608)	[2]	$ 92,635	$ 15,720	$ 48,039
Distributions paid on unvested shares											(128)
Net income used to calculate basic and diluted earnings per share											$ 92,507	$ 15,720	$ 48,039
Weighted-average common shares – basic											124,860	134,085	136,672
Weighted-average common shares – diluted											124,918	134,085	136,672
2013 LTIP Employee Grant
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Plus incremental weighted-average shares from time-vested conversions less assumed share repurchases:											29	0	0
2014 LTIP Employee Grant
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Plus incremental weighted-average shares from time-vested conversions less assumed share repurchases:											29	0	0

[1] Net income for the fourth quarter of 2014 includes gains on sales of real estate of $56.6 million (See Note 3, Real Estate and Other Transactions), partially offset by impairment losses of $10.1 million.

[2] Net income for the first quarter of 2013 reflects the incurrence of nonrecurring fees under the Consulting and Transitions Services Agreements (See Note 10, Related-Party Transactions and Agreements).

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Consolidated Statements of Equity Parentheticals (unaudited) (Common Stock, USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Common Stock
Distributions to common stockholders per share	$ 1.20	$ 1.440	$ 1.88

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Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]
Building and improvements, accumulated depreciation	$ 660,098	$ 604,497
Intangible lease assets, accumulated amortization	313,822	298,975
Allowance for doubtful accounts	3	52
Deferred financing costs, accumulated amortization	15,205	11,938
Intangible lease origination costs, accumulated amortization	219,626	216,598
Deferred lease costs, accumulated amortization	36,589	27,375
Bonds payable, discount	818	1,070
Intangible lease liabilities, accumulated amortization	$ 84,935	$ 76,500
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	225,000,000	900,000,000
Common stock, shares issued	124,973,304	124,830,122
Common stock, shares outstanding	124,973,304	124,830,122

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Supplemental Disclosures of Noncash Investing and Financing Activities

12 Months Ended

Dec. 31, 2014

Supplemental Cash Flow Information [Abstract]

Supplemental Disclosures of Noncash Investing and Financing Activities

Supplemental Disclosures of Noncash Investing and Financing Activities

Outlined below are significant noncash investing and financing activities for the years ended December 31, 2014, 2013, and 2012 (in thousands):

	Years ended December 31,
	2014		2013			2012
Investment in real estate funded with other assets	$	3,807	$	—		$	—
Other assets assumed upon acquisition	$	2,493	$	741		$	130
Other liabilities assumed upon acquisition	$	2,004	$	741		$	—
Other liabilities settled at disposition	$	—	$	872		$	—
Interest rate swap assumed upon acquisition of property	$	—	$	—		$	11,560
Notes payable assumed at acquisition	$	203,000	$	—		$	208,330
Interest accruing into notes payable	$	—	$	186		$	306
Amortization of discounts (premiums) on debt	$	396	$	(363	)	$	364
Market value adjustment to interest rate swaps that qualify for hedge accounting treatment	$	1,339	$	1,997		$	(5,305	)
Accrued capital expenditures and deferred lease costs	$	17,283	$	15,997		$	16,325
Accrued deferred financing costs	$	—	$	—		$	35
Common stock issued to employees and directors, and amortized (net of amounts withheld for taxes)	$	1,642	$	—		$	—
Accrued redemptions of common stock	$	—	$	—		$	3,655
Transfer of development authority bonds	$	—	$	466,000		$	60,000
Stock-based compensation expense	$	—	$	1,055		$	—
Increase (decrease) in redeemable common stock	$	—	$	(99,526	)	$	13,621

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Document Entity Information (USD $)	12 Months Ended
	Dec. 31, 2014	Jan. 31, 2015	Jun. 30, 2014
Document and Entity Information [Abstract]
Entity Registrant Name	COLUMBIA PROPERTY TRUST, INC.
Entity Central Index Key	0001252849
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		125,090,973
Entity Public Float			$ 3,246,733,390
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes

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Related-Party Transactions and Agreements

12 Months Ended

Dec. 31, 2014

Related Party Transactions [Abstract]

Related-Party Transactions and Agreements

Related-Party Transactions and Agreements

During 2013, Columbia Property Trust was party to agreements with various entities of Wells Real Estate Funds ("WREF"), which served as our Advisor (the "Advisor"). Since January 1, 2014, Columbia Property Trust has had no contractual relationship with WREF.

• Transition Services Agreement – Columbia Property Trust exercised the option to acquire Columbia Property Trust Advisory Services and Columbia Property Trust Services from WREF (the "Assignment Options") on February 13, 2013, as provided for in the Transition Services Agreement, as amended (the "Transition Services Agreement"). No payment was associated with the Assignment Options; however, Columbia Property Trust was required to pay WREF a total of $8.8 million, for the work required to transfer sufficient employees, proprietary systems and processes, and assets to Columbia Property Trust Advisory Services and Columbia Property Trust Services.

• Consulting Services Agreement – Under the Consulting Services Agreement, WREF provided consulting services with respect to the same matters that were provided under the Advisory Agreement, described below (the "Consulting Services Agreement"). The Consulting Services Agreement terminated on December 31, 2013. The fees incurred under the Consulting Services Agreement are included in general and administrative expense in the accompanying consolidated statement of operations.

• Advisory Agreement – Under the terms of the advisory agreement in place from January 1, 2013 to February 27, 2013 (the "Advisory Agreement"), Columbia Property Trust incurred fees and reimbursements payable to the Advisor for asset management and administrative services.

Related-Party Costs

Pursuant to the terms of the agreements described above, Columbia Property Trust incurred the following related-party costs during 2014, 2013, and 2012, respectively (in thousands):

	Years ended December 31,
	2014		2013		2012
Consulting services	$	—	$	25,417	$	—
Transition services	—		5,750		3,008
Asset management fees	—		5,083		32,000
Administrative reimbursements, net(1)	—		1,939		11,099
Investor services	—		829		—
Property management fees	—		523		4,462
Construction fees(2)	—		139		220
Other	—		69		126
Acquisition fees	—		—		1,500
Disposition fees	—		—		1,311
Total	$	—	$	39,749	$	53,726

⁽¹⁾  Administrative reimbursements are presented net of reimbursements from tenants of approximately $0.7 million and $4.4 million for the years ended December 31, 2013 and 2012, respectively.

⁽²⁾  Construction fees are capitalized to real estate assets as incurred.

There were no amounts due to affiliates as of December 31, 2014 or December 31, 2013.

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Consolidated Statements of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenues:
Rental income	$ 414,541	$ 406,907	$ 381,796
Tenant reimbursements	95,375	90,875	88,402
Hotel income	22,885	23,756	23,049
Other property income	7,996	5,040	1,024
Revenues	540,797	526,578	494,271
Expenses:
Property operating costs	163,722	154,559	147,202
Hotel operating costs	18,792	18,340	18,362
Asset and property management fees:
Related-party	0	4,693	29,372
Other	2,258	1,671	2,421
Depreciation	117,766	108,105	98,698
Amortization	78,843	78,710	86,458
Impairment loss on real estate assets	25,130	0	0
General and administrative	31,275	61,866	24,613
Listing costs	0	4,060	0
Acquisition fees and expenses	14,142	0	1,876
Costs and expenses	451,928	432,004	409,002
Real estate operating income (loss)	88,869	94,574	85,269
Other income (expense):
Interest expense	(75,711)	(101,941)	(101,886)
Interest and other income	7,275	34,029	39,856
Loss on interest rate swaps	(371)	(342)	(1,225)
Loss on the early extinguishment of debt	(23)	0	0
Nonoperating income (expense)	(68,830)	(68,254)	(63,255)
Income before income tax expense and gains on sale of real estate	20,039	26,320	22,014
Income tax expense	(662)	(500)	(572)
Income before gains of sale of real estate assets	19,377	25,820	21,442
Gains on sale of real estate assets	75,275	0	0
Income from continuing operations	94,652	25,820	21,442
Discontinued operations:
Operating income (loss) from discontinued operations	(390)	(21,325)	6,484
Gain (loss) on disposition of discontinued operations	(1,627)	11,225	20,117
Income (loss) from discontinued operations	(2,017)	(10,100)	26,601
Net income	92,635	15,720	48,043
Less: net income attributable to nonredeemable noncontrolling interests	0	0	(4)
Net income attributable to the common stockholders of Columbia Property Trust, Inc.	$ 92,635	$ 15,720	$ 48,039
Per-share information – basic:
Income from continuing operations (in dollars per share)	$ 0.76	$ 0.19	$ 0.16
Income (loss) from discontinued operations (in dollars per share)	$ (0.02)	$ (0.08)	$ 0.19
Net income attributable to the common stockholders of Columbia Property Trust, Inc. (in dollars per share)	$ 0.74	$ 0.12	$ 0.35
Weighted-average common shares outstanding – basic	124,860	134,085	136,672
Per-share information – diluted:
Income from continuing operations (in dollars per share)	$ 0.76	$ 0.19	$ 0.16
Income (loss) from discontinued operations (in dollars per share)	$ (0.02)	$ (0.08)	$ 0.19
Net income attributable to the common stockholders of Columbia Property Trust, Inc. (in dollars per share)	$ 0.74	$ 0.12	$ 0.35
Weighted-average common shares – diluted	124,918	134,085	136,672

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Line of Credit, Term Loan, and Notes Payable

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Line of Credit, Term Loan, and Notes Payable

Line of Credit, Term Loan, and Notes Payable

As of December 31, 2014 and 2013, Columbia Property Trust had the following line of credit, term loan, and notes payable indebtedness outstanding (excluding bonds payable; see Note 5, Bonds Payable) in thousands:

	Rate as of December 31, 2014			Term Debt or Interest Only		Outstanding Balance as of December 31,
Facility					Maturity	2014		2013
$450 Million Term Loan	LIBOR + 130 bp		(1)	Interest only	2/3/2016	$	450,000	$	450,000
Market Square Buildings mortgage note	5.07	%		Interest only	7/1/2023	325,000		325,000
333 Market Street Building mortgage note	LIBOR + 202 bp		(2)	Interest only	7/1/2015	206,810		207,559
650 California Street Building mortgage note	3.60	%		Interest only	7/1/2019	130,000		—
100 East Pratt Street Building mortgage note	5.08	%		Interest only	6/11/2017	105,000		105,000
221 Main Building mortgage note	3.95	%		Interest only	5/10/2017	73,000		—
263 Shuman Boulevard Building mortgage note	5.55	%		Interest only	7/1/2017	49,000		49,000
SanTan Corporate Center mortgage notes	5.83	%		Interest only	10/11/2016	39,000		39,000
One Glenlake Building mortgage note	5.80	%		Term debt	12/10/2018	32,074		34,713
215 Diehl Road Building mortgage note	5.55	%		Interest only	7/1/2017	21,000		21,000
544 Lakeview Building mortgage note	5.54	%		Interest only	12/1/2014	—		8,977
JPMorgan Chase Credit Facility	LIBOR + 110 bp		(3)	Interest only	8/21/2017	—		—
Total indebtedness						$	1,430,884	$	1,240,249

⁽¹⁾  Columbia Property Trust is party to an interest rate swap agreement, which effectively fixes its interest rate on the $450 Million Term Loan (the "450 Million Term Loan") at 2.07% per annum and terminates on February 3, 2016. This interest rate swap agreement qualifies for hedge accounting treatment; therefore, changes in fair value are recorded as a market value adjustment to interest rate swap in the accompanying consolidated statements of other comprehensive income.

⁽²⁾  Columbia Property Trust is party to an interest rate swap agreement, which effectively fixes its interest rate on the 333 Market Street Building mortgage note at 4.75% per annum and terminates on July 1, 2015. This interest rate swap agreement does not qualify for hedge accounting treatment; therefore, changes in fair value are recorded as loss on interest rate swaps in the accompanying consolidated statements of operations.

⁽³⁾  JPMorgan Chase Credit Facility debt bears interest at a rate based on, at the option of Columbia Property Trust, LIBOR for seven-day or one-, two-, three-, or six-month periods, plus an applicable margin ranging from 1.00% to 1.70%, or the alternate base rate for any day is the greatest of the rate of interest publicly announced by JPMorgan Chase Bank ("JPMorgan Chase Bank") as its prime rate in effect in its principal office in New York City for such day plus an applicable margin ranging from 0.00% to 0.70%.

221 Main Street Building Mortgage Note

In April 2014, in connection with acquiring the 221 Main Street Building in San Francisco, California, Columbia Property Trust assumed a $73.0 million mortgage note payable (the "221 Main Street Building Mortgage Note"), which is secured by the property. At the time of acquisition, Columbia Property Trust evaluated the 221 Main Street Building Mortgage Note and determined that the face value of the note approximates its fair value. The fair value of the 221 Main Street Building Mortgage Note was estimated by obtaining estimates for similar facilities from multiple market participants as of the respective reporting dates (Level 2). The 221 Main Street Building Mortgage Note is due on May 10, 2017, and requires monthly interest-only payments at an interest rate of 3.95% per annum.

650 California Street Building Mortgage Note

In September 2014, in connection with acquiring the 650 California Street Building in San Francisco, California, Columbia Property Trust assumed a $130.0 million mortgage note payable (the "650 California Street Building Mortgage Note"), which is secured by the property. At the time of acquisition, Columbia Property Trust evaluated the 650 California Street Building Mortgage Note and determined that the face value of the note approximates its fair value. The fair value of the 650 California Street Building Mortgage Note was estimated by obtaining estimates for similar facilities from multiple market participants as of the respective reporting dates (Level 2). The 650 California Building Mortgage Note is due on July 1, 2019. Through June 2015, the 650 California Street Building Mortgage Note requires monthly, interest-only payments at an interest rate of 3.60% per annum. Beginning in July 2015, monthly payments will be $591,000monthly ($7.1 million annually), consisting of principal and interest.

Bridge Loan

On January 6, 2015, Columbia Property Trust entered into a $300 million, six-month, unsecured loan with a syndicate of banks led by JPMorgan Chase Bank (the "Bridge Loan") to finance a portion of the the real estate assets purchased in January 2015. At the Columbia Property Trust's option, borrowings under the Bridge Loan bear interest at either (i) an alternate base rate plus an applicable margin ranging from 0.00% to 0.80% or (ii) LIBOR plus an applicable margin based on four stated pricing levels ranging from 1.00% to 1.80%, in each case based on Columbia Property Trust's credit rating. Subject to customary conditions, Columbia Property Trust may increase the borrowings under the Bridge Loan up to two times up to an aggregate amount of $150 million. Each increase must be in an increment of $25 million.

The Bridge Loan matures on July 6, 2015, with a six-month extension at the option of Columbia Property Trust, and may be prepaid by Columbia Property Trust at any time without premium or penalty. In addition, amounts under the Bridge Loan must be repaid by Columbia Property Trust with the net cash proceeds of certain financing activities and asset sales, including (i) the issuance of common or preferred equity securities, (ii) the incurrence of mortgage indebtedness on any property, (iii) the incurrence of unsecured indebtedness, or (iv) the sale of certain real estate assets or any equity interests.

Debt Covenants

Columbia Property Trust is subject to a $25.0 million limitation on letters of credit that may be issued under the JPMorgan Chase Credit Facility. The JPMorgan Chase Credit Facility, and the Bridge Loan contain the following restrictive covenants:

• limits the ratio of debt to total asset value, as defined, to 50% or less during the term of the facility;

• limits the ratio of secured debt to total asset value, as defined, to 40% or less during the term of the facility;

• requires the ratio of unencumbered asset value, as defined, to total unsecured debt to be at least 2:1 at all times;

• requires maintenance of certain interest and fixed-charge coverage ratios;

• limits the ratio of secured recourse debt to total asset value, as defined, to 10% or less at all times;

• requires maintenance of certain minimum tangible net worth balances; and

• limits investments that fall outside Columbia Property Trust's core investments of improved office properties located in the United States.

As of December 31, 2014, Columbia Property Trust believes it was in compliance with the restrictive covenants on its outstanding debt obligations.

Fair Value of Debt

The estimated fair value of Columbia Property Trust's line of credit, term loan, and notes payable as of December 31, 2014 and 2013, was approximately $1,465.2 million and $1,245.3 million, respectively. Columbia Property Trust estimated the fair value of its line of credit by obtaining estimates for similar facilities from multiple market participants as of the respective reporting dates. Therefore, the fair values determined are considered to be based on observable market data for similar instruments (Level 2). The fair values of all other debt instruments were estimated based on discounted cash flow analyses using the current incremental borrowing rates for similar types of borrowing arrangements as of the respective reporting dates. The discounted cash flow method of assessing fair value results in a general approximation of value, and such value may never actually be realized.

Interest Paid

As of December 31, 2014 and 2013, Columbia Property Trust's weighted-average interest rate on its line of credit and notes payable was approximately 3.95% and 4.08%, respectively. Columbia Property Trust made interest payments of approximately $56.1 million, $59.6 million, and $50.1 million during 2014, 2013, and 2012, respectively, none of which was capitalized.

Debt Maturities and Extinguishment

On October 8, 2014, Columbia Property Trust repaid the mortgage note for the 544 Lakeview Building for $9.1 million, resulting in a loss on early extinguishment of debt of $23,000. The original maturity date for the 544 Lakeview Building mortgage note was December 1, 2014. There were no other debt maturities during 2014.

The following table summarizes the aggregate maturities of Columbia Property Trust's line of credit, term loan, and notes payable as of December 31, 2014 (in thousands):

2015	$	210,821
2016	494,460
2017	253,728
2018	25,860
2019	121,015
Thereafter	325,000
Total	$	1,430,884

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Real Estate and Other Transactions

12 Months Ended

Dec. 31, 2014

Business Combinations [Abstract]

Real Estate and Other Transactions

Real Estate and Other Transactions

Acquisitions

During 2014, Columbia Property Trust acquired interests in the following properties (in thousands). Columbia Property Trust did not acquire any real estate assets during 2013.

	2014
	221 Main Street Building			650 California Street Building
Location	San Francisco, CA			San Francisco, CA
Date acquired	April 22, 2014			September 9, 2014
Purchase price:
Land	$	60,509		$	75,384
Building and improvements	161,853			221,135
Intangible lease assets	12,776			19,306
Intangible lease origination costs	3,475			4,290
Intangible below market lease liability	(10,323		)	(9,908		)
Total purchase price	$	228,290		$	310,207

Note 2, Summary of Significant Accounting Policies, providesa discussion of the estimated useful life for each asset class.

221 Main Street Building

On April 22, 2014, Columbia Property Trust acquired the 221 Main Street Building, a 388,000-square-foot office building in San Francisco, California (the "221 Main Street Building"), for $228.8 million, exclusive of transaction costs. The acquisition was funded with a $73.0 million assumed mortgage note, $116.0 million of borrowings on the JPMorgan Chase Credit Facility (the "JPMorgan Chase Credit Facility"), and cash on hand. Columbia Property Trust recognized revenues of $12.7 million and a net loss of $10.9 million from the 221 Main Street Building acquisition for the period from April 22, 2014 to December 31, 2014. The net loss includes acquisition-related expenses of $6.1 million.

As of the acquisition date, the 221 Main Street Building was 82.8% leased to 40 tenants, including DocuSign, Inc. (16%), and no other tenant leases more than 10% of the building based on annualized lease revenue.

650 California Street Building

On September 9, 2014, Columbia Property Trust acquired the 650 California Street Building, a 478,000-square-foot office building in San Francisco, California (the "650 California Street Building"), for $310.2 million, exclusive of transaction costs. The acquisition was funded with a $130.0 million assumed mortgage note, $118.0 million of borrowings on the JPMorgan Chase Credit Facility, and cash on hand. Columbia Property Trust recognized revenues of $8.0 million and a net loss of $9.7 million from the 650 California Street Building acquisition for the period from September 9, 2014 to December 31, 2014. The net loss includes acquisition-related expenses of $8.0 million.

As of the acquisition date, the 650 California Street Building was 88.1% leased to 18 tenants, including Littler Mendelson (24%), Credit Suisse (13%), and Goodby Silverstein (11%).

2015 Acquisitions

On January 7, 2015, Columbia Property Trust acquired a portfolio of two assets, which includes 315 Park Avenue South, a 341,000-square-foot office building in New York, New York (the "315 Park Avenue South Building") and 1881 Campus Commons, a 245,000-square-foot office building in Reston, Virginia (the "1881 Campus Commons Building"). This portfolio was acquired for $436.0 million, exclusive of transaction costs. An earnest money deposit of $17.0 million was prepaid for this transaction in December 2014, and is included in prepaid expenses and other assets in the accompanying consolidated balance sheet.

On January 8, 2015, Columbia Property Trust acquired a 274,000-square-foot office building in Boston, Massachusetts (the "116 Huntington Avenue Building"), for $152.0 million, inclusive of capital credits. An earnest money deposit of $10.0 million was prepaid for this transaction in December 2014, and is included in prepaid expenses and other assets in the accompanying consolidated balance sheet.

These acquisitions were funded with $300.0 million in proceeds from the the Bridge Loan (as described in Note 4, Line of Credit, Term Loan, and Notes Payable), $140.0 million of borrowings on the JPMorgan Chase Credit Facility (as described in Note 4, Line of Credit, Term Loan, and Notes Payable), and cash on hand.

Pro Forma Financial Information

The following unaudited pro forma statements of operations presented for 2014, 2013, and 2012 have been prepared for Columbia Property Trust to give effect to the acquisition of both the 650 California Street Building and the 221 Main Street Building as if the acquisitions occurred on January 1, 2012. The following unaudited pro forma financial results for Columbia Property Trust have been prepared for informational purposes only and are not necessarily indicative of future results or of actual results that would have been achieved had the acquisitions of the 650 California Street Building and the 221 Main Street Building been consummated as of January 1, 2012 (in thousands).

	2014		2013			2012
Revenues	$	555,472	$	550,675		$	517,958
Net income (loss)	$	90,999	$	(17,969	)	$	(665	)
Net income (loss) per share – basic	$	0.73	$	(0.13	)	$	—
Net income (loss) per share – diluted	$	0.73	$	(0.13	)	$	—

Dispositions

As a result of adopting ASU 2014-08 effective April 1, 2014 (see Note 2, Significant Accounting Policies), for all periods presented in the accompanying consolidated statements of operations, the revenues and expenses associated with the second and third quarter 2014 property sales described below are included in continuing operations, while the revenues and expenses associated with sales executed before April 1, 2014, are classified as discontinued operations.

160 Park Avenue Building

On June 4, 2014, Columbia Property Trust closed on the sale of the 160 Park Avenue Building (formerly known as the 180 Park Avenue, #103 Building) in Florham Park, New Jersey, for $10.2 million, exclusive of transaction costs. Columbia Property Trust recognized an impairment loss of $13.6 million related to this building in the first quarter of 2014, as further described in Note 2, Significant Accounting Policies.

200 South Orange Building

On June 30, 2014, Columbia Property Trust closed on the sale of the 200 South Orange Building in Orlando, Florida, for $18.8 million, exclusive of transaction costs. This transaction resulted in a $1.4 million impairment loss in the second quarter of 2014, as further described in Note 2, Significant Accounting Policies.

7031 Columbia Gateway Drive Building

On July 1, 2014, Columbia Property Trust closed on the sale of the 7031 Columbia Gateway Drive Building in Columbia, Maryland, for $59.5 million, exclusive of transaction costs, yielding a gain on sale of real estate assets of $7.7 million.

9 Technology Drive Building

On August 22, 2014, Columbia Property Trust closed on the sale of the 9 Technology Drive Building in Westborough, Massachusetts, for $47.0 million, exclusive of purchase price adjustments and transaction costs, yielding a gain on sale of real estate assets of $11.1 million.

Lenox Park Property

On October 3, 2014, Columbia Property Trust closed on the sale of the five buildings comprising the Lenox Park Property in Atlanta, Georgia, for $290.0 million, exclusive of transaction costs, yielding a gain on sale of real estate assets of $56.5 million in the fourth quarter of 2014.

18 Property Sale

On November 5, 2013, Columbia Property Trust closed on the 18 Property Sale to an unaffiliated third party for $521.5 million, exclusive of closing costs. In connection with marketing these assets for sale and finalizing the terms of the sale agreement, Columbia Property Trust recognized aggregate impairment losses of $29.7 million. After considering the impact of these impairment losses, upon closing in the fourth quarter of 2013, the 18 Property Sale yielded a loss of $0.4 million, which is included in gain (loss) on disposition of discontinued operations in the accompanying consolidated statement of operations.

The following properties make up the 18 Property Sale:

2500 Windy Ridge Parkway	Sterling Commerce Center	11200 West Parkland Avenue
4100-4300 Wildwood Parkway	4300 Centreway Place	One Century Place
4200 Wildwood Parkway	919 Hidden Ridge	1200 Morris Drive
4241 Irwin Simpson	333 & 777 Republic Drive	15815 25th Avenue West
8990 Duke Road	120 Eagle Rock	16201 25th Avenue West
Chase Center Building	College Park Plaza	13655 Riverport Drive

Dvintsev Business Center – Tower B

On March 21, 2013, Columbia Property Trust closed on the sale of the Dvintsev Business Center – Tower B building in Moscow, Russia, and its holding entity, Landlink Ltd., which was 100% owned by Columbia Property Trust, for $67.5 million, exclusive of transaction costs, resulting in a gain on disposition of discontinued operations in the accompanying consolidated statement of operations of $10.0 million.

Other Transactions

As described in Note 10, Related-Party Transactions and Agreements, Columbia Property Trust acquired Columbia Property Trust Advisory Services, LLC ("Columbia Property Trust Advisory Services") and Columbia Property Trust Services, LLC ("Columbia Property Trust Services") on February 28, 2013. The following unaudited pro forma statements of operations presented for 2013 and 2012, have been prepared for Columbia Property Trust to give effect to the acquisitions of Columbia Property Trust Advisory Services and Columbia Property Trust Services as if the acquisitions occurred on January 1, 2012. The following unaudited pro forma financial results for Columbia Property Trust have been prepared for informational purposes only and are not necessarily indicative of future results or of actual results that would have been achieved had the acquisitions of Columbia Property Trust Advisory Services and Columbia Property Trust Services been consummated as of January 1, 2012 (in thousands).

	As of December 31,
	2014	2013		2012
Revenues	*	$	526,966	$	479,056
Net income attributable to common shareholders	*	$	47,661	$	47,591

* Columbia Property Trust owned Columbia Property Trust Advisory Services and Columbia Property Trust Services for all of 2014.

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Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries

12 Months Ended

Dec. 31, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Financial Information for Parent Guarantor, Other Guarantor Subsidiaries, and Non-Guarantor Subsidiaries

Financial Information for Parent Guarantor, Other Guarantor Subsidiaries, and Non-Guarantor Subsidiaries

The 2018 Bonds Payable (see Note 5, Bonds Payable) were issued by Columbia Property Trust OP and are guaranteed by Columbia Property Trust. As a result of amending the $450 Million Term Loan and the JPMorgan Chase Credit Facility in August 2013, all of the indirect and direct subsidiaries of Columbia Property Trust that previously guaranteed the $450 Million Term Loan, the JPMorgan Chase Credit Facility, and the 2018 Bonds Payable were released under customary circumstances as guarantors, which resulted in the reclassification of prior-period amounts from the guarantor to the non-guarantor groupings within the condensed consolidating financial statements to conform with the current period presentation. In accordance with SEC Rule 3-10(c), Columbia Property Trust includes herein condensed consolidating financial information in lieu of separate financial statements of the subsidiary issuer (Columbia Property Trust OP) and Subsidiary Guarantors, as defined in the bond indenture, because all of the following criteria are met:

(1) the subsidiary issuer (Columbia Property Trust OP) is 100% owned by the parent company guarantor (Columbia Property Trust);

(2) the guarantees are full and unconditional; and

(3) the guarantees are joint and several.

Columbia Property Trust uses the equity method with respect to its investment in subsidiaries included in its condensed consolidating financial statements. Set forth below are Columbia Property Trust's condensed consolidating balance sheets as of December 31, 2014 and 2013 (in thousands), as well as its condensed consolidating statements of operations and its condensed consolidating statements of comprehensive income for 2014, 2013, and 2012 (in thousands); and its condensed consolidating statements of cash flows for 2014, 2013, and 2012 (in thousands).

Condensed Consolidating Balance Sheets (in thousands)

	As of December 31, 2014
	Columbia Property Trust (Parent)		Columbia Property Trust OP  (the Issuer)		Non- Guarantors		Consolidating Adjustments			Columbia Property Trust (Consolidated)
Assets:
Real estate assets, at cost:
Land	$	—	$	6,241	$	778,860	$	—		$	785,101
Buildings and improvements, net	—		29,899		2,996,532		—			3,026,431
Intangible lease assets, net	—		—		247,068		—			247,068
Construction in progress	—		433		17,529		—			17,962
Total real estate assets	—		36,573		4,039,989		—			4,076,562
Cash and cash equivalents	119,488		10,504		19,798		—			149,790
Investment in subsidiaries	2,409,941		2,120,018		—		(4,529,959		)	—
Tenant receivables, net of allowance	—		246		6,699		—			6,945
Straight-line rent receivable	—		781		115,708		—			116,489
Prepaid expenses and other assets	204,079		148,226		19,734		(319,896		)	52,143
Deferred financing costs, net	—		6,020		2,406		—			8,426
Intangible lease origination costs, net	—		—		105,528		—			105,528
Deferred lease costs, net	—		1,658		101,337		—			102,995
Investment in development authority bonds	—		—		120,000		—			120,000
Total assets	$	2,733,508	$	2,324,026	$	4,531,199	$	(4,849,855	)	$	4,738,878
Liabilities:
Line of credit, term loan, and notes payable	$	—	$	450,000	$	1,299,232	$	(318,348	)	$	1,430,884
Bonds payable, net	—		249,182		—		—			249,182
Accounts payable, accrued expenses, and accrued capital expenditures	30		9,749		96,497		—			106,276
Due to affiliates	—		24		1,524		(1,548		)	—
Deferred income	—		171		24,582		—			24,753
Intangible lease liabilities, net	—		—		74,305		—			74,305
Obligations under capital leases	—		—		120,000		—			120,000
Total liabilities	30		709,126		1,616,140		(319,896		)	2,005,400
Equity:
Total equity	2,733,478		1,614,900		2,915,059		(4,529,959		)	2,733,478
Total liabilities, redeemable common stock, and equity	$	2,733,508	$	2,324,026	$	4,531,199	$	(4,849,855	)	$	4,738,878

Condensed Consolidating Balance Sheets (in thousands)

	As of December 31, 2013
	Columbia Property Trust (Parent)		Columbia Property Trust OP  (the Issuer)			Non- Guarantors		Consolidating Adjustments			Columbia Property Trust (Consolidated)
Assets:
Real estate assets, at cost:
Land	$	—	$	6,241		$	700,697	$	—		$	706,938
Building and improvements, net	—		24,185			2,952,102		—			2,976,287
Intangible lease assets, net	—		—			281,220		—			281,220
Construction in progress	—		28			7,921		—			7,949
Total real estate assets	—		30,454			3,941,940		—			3,972,394
Cash and cash equivalents	53,322		20,708			25,825		—			99,855
Investment in subsidiaries	2,557,347		2,286,982			—		(4,844,329		)	—
Tenant receivables, net of allowance	—		—			7,414		—			7,414
Straight-line rent receivable	—		22			113,570		—			113,592
Prepaid expenses and other assets	177,185		150,806			26,602		(322,170		)	32,423
Deferred financing costs, net	—		8,762			1,626		—			10,388
Intangible lease origination costs, net	—		—			148,889		—			148,889
Deferred lease costs, net	—		1,495			86,032		—			87,527
Investment in development authority bonds	—		—			120,000		—			120,000
Total assets	$	2,787,854	$	2,499,229		$	4,471,898	$	(5,166,499	)	$	4,592,482
Liabilities:
Lines of credit, term loan, and notes payable	$	—	$	450,000		$	1,110,838	$	(320,589	)	$	1,240,249
Bonds payable, net	—		248,930			—		—			248,930
Accounts payable, accrued expenses, and accrued capital expenditures	31		11,816			87,831		—			99,678
Due to affiliates	—		(925		)	2,506		(1,581		)	—
Deferred income	—		146			21,792		—			21,938
Intangible lease liabilities, net	—		—			73,864		—			73,864
Obligations under capital leases	—		—			120,000		—			120,000
Total liabilities	31		709,967			1,416,831		(322,170		)	1,804,659
Equity:
Total equity	2,787,823		1,789,262			3,055,067		(4,844,329		)	2,787,823
Total liabilities, redeemable common stock, and equity	$	2,787,854	$	2,499,229		$	4,471,898	$	(5,166,499	)	$	4,592,482

Consolidating Statements of Operations (in thousands)

	For the Year Ended December 31, 2014
	Columbia Property Trust (Parent)			Columbia Property Trust OP (the Issuer)			Non- Guarantors			Consolidating Adjustments			Columbia Property Trust (Consolidated)
Revenues:
Rental income	$	—		$	1,150		$	413,752		$	(361	)	$	414,541
Tenant reimbursements	—			222			95,153			—			95,375
Hotel income	—			—			22,885			—			22,885
Other property income	—			—			8,220			(224		)	7,996
	—			1,372			540,010			(585		)	540,797
Expenses:
Property operating costs	—			2,716			161,367			(361		)	163,722
Hotel operating costs	—			—			18,792			—			18,792
Asset and property management fees:
Related-party	—			17			—			(17		)	—
Other	—			—			2,258			—			2,258
Depreciation	—			1,795			115,971			—			117,766
Amortization	—			121			78,722			—			78,843
Impairment loss on real estate assets	—			—			25,130			—			25,130
General and administrative	149			9,701			21,632			(207		)	31,275
Acquisition expenses	—			—			14,142			—			14,142
	149			14,350			438,014			(585		)	451,928
Real estate operating income (loss)	(149		)	(12,978		)	101,996			—			88,869
Other income (expense):
Interest expense	—			(30,271		)	(64,105		)	18,665			(75,711		)
Interest and other income	7,969			10,724			7,247			(18,665		)	7,275
Loss on interest rate swaps	—			—			(371		)	—			(371		)
Loss on early extinguishment of debt	—			—			(23		)	—			(23		)
Income from equity investment	84,815			113,976			—			(198,791		)	—
	92,784			94,429			(57,252		)	(198,791		)	(68,830		)
Income before income tax expense	92,635			81,451			44,744			(198,791		)	20,039
Income tax expense	—			(4		)	(658		)	—			(662		)
Income before gains of sale of real estate assets	92,635			81,447			44,086			(198,791		)	19,377
Gains on sale of real estate assets	—			—			75,275			—			75,275
Income from continuing operations	92,635			81,447			119,361			(198,791		)	94,652
Discontinued operations:
Operating loss from discontinued operations	—			—			(390		)	—			(390		)
Loss on disposition of discontinued operations	—			—			(1,627		)	—			(1,627		)
Loss from discontinued operations	—			—			(2,017		)	—			(2,017		)
Net income attributable to the common stockholders of Columbia Property Trust, Inc.	$	92,635		$	81,447		$	117,344		$	(198,791	)	$	92,635

Consolidating Statements of Operations (in thousands)

	For the Year Ended December 31, 2013
	Columbia Property Trust (Parent)			Columbia Property Trust OP (the Issuer)			Non- Guarantors			Consolidating Adjustments			Columbia Property Trust (Consolidated)
Revenues:
Rental income	$	—		$	403		$	406,791		$	(287	)	$	406,907
Tenant reimbursements	—			149			90,726			—			90,875
Hotel income	—			—			23,756			—			23,756
Other property income	—			17			5,208			(185		)	5,040
	—			569			526,481			(472		)	526,578
Expenses:
Property operating costs	—			1,966			152,880			(287		)	154,559
Hotel operating costs	—			—			18,340			—			18,340
Asset and property management fees:
Related-party	4,397			15			313			(32		)	4,693
Other	—			—			1,671			—			1,671
Depreciation	—			1,247			106,858			—			108,105
Amortization	—			28			78,682			—			78,710
General and administrative	16			43,555			18,448			(153		)	61,866
Listing fees	317			3,743			—			—			4,060
	4,730			50,554			377,192			(472		)	432,004
Real estate operating income (loss)	(4,730		)	(49,985		)	149,289			—			94,574
Other income (expense):
Interest expense	—			(32,659		)	(88,137		)	18,855			(101,941		)
Interest and other income	7,987			10,874			34,023			(18,855		)	34,029
Loss on interest rate swaps	—			—			(342		)	—			(342		)
Income from equity investment	12,463			86,101			—			(98,564		)	—
	20,450			64,316			(54,456		)	(98,564		)	(68,254		)
Income before income tax expense	15,720			14,331			94,833			(98,564		)	26,320
Income tax expense	—			(3		)	(497		)	—			(500		)
Income from continuing operations	15,720			14,328			94,336			(98,564		)	25,820
Discontinued operations:
Operating income (loss) from discontinued operations	—			658			(21,983		)	—			(21,325		)
Gain on disposition of discontinued operations	—			—			11,225			—			11,225
Income (loss) from discontinued operations	—			658			(10,758		)	—			(10,100		)
Net income attributable to the common stockholders of Columbia Property Trust, Inc.	$	15,720		$	14,986		$	83,578		$	(98,564	)	$	15,720

Consolidating Statements of Operations (in thousands)

	For the Year Ended December 31, 2012
	Columbia Property Trust (Parent)			Columbia Property Trust OP (the Issuer)			Non- Guarantors			Consolidating Adjustments			Columbia Property Trust (Consolidated)
Revenues:
Rental income	$	—		$	1,649		$	380,280		$	(133	)	$	381,796
Tenant reimbursements	—			103			90,756			(2,457		)	88,402
Hotel income	—			—			23,049			—			23,049
Other property income	—			86			1,024			(86		)	1,024
	—			1,838			495,109			(2,676		)	494,271
Expenses:
Property operating costs	—			1,634			148,025			(2,457		)	147,202
Hotel operating costs	—			—			18,495			(133		)	18,362
Asset and property management fees:
Related-party	26,264			58			4,191			(1,141		)	29,372
Other	—			—			2,421			—			2,421
Depreciation	—			710			97,988			—			98,698
Amortization	—			357			86,101			—			86,458
General and administrative	49			21,436			3,128			—			24,613
Acquisition fees and expenses	—			—			1,876			—			1,876
	26,313			24,195			362,225			(3,731		)	409,002
Real estate operating income (loss)	(26,313		)	(22,357		)	132,884			1,055			85,269
Other income (expense):
Interest expense	—			(32,469		)	(88,414		)	18,997			(101,886		)
Interest and other income	7,988			11,018			39,847			(18,997		)	39,856
Loss on interest rate swaps	—			—			(1,225		)	—			(1,225		)
Income from equity investment	66,364			92,228			—			(158,592		)	—
	74,352			70,777			(49,792		)	(158,592		)	(63,255		)
Income before income tax expense	48,039			48,420			83,092			(157,537		)	22,014
Income tax expense	—			(14		)	(558		)	—			(572		)
Income from continuing operations	48,039			48,406			82,534			(157,537		)	21,442
Discontinued operations:
Operating income from discontinued operations	—			5,942			542			—			6,484
Gain on disposition of discontinued operations	—			—			20,117			—			20,117
Income from discontinued operations	—			5,942			20,659			—			26,601
Net income	48,039			54,348			103,193			(157,537		)	48,043
Less: net income attributable to noncontrolling interests	—			—			(4		)	—			(4		)
Net income attributable to the common stockholders of Columbia Property Trust, Inc.	$	48,039		$	54,348		$	103,189		$	(157,537	)	$	48,039

Consolidating Statements of Comprehensive Income (in thousands)

	For the Year Ended December 31, 2014
	Columbia Property Trust (Parent)		Columbia Property Trust OP (the Issuer)		Non- Guarantors		Consolidating Adjustments			Columbia Property Trust (Consolidated)
Net income attributable to the common stockholders of Columbia Property Trust, Inc.	$	92,635	$	81,447	$	117,344	$	(198,791	)	$	92,635
Market value adjustment to interest rate swap	1,339		1,339		—		(1,339		)	1,339
Comprehensive income	$	93,974	$	82,786	$	117,344	$	(200,130	)	$	93,974

	For the Year Ended December 31, 2013
	Columbia Property Trust (Parent)			Columbia Property Trust OP (the Issuer)		Non- Guarantors			Consolidating Adjustments			Columbia Property Trust (Consolidated)
Net income attributable to the common stockholders of Columbia Property Trust, Inc.	$	15,720		$	14,986	$	83,578		$	(98,564	)	$	15,720
Foreign currency translation adjustment	(83		)	—		(83		)	83			(83		)
Market value adjustment to interest rate swap	1,997			1,997		—			(1,997		)	1,997
Comprehensive income	$	17,634		$	16,983	$	83,495		$	(100,478	)	$	17,634

	For the Year Ended December 31, 2012
	Columbia Property Trust (Parent)			Columbia Property Trust OP (the Issuer)			Non- Guarantors		Consolidating Adjustments			Columbia Property Trust (Consolidated)
Net income attributable to the common stockholders of Columbia Property Trust, Inc.	$	48,039		$	54,348		$	103,189	$	(157,537	)	$	48,039
Market value adjustment to interest rate swap	(5,305		)	(5,305		)	—		5,305			(5,305		)
Comprehensive income attributable to the common stockholders of Columbia Property Trust, Inc.	42,734			49,043			103,189		(152,232		)	42,734
Comprehensive income attributable to noncontrolling interests	—			—			4		—			4
Comprehensive income	$	42,734		$	49,043		$	103,193	$	(152,232	)	$	42,738

Consolidating Statements of Cash Flows (in thousands)

	For the Year Ended December 31, 2014
	Columbia Property Trust (Parent)			Columbia Property Trust OP (the Issuer)			Non- Guarantors			Consolidating Adjustments			Columbia Property Trust (Consolidated)
Cash flows from operating activities	$	(122	)	$	(38,618	)	$	275,646		$	—		$	236,906
Cash flows from investing activities:
Net proceeds from sale of real estate	—			418,207			—			—			418,207
Investment in real estate and related assets	(5,000		)	(366,380		)	(70,615		)	—			(441,995		)
Investments in subsidiaries	67,403			—			—			(67,403		)	—
Net cash provided by (used in) investing activities	62,403			51,827			(70,615		)	(67,403		)	(23,788		)
Cash flows from financing activities:
Borrowings, net of fees and prepayment penalty on early extinguishment of debt	—			282,807			(1,289		)	—			281,518
Repayments	—			(283,000		)	(11,739		)	—			(294,739		)
Loss on early extinguishment of debt	—			—			—			—			—
Redemptions of common stock and fees, net of issuances	—			—			—			—			—
Distributions	(149,962		)	—			—			—			(149,962		)
Intercompany transfers, net	153,847			(23,220		)	(198,030		)	67,403			—
Net cash provided by (used in) financing activities	3,885			(23,413		)	(211,058		)	67,403			(163,183		)
Net increase (decrease) in cash and cash equivalents	66,166			(10,204		)	(6,027		)	—			49,935
Cash and cash equivalents, beginning of period	53,322			20,708			25,825			—			99,855
Cash and cash equivalents, end of period	$	119,488		$	10,504		$	19,798		$	—		$	149,790

Consolidating Statements of Cash Flows (in thousands)

	For the Year Ended December 31, 2013
	Columbia Property Trust (Parent)			Columbia Property Trust OP (the Issuer)			Non- Guarantors			Columbia Property Trust (Consolidated)
Cash flows from operating activities	$	(331	)	$	(84,270	)	$	302,930		$	218,329
Cash flows from investing activities:
Net proceeds from sale of real estate	14,127			551,818			—			565,945
Investment in real estate and related assets	—			(5,270		)	(65,286		)	(70,556		)
Net cash provided by (used in) investing activities	14,127			546,548			(65,286		)	495,389
Cash flows from financing activities:
Borrowings, net of fees	—			297,320			(41		)	297,279
Repayments	—			(343,000		)	(118,940		)	(461,940		)
Loss on early extinguishment of debt	—			—			(4,709		)	(4,709		)
Redemptions of common stock and fees, net of issuances	(306,574		)	—			—			(306,574		)
Distributions	(191,473		)	—			—			(191,473		)
Intercompany transfers	516,659			(400,712		)	(115,947		)	—
Net cash provided by (used in) financing activities	18,612			(446,392		)	(239,637		)	(667,417		)
Net increase (decrease) in cash and cash equivalents	32,408			15,886			(1,993		)	46,301
Effect of foreign exchange rate on cash and cash equivalents	—			—			(103		)	(103		)
Cash and cash equivalents, beginning of period	20,914			4,822			27,921			53,657
Cash and cash equivalents, end of period	$	53,322		$	20,708		$	25,825		$	99,855

	For the Year Ended December 31, 2012
	Columbia Property Trust (Parent)			Columbia Property Trust OP (the Issuer)			Non- Guarantors			Columbia Property Trust (Consolidated)
Cash flows from operating activities	$	(49	)	$	(83,489	)	$	336,377		$	252,839
Cash flows from investing activities:
Net proceeds from sale of real estate	30,441			273,823			—			304,264
Investment in real estate and related assets	—			(193,410		)	(79,807		)	(273,217		)
Net cash provided by (used in) investing activities	30,441			80,413			(79,807		)	31,047
Cash flows from financing activities:
Borrowings, net of fees	—			595,731			(929		)	594,802
Repayments	—			(591,000		)	(36,191		)	(627,191		)
Issuance of common stock, net of redemptions and fees	18,996			—			—			18,996
Distributions	(256,020		)	—			(15		)	(256,035		)
Intercompany transfers	216,255			(7,430		)	(208,825		)	—
Redemptions of noncontrolling interest	—			—			(301		)	(301		)
Net cash used in financing activities	(20,769		)	(2,699		)	(246,261		)	(269,729		)
Net increase (decrease) in cash and cash equivalents	9,623			(5,775		)	10,309			14,157
Effect of foreign exchange rate on cash and cash equivalents	—			—			32			32
Cash and cash equivalents, beginning of period	11,291			10,597			17,580			39,468
Cash and cash equivalents, end of period	$	20,914		$	4,822		$	27,921		$	53,657

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Income Taxes

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

Columbia Property Trust's income tax basis net income during 2014, 2013, and 2012 (in thousands) follows:

	2014			2013			2012
GAAP basis financial statement net income attributable to the common stockholders of Columbia Property Trust, Inc.	$	92,635		$	15,720		$	48,039
Increase (decrease) in net income resulting from:
Depreciation and amortization expense for financial reporting purposes in excess of amounts for income tax purposes	69,832			72,554			81,681
Rental income accrued for financial reporting purposes in excess of amounts for income tax purposes	(8,437		)	(26,565		)	(24,798		)
Net amortization of above-/below-market lease intangibles for financial reporting purposes less than amounts for income tax purposes	(9,394		)	(8,186		)	(3,423		)
Gain on interest rate swaps that do not qualify for hedge accounting treatment for financial reporting purposes in excess of amounts for income tax purposes	(4,945		)	(5,530		)	(173		)
Bad debt expense for financial reporting purposes less than amounts for income tax purposes	(1		)	(65		)	(5,034		)
Gains or losses on disposition of real property for financial reporting purposes that are more favorable than amounts for income tax purposes	(47,159		)	(78,559		)	(61,198		)
Other expenses for financial reporting purposes in excess of amounts for income tax purposes	31,991			9,710			7,349
Income tax basis net income (loss), prior to dividends-paid deduction	$	124,522		$	(20,921	)	$	42,443

As of December 31, 2014, the tax basis carrying value of Columbia Property Trust's total assets was approximately $5.2 billion. For income tax purposes, distributions to common stockholders are characterized as ordinary income, capital gains, or as a return of a stockholder's invested capital. Columbia Property Trust's distributions per common share are summarized as follows:

	2014		2013		2012
Ordinary income	83.1	%	—	%	16	%
Capital gains	—	%	—	%	—	%
Return of capital	16.9	%	100	%	84	%
Total	100	%	100	%	100	%

As of December 31, 2014, returns for the calendar years 2010 through 2014 remain subject to examination by U.S. or various state tax jurisdictions.

No provisions for federal income taxes have been made in the accompanying consolidated financial statements, other than the provisions relating to Columbia TRS, Columbia KCP TRS, and Columbia Energy TRS, as we made distributions in excess of taxable income for the periods presented. We are subject to certain state and local taxes related to property operations in certain locations, which have been provided for in our accompanying consolidated financial statements. The income taxes recorded by the TRS Entities for the years ended December 31, 2014, 2013, and 2012, are as follows:

	Years ended December 31,
	2014		2013		2012
Federal income tax	$	318	$	307	$	265
State income tax	35		2		14
Total income tax	$	353	$	309	$	279

As of December 31, 2014 and 2013, Columbia Property Trust had no deferred tax liabilities. As of December 31, 2014 and 2013, Columbia Property Trust had a deferred tax asset of $0.3 million and $0.6 million, respectively, included in prepaid expenses and other assets in the accompanying consolidated balance sheets. Columbia Property Trust has assessed its ability to realize this deferred tax asset and determined that it is more likely than not that the deferred tax asset of $0.3 million as of December 31, 2014, is realizable.

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Stockholders' Equity

12 Months Ended

Dec. 31, 2014

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders' Equity

Long-Term Incentive Plan

Columbia Property Trust maintains a long-term incentive plan that provides for grants of stock to be made to certain employees and independent directors of Columbia Property Trust (the "Long-Term Incentive Plan"). In July 2013, Columbia Property Trust's shareholders approved the Long-Term Incentive Plan, and 2,000,000 shares were authorized and reserved for issuance under the Long-Term Incentive Plan.

Employee Grants

On January 21, 2014, Columbia Property Trust granted 143,740 shares of common stock to employees, net of 12,752 shares withheld to settle the related tax liability, under the Long-Term Incentive Plan for 2013 performance (the "2013 LTIP Employee Grant"), of which 25% vested upon grant, and the remaining shares will vest ratably, with the passage of time, on January 31, 2015, 2016, and 2017. Employees will receive quarterly dividends related to their entire grant, including the unvested shares, on each dividend payment date. A summary of the activity for the employee stock grants under the Long-Term Incentive Plan for 2014, follows:

	Shares (in thousands)			Weighted-Average, Grant-Date Fair Value(1)
Unvested shares as of January 1, 2014	—			$	—
Granted	144			$	24.82
Vested	(39	)		$	24.82
Forfeited	(1	)		$	24.82
Unvested shares as of December 31, 2014	104		(2)	$	24.82

⁽¹⁾  Columbia Property Trust determined the weighted-average grant-date fair value using the market closing price on the date of the grant.

⁽²⁾  As of December 31, 2014, we expect approximately 98,800 of the 104,000 unvested shares to ultimately vest, assuming a forfeiture rate of 5%, which was determined based on peer company data, adjusted for the specifics of the Long-Term Incentive Plan.

On January 21, 2015, Columbia Property Trust granted 123,187 shares of common stock to employees, net of 11,368 shares withheld to settle the related tax liability, under the Long-Term Incentive Plan (the "2014 LTIP Employee Grant"), of which 25% vested upon grant, and the remaining shares will vest ratably, with the passage of time, on January 31, 2016, 2017, and 2018.

Independent Director Grants

Beginning in January 2014, Columbia Property Trust pays quarterly installments of the independent directors' annual equity retainers by granting shares to the independent directors, which vest at the time of grant. In October 2013, Columbia Property Trust paid the annual equity retainer for 2013. A summary of these grants, made under the Long-Term Incentive Plan, follows:

Date of Grant	Shares	Weighted-Average Grant-Date Fair Value
2015 Director Grants:
January 2, 2015	5,850	$	25.75
2014 Director Grants:
January 21, 2014	3,344	$	24.82
April 1, 2014	2,968	$	27.22
July 1, 2014	3,016	$	25.78
October 1, 2014	4,960	$	23.89
2013 Director Grant:
September 13, 2013	6,820	$	29.32

Stock-Based Compensation Expense

In 2014, Columbia Property Trust incurred $2.0 million in stock-based compensation expense, of which $0.4 million related to the issuance of shares to independent directors as described above, $0.7 million related to the amortization of unvested awards under the 2013 LTIP Employee Grant, and $0.9 million related to the 2014 LTIP Employee Grant, which was authorized, and employee service related to these awards began on January 1, 2014. The 2014 LTIP Employee Grant was granted in January 2015, with 25% of the grant vesting on the grant date and the remaining shares vesting ratably on January 31, 2016, 2017, and 2018. In 2013, Columbia Property Trust incurred approximately $1.1 million of stock-based compensation expense, of which $0.2 million related to the issuance of shares to independent directors and $0.9 million related to future employee awards related to service during 2013, which were granted in January 2014. These expenses are included in general and administrative expenses in the accompanying consolidated statement of operations. There was $1.7 million and $0.9 million of unrecognized compensation costs related to unvested awards under the 2013 LTIP Employee Grant as of December 31, 2014 and December 31, 2013, respectively. This amount will be amortized over the respective vesting period, ranging from one year to three years at the time of grant.

Reverse Stock Split

On August 6, 2013, Columbia Property Trust's board of directors approved a four-for-one reverse stock split (the "Reverse Stock Split"). The Reverse Stock Split became effective on August 14, 2013 (the "Effective Date"), causing every four shares of common stock that were issued and outstanding as of the Effective Date to be automatically combined into one issued and outstanding share of common stock. The share combination affected all shareholders uniformly and did not affect any shareholder's percentage ownership interest or any shareholder rights. In addition, the par value and number of authorized shares of common stock remained unchanged. The Reverse Stock Split requires retroactive adjustment; therefore, all share and per-share data for prior periods has been adjusted to reflect the Reverse Stock Split.

Authorized Shares

On July 1, 2014, Columbia Property Trust reduced the number of common shares authorized from 900,000,000 to 225,000,000, which is proportionally equal to the reduction in shares outstanding as a result of the Reverse Stock Split.

Listing

On October 10, 2013, Columbia Property Trust listed its shares of common stock on the New York Stock Exchange (the "NYSE") under the ticker symbol "CXP." Columbia Property Trust has incurred $4.1 million of costs related to the listing during 2013, primarily related to professional and legal fees associated with the listing. Such fees have been recorded separately as listing costs in the accompanying statement of operations.

Tender Offer

On October 10, 2013, Columbia Property Trust commenced a modified "Dutch-auction" tender offer to purchase for cash up to $300.0 million in value of shares of its common stock (the "Tender Offer"). As a result of the Tender Offer, on November 18, 2013, we accepted for purchase 9.4 millionshares of common stock at a purchase price of $25.00 per share, for an aggregate cost to Columbia Property Trust of $234.1 million, exclusive of fees and expenses related to the Tender Offer.

Independent Director Stock Option Plan

Columbia Property Trust maintains an independent director stock option plan that provides for grants of stock to be made to independent directors of Columbia Property Trust (the "Director Plan").On April 24, 2008, the Conflicts Committee of the Board of Directors suspended the Director Plan in connection with the registration of a public offering of shares of its common stock in certain states. A total of 25,000 shares have been authorized and reserved for issuance under the Director Plan.

Under the Director Plan, options to purchase 625 shares of common stock at $48.00 per share were granted upon initially becoming an independent director of Columbia Property Trust. Of these options, 20% are exercisable immediately on the date of grant. An additional 20% of these options become exercisable on each anniversary for four years following the date of grant. Additionally, effective on the date of each annual stockholder meeting, beginning in 2004, each independent director was granted options to purchase 250 additional shares of common stock at the greater of (1) $48.00 per share or (2) the fair market value (as defined in the Director Plan) on the last business day preceding the date of the annual stockholder meeting. These options are 100% exercisable two years after the date of grant. All options granted under the Director Plan expire no later than the tenth anniversary of the date of grant and may expire sooner if the independent director dies, is disabled, or ceases to serve as a director. In the event of a corporate transaction or other recapitalization event, the Conflicts Committee will adjust the number of shares, class of shares, exercise price, or other terms of the Director Plan to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Director Plan or with respect to any option as necessary. No stock option may be exercised if such exercise would jeopardize Columbia Property Trust's status as a REIT under the Code, and no stock option may be granted if the grant, when combined with those issuable upon exercise of outstanding options or warrants granted to Columbia Property Trust's advisor, directors, officers, or any of their affiliates, would exceed 10% of Columbia Property Trust's outstanding shares. No option may be sold, pledged, assigned, or transferred by an independent director in any manner other than by will or the laws of descent or distribution.

A summary of stock option activity under the Director Plan during 2014, 2013, and 2012, follows:

	Number		Exercise Price	Exercisable
Outstanding as of December 31, 2011	7,375		$48	7,250
Granted	—
Expired	—
Outstanding as of December 31, 2012	7,375		$48	7,375
Granted	—
Expired	—
Outstanding as of December 31, 2013	7,375		$48	7,375
Granted	—
Expired	(3,500	)
Outstanding as of December 31, 2014	3,875		$48	3,875

Columbia Property Trust has evaluated the fair values of options granted under the Director Plan using the Black-Scholes-Merton model and concluded that such values are insignificant as of the end of the period presented. The weighted-average contractual remaining life for options that were exercisable as of December 31, 2014, was approximately 1.75 years.

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Supplemental Disclosures of Noncash Investing and Financing Activities (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Supplemental Cash Flow Information [Abstract]
Investment in real estate funded with other assets	$ 3,807	$ 0	$ 0
Other assets assumed upon acquisition	2,493	741	130
Other liabilities assumed upon acquisition	2,004	741	0
Other liabilities settled at disposition	0	872	0
Interest rate swap assumed upon acquisition of property	0	0	11,560
Notes payable assumed at acquisition	203,000	0	208,330
Interest accruing into notes payable	0	186	306
Amortization of discounts (premiums) on debt	396	(363)	364
Market value adjustment to interest rate swaps that qualify for hedge accounting treatment	1,339	1,997	(5,305)
Accrued capital expenditures and deferred lease costs	17,283	15,997	16,325
Accrued deferred financing costs	0	0	35
Common stock issued to employees and directors, and amortized (net of amounts withheld for taxes)	1,642	0	0
Accrued redemptions of common stock	0	0	3,655
Transfer of development authority bonds	0	466,000	60,000
Stock-based compensation expense	0	1,055	0
Increase (decrease) in redeemable common stock	$ 0	$ (99,526)	$ 13,621

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Bonds Payable

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Bonds Payable

Bonds Payable

In 2011, Columbia Property Trust issued $250.0 million of its seven-year, unsecured 5.875% senior notes at 99.295% of their face value. Columbia Property Trust received proceeds from the 2018 Bonds Payable, net of fees, of $246.7 million. The 2018 Bonds Payable require semiannual interest payments in April and October based on a contractual annual interest rate of 5.875%, which is subject to adjustment in certain circumstances. In the accompanying consolidated balance sheets, the 2018 Bonds Payable are shown net of the initial issuance discount of approximately $1.8 million, which is amortized to interest expense over the term of the 2018 Bonds Payable using the effective interest method. The principal amount of the 2018 Bonds Payable is due and payable on the maturity date, April 1, 2018. Interest payments of $14.7 million were made on the 2018 Bonds Payable during 2014 and 2013.

The restrictive covenants on the 2018 Bonds Payable as defined pursuant to an indenture include:

• limits to Columbia Property Trust's ability to merge or consolidate with another entity or transfer all or substantially all of Columbia Property Trust's property and assets, subject to important exceptions and qualifications;

• a limitation on the ratio of debt to total assets, as defined, to 60%;

• limits to Columbia Property Trust's ability to incur debt if the consolidated income available for debt service to annual debt service charge, as defined, for four previous consecutive fiscal quarters is less than 1.5:1 on a pro forma basis;

• limits to Columbia Property Trust's ability to incur liens if, on an aggregate basis for Columbia Property Trust, the secured debt amount would exceed 40% of the value of the total assets; and

• a requirement that the ratio of unencumbered asset value, as defined, to total unsecured debt be at least 150% at all times.

As of December 31, 2014, Columbia Property Trust believes it was in compliance with the restrictive covenants on its 2018 Bonds Payable. The 2018 Bonds Payable were originally issued through a private offering and subsequently registered.

The estimated fair value of the 2018 Bonds Payable as of December 31, 2014 and 2013 was approximately $250.6 million and $250.8 million, respectively. The fair value of the 2018 Bonds Payable was estimated based on discounted cash flow analyses using the current incremental borrowing rates for similar types of borrowing as the 2018 Bonds Payable arrangements, as of the respective reporting dates (Level 2). The discounted cash flow method of assessing fair value results in a general approximation of value, and such value may never actually be realized.

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Commitments and Contingencies

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Obligations Under Operating Leases

Columbia Property Trust owns three properties that are subject to ground leases with expiration dates of December 31, 2058; February 28, 2062; and July 31, 2099. We incurred $2.1 million in rent expense related to such ground leases in 2014, 2013, and 2012. As of December 31, 2014, the remaining required payments under the terms of these ground leases are as follows (in thousands):

2015	$	2,557
2016	2,557
2017	2,702
2018	2,731
2019	2,731
Thereafter	202,798
Total	$	216,076

Obligations Under Capital Leases

The Three Glenlake Building is subject to a capital lease of land. This obligation requires payments equal to the amounts of principal and interest receivable from related investments in development authority bonds, which matures in 2021. The required payments under the terms of the leases are as follows as of December 31, 2014 (in thousands):

2015	$	7,200
2016	7,200
2017	7,200
2018	7,200
2019	7,200
Thereafter	134,400
	170,400
Amounts representing interest	(50,400		)
Total	$	120,000

Commitments Under Existing Lease Agreements

Certain lease agreements include provisions that, at the option of the tenant, may obligate Columbia Property Trust to expend capital to expand an existing property or provide other expenditures for the benefit of the tenant. As of December 31, 2014, no tenants have exercised such options that had not been materially satisfied.

Litigation

Columbia Property Trust is subject to various legal proceedings, claims, and administrative proceedings arising in the ordinary course of business, some of which are expected to be covered by liability insurance. Management makes assumptions and estimates concerning the likelihood and amount of any reasonably possible loss relating to these matters using the latest information available. Columbia Property Trust records a liability for litigation if an unfavorable outcome is probable and the amount of loss or range of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, Columbia Property Trust accrues the best estimate within the range. If no amount within the range is a better estimate than any other amount, Columbia Property Trust accrues the minimum amount within the range. If an unfavorable outcome is probable but the amount of the loss cannot be reasonably estimated, Columbia Property Trust discloses the nature of the litigation and indicates that an estimate of the loss or range of loss cannot be made. If an unfavorable outcome is reasonably possible and the estimated loss is material, Columbia Property Trust discloses the nature and estimate of the possible loss of the litigation. Columbia Property Trust does not disclose information with respect to litigation where the possibility of an unfavorable outcome is considered to be remote. Based on current expectations, such matters, both individually and in the aggregate, are not expected to have a material adverse effect on the liquidity, results of operations, business, or financial condition of Columbia Property Trust. Columbia Property Trust is not currently involved in any legal proceedings of which management would consider the outcome to be reasonably likely to have a material adverse effect on the results of operations or financial condition of Columbia Property Trust.

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Operating Leases

12 Months Ended

Dec. 31, 2014

Leases [Abstract]

Operating Leases

Operating Leases

Columbia Property Trust's real estate assets are leased to tenants under operating leases for which the terms vary, including certain provisions to extend the lease agreement, options for early terminations, subject to specified penalties, and other terms and conditions as negotiated. Columbia Property Trust retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. Amounts required as security deposits vary depending upon the terms of the respective leases and the creditworthiness of the tenant; however, such deposits generally are not significant. Therefore, exposure to credit risk exists to the extent that the receivables exceed this amount. Security deposits related to tenant leases are included in accounts payable, accrued expenses, and accrued capital expenditures in the accompanying consolidated balance sheets.

Based on 2014 Annualized Lease Revenue, as defined, none of our tenants comprised more than 6% of Columbia Property Trust's portfolio. Tenants in the legal services, banking, and business services industries each comprise 18%, 14%, and 8%, respectively, of Columbia Property Trust's 2014 Annualized Lease Revenue. Columbia Property Trust's properties are located in 12 states and the District of Columbia.

As of December 31, 2014, approximately 19%, 12%, and 10% of Columbia Property Trust's office properties are located in San Francisco, metropolitan District of Columbia, and northern New Jersey, respectively.    

The future minimum rental income from Columbia Property Trust's investment in real estate assets under noncancelable operating leases, excluding properties under development, as of December 31, 2014, is as follows (in thousands):

2015	$	376,623
2016	361,085
2017	306,788
2018	269,712
2019	248,991
Thereafter	1,070,022
Total	$	2,633,221

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Income Taxes (Distributions) (Details) (USD $) In Billions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
Tax basis carrying value of total assets	$ 5.2
Ordinary income	83.10%	0.00%	16.00%
Capital gains	0.00%	0.00%	0.00%
Return of capital	16.90%	100.00%	84.00%
Total	100.00%	100.00%	100.00%

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Discontinued Operations (Narratives) (Details) (USD $)	12 Months Ended			0 Months Ended		1 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Nov. 05, 2013 Properties	Mar. 21, 2013	Mar. 21, 2013	Dec. 31, 2012 Asset	Jan. 31, 2012
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from the sale of real estate	$ 418,207,000	$ 565,945,000	$ 304,264,000
18 Property Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of property sold				18
Proceeds from sale of real estate				521,500,000
Gain (loss) on sale of real estate properties				(400,000)
Dvintsev Business Center - Tower B | Landlink Ltd
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate					67,500,000
Gain (loss) on sale of real estate properties						10,000,000
Real estate ownership percentage					100.00%	100.00%
Nine-Property Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of property sold							9
Gain (loss) on sale of real estate properties							3,200,000
Net proceeds from the sale of real estate							260,500,000
Opus Parkway and Emerald Point
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of real estate properties								16,900,000
Net proceeds from the sale of real estate								$ 60,100,000

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Income Taxes (Schedule of Income Tax Basis Net Income) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended										12 Months Ended
	Dec. 31, 2014		Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013		Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
GAAP basis financial statement net income attributable to the common stockholders of Columbia Property Trust, Inc.	$ 56,226	[1]	$ 24,988	$ 8,021	$ 3,400	$ 12,927	$ 4,800	$ 20,601	$ (22,608)	[2]	$ 92,635	$ 15,720	$ 48,039
Depreciation and amortization expense for financial reporting purposes in excess of amounts for income tax purposes											69,832	72,554	81,681
Rental income accrued for financial reporting purposes in excess of amounts for income tax purposes											(8,437)	(26,565)	(24,798)
Net amortization of above-/below-market lease intangibles for financial reporting purposes less than amounts for income tax purposes											(9,394)	(8,186)	(3,423)
Gain on interest rate swaps that do not qualify for hedge accounting treatment for financial reporting purposes in excess of amounts for income tax purposes											(4,945)	(5,530)	(173)
Bad debt expense for financial reporting purposes less than amounts for income tax purposes											(1)	(65)	(5,034)
Gains or losses on disposition of real property for financial reporting purposes that are more favorable than amounts for income tax purposes											(47,159)	(78,559)	(61,198)
Other expenses for financial reporting purposes in excess of amounts for income tax purposes											31,991	9,710	7,349
Income tax basis net income (loss), prior to dividends-paid deduction											$ 124,522	$ (20,921)	$ 42,443

[1] Net income for the fourth quarter of 2014 includes gains on sales of real estate of $56.6 million (See Note 3, Real Estate and Other Transactions), partially offset by impairment losses of $10.1 million.

[2] Net income for the first quarter of 2013 reflects the incurrence of nonrecurring fees under the Consulting and Transitions Services Agreements (See Note 10, Related-Party Transactions and Agreements).

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Related-Party Transactions and Agreements (Tables)

12 Months Ended

Dec. 31, 2014

Related Party Transactions [Abstract]

Schedule of Related Party Transactions

Columbia Property Trust incurred the following related-party costs during 2014, 2013, and 2012, respectively (in thousands):

	Years ended December 31,
	2014		2013		2012
Consulting services	$	—	$	25,417	$	—
Transition services	—		5,750		3,008
Asset management fees	—		5,083		32,000
Administrative reimbursements, net(1)	—		1,939		11,099
Investor services	—		829		—
Property management fees	—		523		4,462
Construction fees(2)	—		139		220
Other	—		69		126
Acquisition fees	—		—		1,500
Disposition fees	—		—		1,311
Total	$	—	$	39,749	$	53,726

⁽¹⁾  Administrative reimbursements are presented net of reimbursements from tenants of approximately $0.7 million and $4.4 million for the years ended December 31, 2013 and 2012, respectively.

⁽²⁾  Construction fees are capitalized to real estate assets as incurred.

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Line of Credit, Term Loan, and Notes Payable (Narratives) (Details) (USD $)	12 Months Ended			0 Months Ended		1 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Oct. 08, 2014	Jan. 06, 2015	Jun. 30, 2015	Apr. 30, 2014	Sep. 30, 2014
Debt Instrument [Line Items]
Line of credit, term loan, and notes payable	$ 1,430,884,000	$ 1,240,249,000
Line of credit maximum borrowing capacity	25,000,000.0
Weighted-average interest rate	3.95%	4.08%
Interest payments	56,100,000	59,600,000	50,100,000
Prepayment of mortgage note	294,739,000	461,940,000	627,191,000
Loss on early extinguishment of debt	0	4,709,000	0
Mortgage Notes | 221 Main Building mortgage note
Debt Instrument [Line Items]
Line of credit, term loan, and notes payable	73,000,000	0					73,000,000
Interest rate for debt instrument (percent)	3.95%
Mortgage Notes | 650 California Street Building mortgage note
Debt Instrument [Line Items]
Line of credit, term loan, and notes payable	130,000,000	0						130,000,000
Interest rate for debt instrument (percent)	3.60%
544 Lakeview Building
Debt Instrument [Line Items]
Prepayment of mortgage note				9,100,000
Loss on early extinguishment of debt				23,000
Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Estimated fair value of line of credit and notes payable	1,465,200,000	1,245,300,000
Minimum | Letter of Credit
Debt Instrument [Line Items]
Ratio of unencumbered asset value to total unsecured debt	200.00%
Maximum | Letter of Credit
Debt Instrument [Line Items]
Restrictive covenant ratio of debt to total asset	50.00%
Restrictive covenant ratio of secured debt to total asset	40.00%
Restrictive covenant ratio of secured recourse debt to total asset	10.00%
Subsequent Event | Unsecured Debt | JPMorgan Chase Term Loan
Debt Instrument [Line Items]
Debt face amount					300,000,000
Terms of debt					6 months
Number of borrowing increase options					2
Aggregate borrowing increases capacity					150,000,000
Maximum borrowing increase per option					25,000,000
Extension period option					6 months
Base Rate | Subsequent Event | Unsecured Debt | JPMorgan Chase Term Loan
Debt Instrument [Line Items]
Variable rate basis					alternate base rate
Base Rate | Subsequent Event | Minimum | Unsecured Debt | JPMorgan Chase Term Loan
Debt Instrument [Line Items]
Variable rate margin					0.00%
Base Rate | Subsequent Event | Maximum | Unsecured Debt | JPMorgan Chase Term Loan
Debt Instrument [Line Items]
Variable rate margin					0.80%
London Interbank Offered Rate (LIBOR) | Subsequent Event | Unsecured Debt | JPMorgan Chase Term Loan
Debt Instrument [Line Items]
Variable rate basis					LIBOR
London Interbank Offered Rate (LIBOR) | Subsequent Event | Minimum | Unsecured Debt | JPMorgan Chase Term Loan
Debt Instrument [Line Items]
Variable rate margin					1.00%
London Interbank Offered Rate (LIBOR) | Subsequent Event | Maximum | Unsecured Debt | JPMorgan Chase Term Loan
Debt Instrument [Line Items]
Variable rate margin					1.80%
Scenario, Forecast | Mortgage Notes | 650 California Street Building mortgage note
Debt Instrument [Line Items]
Interest rate for debt instrument (percent)						3.60%
Monthly payments amount						591,000
Frequency of periodic payment						monthly
Annual principal and interest payment						$ 7,100,000

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Earnings Per Share

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

For 2014, the basic and diluted earnings-per-share computations, net income, and income from continuing operations have been reduced for the dividends paid on unvested shares related to the 2013 LTIP Employee Grant and the 2014 LTIP Employee Grant. The following table reconciles the numerator for the basic and diluted earnings per share computations shown on the consolidated statements of income for 2014, 2013, and 2012 (in thousands):

	2014			2013		2012
Net income	$	92,635		$	15,720	$	48,039
Distributions paid on unvested shares	(128		)	—		—
Net income used to calculate basic and diluted earnings per share	$	92,507		$	15,720	$	48,039

The following table reconciles the denominator for the basic and diluted earnings-per-share computations shown on the consolidated statements of income for 2014, 2013, and 2012 (in thousands):

	2014	2013	2012
Weighted-average common shares – basic	124,860	134,085	136,672
Plus incremental weighted-average shares from time-vested conversions less assumed share repurchases:
2013 LTIP Employee Grant	29	—	—
2014 LTIP Employee Grant	29	—	—
Weighted-average common shares – diluted	124,918	134,085	136,672

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Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The consolidated financial statements of Columbia Property Trust have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and include the accounts of Columbia Property Trust, Columbia Property Trust OP, and any variable interest entity ("VIE") in which Columbia Property Trust or Columbia Property Trust OP was deemed the primary beneficiary. With respect to entities that are not VIEs, Columbia Property Trust's consolidated financial statements shall also include the accounts of any entity in which Columbia Property Trust, Columbia Property Trust OP, or its subsidiaries own a controlling financial interest and any limited partnership in which Columbia Property Trust, Columbia Property Trust OP, or its subsidiaries own a controlling general partnership interest. In determining whether Columbia Property Trust or Columbia Property Trust OP has a controlling interest, the following factors are considered, among other things: the ownership of voting interests, protective rights, and participatory rights of the investors.

All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.

Fair Value Measurements

Fair Value Measurements

Columbia Property Trust estimates the fair value of its assets and liabilities (where currently required under GAAP) consistent with the provisions of Accounting Standard Codification 820, Fair Value Measurements ("ASC 820"). Under this standard, fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date. While various techniques and assumptions can be used to estimate fair value depending on the nature of the asset or liability, the accounting standard for fair value measurements and disclosures provides the following fair value technique parameters and hierarchy, depending upon availability:

Level 1 – Assets or liabilities for which the identical term is traded on an active exchange, such as publicly traded instruments or futures contracts.

Level 2 – Assets and liabilities valued based on observable market data for similar instruments.

Level 3 – Assets or liabilities for which significant valuation assumptions are not readily observable in the market. Such assets or liabilities are valued based on the best available data, some of which may be internally developed. Significant assumptions may include risk premiums that a market participant would consider.

Real Estate Assets

Real Estate Assets

Real estate assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the cost of acquisition or construction, and any tenant improvements or major improvements and betterments that extend the useful life of the related asset. All repairs and maintenance are expensed as incurred. Additionally, Columbia Property Trust capitalizes interest while the development of a real estate asset is in progress. No interest was capitalized during 2014 or 2013.

Columbia Property Trust is required to make subjective assessments as to the useful lives of its depreciable assets. Columbia Property Trust considers the period of future benefit of the asset to determine the appropriate useful lives. These assessments have a direct impact on net income. The estimated useful lives of its assets by class are as follows:

Buildings	40 years
Building and site improvements	5-25 years
Tenant improvements	Shorter of economic life or lease term
Intangible lease assets	Lease term

Evaluating the Recoverability of Real Estate Assets

Evaluating the Recoverability of Real Estate Assets

Columbia Property Trust continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate and related intangible assets, of both operating properties and properties under construction, in which Columbia Property Trust has an ownership interest, either directly or through investments in joint ventures, may not be recoverable. When indicators of potential impairment are present that suggest that the carrying amounts of real estate assets and related intangible assets (liabilities) may not be recoverable, Columbia Property Trust assesses the recoverability of these assets by determining whether the respective carrying values will be recovered through the estimated undiscounted future operating cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying values, Columbia Property Trust adjusts the carrying value of the real estate assets and related intangible assets to the estimated fair values, pursuant to the property, plant, and equipment accounting standard for the impairment or disposal of long-lived assets, and recognizes an impairment loss. Estimated fair values are calculated based on the following information, in order of preference, depending upon availability: (i) recently quoted market prices, (ii) market prices for comparable properties, or (iii) the present value of future cash flows, including estimated salvage value. Certain of Columbia Property Trust's assets may be carried at more than an amount that could be realized in a current disposition transaction.

Projections of expected future operating cash flows require that Columbia Property Trust estimates future market rental income amounts subsequent to the expiration of current lease agreements, property operating expenses, the number of months it takes to re-lease the property, and the number of years the property is held for investment, among other factors. The subjectivity of assumptions used in the future cash flow analysis, including discount rates, could result in an incorrect assessment of the property's fair value and could result in the misstatement of the carrying value of Columbia Property Trust's real estate assets and related intangible assets and net income.

Assets Held for Sale

Assets Held for Sale

Columbia Property Trust classifies assets as held for sale according to Accounting Standard Codification 360, Accounting for the Impairment or Disposal of Long-Lived Assets ("ASC 360"). According to ASC 360, assets are considered held for sale when the following criteria are met:

• Management, having the authority to approve the action, commits to a plan to sell the property.

• The property is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such property.

• An active program to locate a buyer and other actions required to complete the plan to sell the property have been initiated.

• The sale of the property is probable, and transfer of the property is expected to qualify for recognition as a completed sale, within one year.

• The property is being actively marketed for sale at a price that is reasonable in relation to its current fair value.

• Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

At such time that a property is determined to be held for sale, its carrying amount is reduced to the lower of its depreciated book value or its estimated fair value, less costs to sell, and depreciation is no longer recognized.

Allocation of Purchase Price of Acquired Assets

Allocation of Purchase Price of Acquired Assets

Upon the acquisition of real properties, Columbia Property Trust allocates the purchase price of properties to tangible assets, consisting of land, building, site improvements, and identified intangible assets and liabilities, including the value of in-place leases, based in each case on Columbia Property Trust's estimate of their fair values in accordance with ASC 820 (see Fair Value Measurements section above for additional details).

The fair values of the tangible assets of an acquired property (which includes land, building, and site improvements) are determined by valuing the property as if it were vacant, and the "as-if-vacant" value is then allocated to land, building, and site improvements based on management's determination of the relative fair value of these assets. Management determines the as-if-vacant fair value of a property using methods similar to those used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases, including leasing commissions and other related costs. In estimating carrying costs, management includes real estate taxes, insurance, and other operating expenses during the expected lease-up periods based on current market demand.

Intangible Assets and Liabilities Arising from In-Place Leases Where Columbia Property Trust is the Lessee and Lessor

Intangible Assets and Liabilities Arising from In-Place Leases Where Columbia Property Trust is the Lessor

As further described below, in-place leases with Columbia Property Trust as the lessor may have values related to: direct costs associated with obtaining a new tenant, opportunity costs associated with lost rentals that are avoided by acquiring an in-place lease, tenant relationships, and effective contractual rental rates that are above or below market rates:

• Direct costs associated with obtaining a new tenant, including commissions, tenant improvements, and other direct costs, are estimated based on management's consideration of current market costs to execute a similar lease. Such direct costs are included in intangible lease origination costs in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases.

• The value of opportunity costs associated with lost rentals avoided by acquiring an in-place lease is calculated based on contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. Such opportunity costs ("Absorption Period Costs") are included in intangible lease assets in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases.

• The value of tenant relationships is calculated based on expected renewal of a lease or the likelihood of obtaining a particular tenant for other locations. Values associated with tenant relationships are included in intangible lease assets in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases.

• The value of effective rental rates of in-place leases that are above or below the market rates of comparable leases is calculated based on the present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be received pursuant to the in-place leases and (ii) management's estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining terms of the leases. The capitalized above-market and below-market lease values are recorded as intangible lease assets or liabilities and amortized as an adjustment to rental income over the remaining terms of the respective leases.

Intangible Assets and Liabilities Arising from In-Place Leases Where Columbia Property Trust is the Lessee

In-place ground leases where Columbia Property Trust is the lessee may have value associated with effective contractual rental rates that are above or below market rates at the time of execution or assumption. Such values are calculated based on the present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place lease and (ii) management's estimate of fair market lease rates for the corresponding in-place lease at the time of execution or assumption, measured over a period equal to the remaining terms of the leases. The capitalized above-market and below-market in-place lease values are recorded as intangible lease liabilities and assets, respectively, and are amortized as an adjustment to property operating cost over the remaining term of the respective leases.

Cash and Cash Equivalents

Cash and Cash Equivalents

Columbia Property Trust considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value as of December 31, 2014 and 2013.

Tenant Receivables, net

Tenant Receivables, net

Tenant receivables comprise rental and reimbursement billings due from tenants and the cumulative amount of future adjustments necessary to present rental income on a straight-line basis. Tenant receivables are recorded at the original amount earned, less an allowance for any doubtful accounts, which approximates fair value. Management assesses the realizability of tenant receivables on an ongoing basis and provides for allowances as such balances, or portions thereof, become uncollectible.

Columbia Property Trust adjusted the allowance for doubtful accounts by recording a provision for doubtful accounts, net of recoveries

Prepaid Expenses and Other Assets

Prepaid Expenses and Other Assets

Prepaid expenses and other assets primarily include earnest money deposits, escrow accounts held by lenders to pay future real estate taxes, insurance and tenant improvements, notes receivable, non-tenant receivables, prepaid taxes, insurance and operating costs, certain corporate assets, hotel inventory, and deferred tax assets. Prepaid expenses and other assets will be expensed as incurred.

Deferred Costs

Deferred Financing Costs

Deferred financing costs comprise costs incurred in connection with securing financing from third-party lenders and are capitalized and amortized over the term of the related financing arrangements. Columbia Property Trust recognized amortization of deferred financing costs for the years ended December 31, 2014, 2013, and 2012, of approximately $3.5 million, $3.8 million, and $3.2 million, respectively, which is included in interest expense in the accompanying consolidated statements of operations.

Deferred Lease Costs

Deferred lease costs comprise costs incurred to procure leases, which are capitalized and recognized as amortization expense on a straight-line basis over the terms of the lease. Such costs are capitalized and recognized as operating expenses over the lease term. Columbia Property Trust recognized amortization of deferred lease costs of approximately $12.2 million, $13.1 million, and $10.9 million for 2014, 2013, and 2012, respectively, the majority of which is recorded as amortization expense. Upon receiving notification of a tenant's intention to terminate a lease, unamortized deferred lease costs are amortized over the shortened lease period.

Investments in Development Authority Bonds and Obligations Under Capital Leases

Investments in Development Authority Bonds and Obligations Under Capital Leases

In connection with the acquisition of certain real estate assets, Columbia Property Trust has assumed investments in development authority bonds and corresponding obligations under capital leases of land or buildings. The county development authority issued bonds to developers to finance the initial development of these projects, a portion of which was then leased back to the developer under a capital lease. This structure enabled the developer to receive property tax abatements over the concurrent terms of the development authority bonds and capital leases. The remaining property tax abatement benefits transferred to Columbia Property Trust upon assumption of the bonds and corresponding capital leases at acquisition. The development authority bonds and the obligations under the capital leases are both recorded at their net present values, which Columbia Property Trust believes approximates fair value. The related amounts of interest income and expense are recognized as earned in equal amounts and, accordingly, do not impact net income.

Debts

Line of Credit and Notes Payable

Certain mortgage notes included in line of credit, term loan, and notes payable in the accompanying consolidated balance sheets were assumed upon the acquisition of real properties. When debt is assumed, Columbia Property Trust records the loan at fair value. The fair value adjustment is amortized to interest expense over the term of the loan using the effective interest method.

Bonds Payable

On April 4, 2011, Columbia Property Trust sold $250.0 million of its seven-year unsecured 5.875% senior notes at 99.295% of their face value (the "2018 Bonds Payable"). The discount on bonds payable is amortized to interest expense over the term of the bonds using the effective-interest method.

Noncontrolling Interests

Noncontrolling Interests

Noncontrolling interests represent the equity interests of consolidated subsidiaries that are not owned by Columbia Property Trust. Noncontrolling interests are adjusted for contributions, distributions, and earnings attributable to the noncontrolling interest holders of the consolidated joint ventures. Pursuant to the terms of the consolidated joint venture agreements, all earnings and distributions are allocated to joint ventures in accordance with the terms of the respective joint venture agreements. Earnings allocated to such noncontrolling interest holders are recorded as net loss (income) attributable to noncontrolling interests in the accompanying consolidated statements of operations.

Stockholders' Equity

Redeemable Common Stock

In preparation for listing, Columbia Property Trust terminated its former share redemption program (the "SRP") effective July 31, 2013. Previously, under the SRP, the decision to honor redemptions, subject to certain plan requirements and limitations, fell outside the control of Columbia Property Trust. As a result, until the termination of the SRP, Columbia Property Trust recorded redeemable common stock in the temporary equity section of its consolidated balance sheet.

Preferred Stock

Columbia Property Trust is authorized to issue up to 100.0 million shares of one or more classes or series of preferred stock with a par value of $0.01 per share. Columbia Property Trust's board of directors may determine the relative rights, preferences, and privileges of each class or series of preferred stock issued, which may be more beneficial than the rights, preferences, and privileges attributable to Columbia Property Trust's common stock. To date, Columbia Property Trust has not issued any shares of preferred stock.

Common Stock

The par value of Columbia Property Trust's issued and outstanding shares of common stock is classified as common stock, with the remainder allocated to additional paid-in capital.

Distributions

To maintain its status as a REIT, Columbia Property Trust is required by the Internal Revenue Code of 1986, as amended (the "Code"), to make distributions to stockholders each taxable year equal to at least 90% of its REIT taxable income, computed without regard to the dividends-paid deduction and by excluding net capital gains attributable to stockholders ("REIT taxable income"). Distributions to the stockholders are determined by the board of directors of Columbia Property Trust and are dependent upon a number of factors relating to Columbia Property Trust, including funds available for payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements, and annual distribution requirements in order to maintain Columbia Property Trust's status as a REIT under the Code.

Interest Rate Swap Agreements

Interest Rate Swap Agreements

Columbia Property Trust enters into interest rate swap contracts to mitigate its interest rate risk on the related financial instruments. Columbia Property Trust does not enter into derivative or interest rate transactions for speculative purposes; however, certain of its derivatives may not qualify for hedge accounting treatment. Columbia Property Trust records the fair value of its interest rate swaps either as prepaid expenses and other assets or as accounts payable, accrued expenses, and accrued capital expenditures. Changes in the fair value of the effective portion of interest rate swaps that are designated as cash flow hedges are recorded as other comprehensive income, while changes in the fair value of the ineffective portion of a hedge, if any, is recognized currently in earnings. Changes in the fair value of interest rate swaps that do not qualify for hedge accounting treatment are recorded as gain (loss) on interest rate swaps. Amounts received or paid under interest rate swap agreements are recorded as interest expense for contracts that qualify for hedge accounting treatment and as loss on interest rate swaps for contracts that do not qualify for hedge accounting treatment.

Revenue Recognition

Revenue Recognition

All leases on real estate assets held by Columbia Property Trust are classified as operating leases, and the related base rental income is generally recognized on a straight-line basis over the terms of the respective leases. Tenant reimbursements are recognized as revenue in the period that the related operating cost is incurred and are billed to tenants pursuant to the terms of the underlying leases. Rental income and tenant reimbursements collected in advance are recorded as deferred income in the accompanying consolidated balance sheets. Lease termination fees are recorded as other property income and recognized once the tenant has lost the right to lease the space and Columbia Property Trust has satisfied all obligations under the related lease or lease termination agreement.

In conjunction with certain acquisitions, Columbia Property Trust has entered into master lease agreements with various sellers, whereby the sellers are obligated to pay rent pertaining to certain nonrevenue-producing spaces either at the time of, or subsequent to, the property acquisition. These master leases were established at the time of acquisition to mitigate the potential negative effects of lost rental revenues and expense reimbursement income. Columbia Property Trust records payments received under master lease agreements as a reduction of the basis of the underlying property rather than rental income. There were no proceeds received from master leases during 2014, 2013, or 2012.

Columbia Property Trust owns a full-service hotel through a taxable REIT subsidiary. Revenues derived from the operations of the hotel include, but are not limited to, revenues from rental of rooms, food and beverage sales, telephone usage, and other service revenues. Revenue is recognized when rooms are occupied, when services have been performed, and when products are delivered.

Income Taxes

Income Taxes

Columbia Property Trust has elected to be taxed as a REIT under the Code, and has operated as such beginning with its taxable year ended December 31, 2003. To qualify as a REIT, Columbia Property Trust must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its REIT taxable income, as defined by the Code, to its stockholders. As a REIT, Columbia Property Trust generally is not subject to income tax on income it distributes to stockholders. Columbia Property Trust's stockholder distributions typically exceed its taxable income due to the inclusion of noncash expenses, such as depreciation, in taxable income. As a result, Columbia Property Trust typically does not incur federal income taxes other than as described in the following paragraph. Columbia Property Trust is, however, subject to certain state and local taxes related to the operations of properties in certain locations, which have been provided for in the accompanying consolidated financial statements.

Columbia Property Trust TRS, LLC ("Columbia TRS"), Columbia KCP TRS, LLC ("Columbia KCP TRS"), and Columbia Energy TRS, LLC ("Columbia Energy TRS") (collectively, the "TRS Entities") are wholly owned subsidiaries of Columbia Property Trust, are organized as Delaware limited liability companies, and operate, among other things, a full-service hotel. Columbia Property Trust has elected to treat the TRS Entities as taxable REIT subsidiaries. Columbia Property Trust may perform certain additional, noncustomary services for tenants of its buildings through the TRS Entities; however, any earnings related to such services are subject to federal and state income taxes. In addition, for Columbia Property Trust to continue to qualify as a REIT, Columbia Property Trust must limit its investments in taxable REIT subsidiaries to 25% of the value of the total assets. The TRS Entities' deferred tax assets and liabilities represent temporary differences between the financial reporting basis and the tax basis of assets and liabilities based on the enacted rates expected to be in effect when the temporary differences reverse. If applicable, Columbia Property Trust records interest and penalties related to uncertain tax positions as general and administrative expense in the accompanying consolidated statements of operations.

Operating Segments

Operating Segments

Columbia Property Trust establishes its operating segments at the building level, and none of its operating segments meet the quantitative or qualitative thresholds to be considered an individual reportable segment. Therefore, Columbia Property Trust aggregates all of its operating segments into one reporting segment.

Reclassification

Reclassification

Certain prior period amounts may be reclassified to conform with the current-period financial statement presentation, including discontinued operations (see Note 12, Discontinued Operations) and equity accounts impacted by the Reverse Stock Split (see Note 7, Stockholders' Equity).

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In April 2014, Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components on an Entity ("ASU 2014-08"), which raises the threshold used to determine whether revenues and expenses associated with dispositions are reclassified to discontinued operations in the statement of operations. Under the new standard, typical asset sales will remain in continuing operations, whereas, asset sales that represent a strategic shift in operations (for example, exiting a major geographical area) would be reclassified to discontinued operations. ASU 2014-08 is required beginning with the first quarter of 2015; however, Columbia Property Trust elected to adopt the new standard effective April 1, 2014.

In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"), which establishes a comprehensive model to account for revenue arising from contracts with customers. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB's Accounting Standards Codification such as real estate leases. ASU 2014-09 will require companies to perform a five-step analysis of transactions to determine when and how revenue is recognized. ASU 2014-09 will be effective for Columbia Property Trust beginning on January 1, 2017, and early adoption is not permitted. Columbia Property Trust is currently in the process of evaluating the potential impact, if any, ASU 2014-09 will have on its financial statements and disclosures.

In August 2014, the FASB issued Accounting Standards Update 2014-15, Presentation of Financial Statements – Going Concern ("ASU 2014-15"), which provides guidance about the responsibility of management to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures if necessary. ASU 2014-15 will be effective for Columbia Property Trust beginning on January 1, 2017, and early adoption is permitted. Columbia Property Trust does not expect the adoption of ASU 2014-15 to have a material impact on its financial statements and disclosures.

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Real Estate and Other Transactions (Pro Forma) (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
650 California Street Building and 221 Main Street Building
Business Acquisition [Line Items]
Revenues	$ 555,472	$ 550,675	$ 517,958
Net income (loss)	90,999	(17,969)	(665)
Net income (loss) per share - basic (in dollars per share)	$ 0.73	$ (0.13)	$ 0.00
Net income (loss) per share - diluted (in dollars per share)	$ 0.73	$ (0.13)	$ 0.00
Columbia Property Trust Advisory Services and Columbia Property Trust Services
Business Acquisition [Line Items]
Revenues		526,966	479,056
Net income (loss)		$ 47,661	$ 47,591

XML

Summary of Significant Accounting Policies (Narratives) (Details) (USD $)	3 Months Ended	12 Months Ended			1 Months Ended		3 Months Ended	0 Months Ended	3 Months Ended			0 Months Ended	1 Months Ended	3 Months Ended		0 Months Ended
	Dec. 31, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Sep. 30, 2012 Asset	Nov. 05, 2013	Dec. 31, 2013	Sep. 30, 2013	Mar. 31, 2013 Asset	Jun. 04, 2014	Apr. 30, 2012	Mar. 31, 2014	Jun. 30, 2014	Apr. 04, 2011	Dec. 31, 2011
Significant Accounting Policies [Line Items]
Interest capitalized		$ 0	$ 0
Impairment loss on real estate assets	10,100,000	25,130,000	0	0
Accumulated depreciation of lease assets	313,822,000	313,822,000	298,975,000		298,975,000				298,975,000
Amortization of intangible assets		74,212,000	84,630,000	100,482,000
Cash equivalent maturity period		3 months
Provision for doubtful accounts		500,000	(100,000)
Earnest money deposits	27,000,000	27,000,000
Amortization of financing costs		3,500,000	3,800,000	3,200,000
Amortization of deferred leasing costs		12,200,000	13,100,000	10,900,000
Acquisition of noncontrolling interest in consolidated joint ventures				301,000
Preferred stock shares authorized	100,000,000	100,000,000
Preferred stock par value per share	$ 0.01	$ 0.01
Requirement to distribute taxable income (percent)	90.00%	90.00%
Fair value of interest rate swaps	(4,600,000)	(4,600,000)	(10,900,000)		(10,900,000)				(10,900,000)
Limit on investments in taxable real estate investment trusts (percent)	25.00%	25.00%
Building
Significant Accounting Policies [Line Items]
Estimated useful life of assets		40 years
Minimum
Significant Accounting Policies [Line Items]
Amount of assets identified that are near-term disposition	500,000,000	500,000,000
Minimum | Building and site improvements
Significant Accounting Policies [Line Items]
Estimated useful life of assets		5 years
Maximum
Significant Accounting Policies [Line Items]
Amount of assets identified that are near-term disposition	600,000,000	600,000,000
Maximum | Building and site improvements
Significant Accounting Policies [Line Items]
Estimated useful life of assets		25 years
Below-Market Lease Assets
Significant Accounting Policies [Line Items]
Gross intangible assets	110,673,000	110,673,000	110,700,000		110,700,000				110,700,000
Accumulated depreciation of lease assets	15,119,000	15,119,000	13,100,000		13,100,000				13,100,000
Amortization of intangible assets		2,100,000	2,100,000	2,100,000
Lenox Park Buildings
Significant Accounting Policies [Line Items]
Repayment of development authority bonds and capital lease obligations					216,000,000
Lindbergh Center
Significant Accounting Policies [Line Items]
Repayment of development authority bonds and capital lease obligations					250,000,000
One Glenlake Parkway
Significant Accounting Policies [Line Items]
Repayment of development authority bonds and capital lease obligations						60,000,000
Nine-Property Sale
Significant Accounting Policies [Line Items]
Number of assets in outlying markets marketed for sale							9
180 E 100 South Property
Significant Accounting Policies [Line Items]
Impairment loss on real estate assets							18,500,000
18 Property Sale
Significant Accounting Policies [Line Items]
Impairment loss on real estate assets									29,700,000	12,900,000
Number of properties											18
Fair value of property										500,000,000
Proceeds from sale of real estate								521,500,000
160 Park Avenue Building
Significant Accounting Policies [Line Items]
Proceeds from sale of real estate												10,200,000
Bannockburn Lake III
Significant Accounting Policies [Line Items]
Impairment loss on real estate assets	10,100,000
Robbins Road
Significant Accounting Policies [Line Items]
Additional percentage of noncontrolling interest acquired in consolidated joint ventures													0.70%
Acquisition of noncontrolling interest in consolidated joint ventures													300,000
Fair Value, Inputs, Level 3 | 120 Eagle Rock
Significant Accounting Policies [Line Items]
Impairment loss on real estate assets			11,708,000								11,700,000
Fair value of property			12,100,000		12,100,000				12,100,000
Fair Value, Inputs, Level 3 | 333 & 777 Republic Drive
Significant Accounting Policies [Line Items]
Impairment loss on real estate assets			5,159,000								5,200,000
Fair value of property			8,200,000		8,200,000				8,200,000
Fair Value, Inputs, Level 3 | Bannockburn Lake III
Significant Accounting Policies [Line Items]
Impairment loss on real estate assets		10,148,000
Fair value of property	5,000,000	5,000,000
Fair Value, Inputs, Level 2 | 160 Park Avenue Building
Significant Accounting Policies [Line Items]
Impairment loss on real estate assets														13,600,000
Fair Value, Inputs, Level 1 | 200 South Orange Building
Significant Accounting Policies [Line Items]
Impairment loss on real estate assets															1,400,000
Fair value of property															18,400,000
Proceeds from sale of real estate															18,400,000
Unsecured Debt | 2018 Bonds Payable
Significant Accounting Policies [Line Items]
Debt face amount																	$ 250,000,000.0
Terms of debt																7 years
Interest rate for debt instrument (percent)																	5.875%
Discount rate of face value of issued debt instrument (percent)																	99.295%

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Consolidated Statements of Comprehensive Income (USD $) In Thousands, unless otherwise specified	3 Months Ended										12 Months Ended
	Dec. 31, 2014		Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013		Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Statement of Comprehensive Income [Abstract]
Net income attributable to the common stockholders of Columbia Property Trust, Inc.	$ 56,226	[1]	$ 24,988	$ 8,021	$ 3,400	$ 12,927	$ 4,800	$ 20,601	$ (22,608)	[2]	$ 92,635	$ 15,720	$ 48,039
Foreign currency translation adjustment											0	(83)	0
Market value adjustment to interest rate swap											1,339	1,997	(5,305)
Comprehensive income attributable to the common stockholders of Columbia Property Trust, Inc.											93,974	17,634	42,734
Comprehensive income attributable to noncontrolling interests											0	0	4
Comprehensive income											$ 93,974	$ 17,634	$ 42,738

[1] Net income for the fourth quarter of 2014 includes gains on sales of real estate of $56.6 million (See Note 3, Real Estate and Other Transactions), partially offset by impairment losses of $10.1 million.

[2] Net income for the first quarter of 2013 reflects the incurrence of nonrecurring fees under the Consulting and Transitions Services Agreements (See Note 10, Related-Party Transactions and Agreements).

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Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Basis of Presentation

The consolidated financial statements of Columbia Property Trust have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and include the accounts of Columbia Property Trust, Columbia Property Trust OP, and any variable interest entity ("VIE") in which Columbia Property Trust or Columbia Property Trust OP was deemed the primary beneficiary. With respect to entities that are not VIEs, Columbia Property Trust's consolidated financial statements shall also include the accounts of any entity in which Columbia Property Trust, Columbia Property Trust OP, or its subsidiaries own a controlling financial interest and any limited partnership in which Columbia Property Trust, Columbia Property Trust OP, or its subsidiaries own a controlling general partnership interest. In determining whether Columbia Property Trust or Columbia Property Trust OP has a controlling interest, the following factors are considered, among other things: the ownership of voting interests, protective rights, and participatory rights of the investors.

All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.

Fair Value Measurements

Columbia Property Trust estimates the fair value of its assets and liabilities (where currently required under GAAP) consistent with the provisions of Accounting Standard Codification 820, Fair Value Measurements ("ASC 820"). Under this standard, fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date. While various techniques and assumptions can be used to estimate fair value depending on the nature of the asset or liability, the accounting standard for fair value measurements and disclosures provides the following fair value technique parameters and hierarchy, depending upon availability:

Level 1 – Assets or liabilities for which the identical term is traded on an active exchange, such as publicly traded instruments or futures contracts.

Level 2 – Assets and liabilities valued based on observable market data for similar instruments.

Level 3 – Assets or liabilities for which significant valuation assumptions are not readily observable in the market. Such assets or liabilities are valued based on the best available data, some of which may be internally developed. Significant assumptions may include risk premiums that a market participant would consider.

Real Estate Assets

Real estate assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the cost of acquisition or construction, and any tenant improvements or major improvements and betterments that extend the useful life of the related asset. All repairs and maintenance are expensed as incurred. Additionally, Columbia Property Trust capitalizes interest while the development of a real estate asset is in progress. No interest was capitalized during 2014 or 2013.

Columbia Property Trust is required to make subjective assessments as to the useful lives of its depreciable assets. Columbia Property Trust considers the period of future benefit of the asset to determine the appropriate useful lives. These assessments have a direct impact on net income. The estimated useful lives of its assets by class are as follows:

Buildings	40 years
Building and site improvements	5-25 years
Tenant improvements	Shorter of economic life or lease term
Intangible lease assets	Lease term

Evaluating the Recoverability of Real Estate Assets

Columbia Property Trust continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate and related intangible assets, of both operating properties and properties under construction, in which Columbia Property Trust has an ownership interest, either directly or through investments in joint ventures, may not be recoverable. When indicators of potential impairment are present that suggest that the carrying amounts of real estate assets and related intangible assets (liabilities) may not be recoverable, Columbia Property Trust assesses the recoverability of these assets by determining whether the respective carrying values will be recovered through the estimated undiscounted future operating cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying values, Columbia Property Trust adjusts the carrying value of the real estate assets and related intangible assets to the estimated fair values, pursuant to the property, plant, and equipment accounting standard for the impairment or disposal of long-lived assets, and recognizes an impairment loss. Estimated fair values are calculated based on the following information, in order of preference, depending upon availability: (i) recently quoted market prices, (ii) market prices for comparable properties, or (iii) the present value of future cash flows, including estimated salvage value. Certain of Columbia Property Trust's assets may be carried at more than an amount that could be realized in a current disposition transaction.

Projections of expected future operating cash flows require that Columbia Property Trust estimates future market rental income amounts subsequent to the expiration of current lease agreements, property operating expenses, the number of months it takes to re-lease the property, and the number of years the property is held for investment, among other factors. The subjectivity of assumptions used in the future cash flow analysis, including discount rates, could result in an incorrect assessment of the property's fair value and could result in the misstatement of the carrying value of Columbia Property Trust's real estate assets and related intangible assets and net income.

In the third quarter of 2012, Columbia Property Trust focused on refining the portfolio by marketing and negotiating the sale of a collection of nine assets in outlying markets (the "Nine Property Sale"). Columbia Property Trust evaluated the recoverability of the carrying values of these assets pursuant to the accounting policy outlined above and determined that the carrying value of the 180 E 100 South property in Salt Lake City, Utah, one of the properties in the Nine Property Sale, was no longer recoverable due to the change in disposition strategy and the shortening of the expected hold period for this asset in the third quarter of 2012. As a result, Columbia Property Trust reduced the carrying value of the 180 E 100 South property to reflect fair value and recorded a corresponding property impairment loss of $18.5 million in the third quarter of 2012, which is included in operating income (loss) from discontinued operations in the accompanying statement of operations.

In connection with furthering its portfolio repositioning efforts, in the first quarter of 2013, Columbia Property Trust initiated a process to market 18 properties for sale. Pursuant to the accounting policy outlined above, Columbia Property Trust evaluated the recoverability of the carrying values of each of these properties and determined that the 120 Eagle Rock property in East Hanover, New Jersey, and the 333 & 777 Republic Drive property in Allen Park, Michigan, were no longer recoverable due to shortening the respective expected property holding periods in connection with these repositioning efforts. As a result, Columbia Property Trust reduced the carrying value of the 120 Eagle Rock property and the 333 & 777 Republic Drive property to reflect their respective fair values estimated, based on projected discounted future cash flows and recorded corresponding property impairment losses of $11.7 million and $5.2 million, respectively, in the first quarter of 2013, which are included in operating income (loss) from discontinued operations in the accompanying statement of operations. In connection with finalizing the terms of the sale agreement for these 18 properties (the "18 Property Sale") in November 2013, Columbia Property Trust reduced the aggregate carrying value of the assets therein to fair value, as estimated based on the approximate contract price of $500 million, by recognizing an additional impairment loss of $12.9 million in the third quarter of 2013, which is included in operating income (loss) from discontinued operations in the accompanying statement of operations.

In the first quarter of 2014, Columbia Property Trust revised its investment strategy for the 160 Park Avenue Building (formerly known as the 180 Park Avenue, #103 Building) in Florham Park, New Jersey, to sell the property to a user in the near-term. As a result, management reduced its intended holding period for the building and reevaluated the property's carrying value as of March 31, 2014, pursuant to the accounting policy outlined above. Columbia Property Trust concluded that the 160 Park Avenue Building was not recoverable and reduced its carrying value to reflect its fair value, estimated based on recently quoted market prices (Level 2), by recording an impairment loss of approximately $13.6 million in the first quarter of 2014. The sale of the160 Park Avenue Building closed on June 4, 2014, for $10.2 million, exclusive of transaction costs.

In the second quarter of 2014, Columbia Property Trust decided to pursue a near-term sale of the 200 South Orange Building (formerly known as the SunTrust Building) in Orlando, Florida. As a result, management reduced its intended holding period for the building and reevaluated the property's carrying value in the second quarter of 2014. In connection with negotiating the terms of the sale, Columbia Property Trust reduced the carrying value of the 200 South Orange Building to reflect fair value, estimated based on an approximate net contract price of $18.4 million (Level 1), by recording an impairment loss of $1.4 million in the second quarter. The sale of the 200 South Orange Building closed on June 30, 2014, for $18.4 million, net of transaction costs.

In the fourth quarter of 2014, Columbia Property Trust identified $500 million to $600 million of properties in its portfolio that fall outside of its targeted investment strategy, which are candidates for near-term disposition. Columbia Property Trust is in the process of developing our marketing strategy for these assets. Columbia Property Trust plans to carefully evaluate the disposition options revealed through our marketing efforts, and to pursue those which provide the best opportunity to optimize shareholder value. In connection with initiating this process, Columbia Property Trust evaluated the recoverability of the carrying values of each of these properties and determined that the carrying value of the Bannockburn Lake III property, a vacant property located in Bannockburn, Illinois, is no longer recoverable due to reducing its expected property holding period to less than one year. As a result, in the fourth quarter of 2014, Columbia Property Trust reduced the carrying value of the Bannockburn Lake III property to $5.0 million, estimated based on current projected discounted future cash flows, by recording an impairment loss of $10.1 million.

The fair value measurements used in this evaluation of nonfinancial assets are considered to be Level 3 valuations within the fair value hierarchy outlined above, as there are significant unobservable inputs. Examples of inputs that were utilized in the fair value calculations include estimated holding periods, discount rates, market capitalization rates, expected lease rental rates, and potential sales prices. The table below represents the detail of the adjustments recognized for 2014, 2013 and 2012 (in thousands) using Level 3 inputs.

Property	Net Book Value		Impairment Loss Recognized			Fair Value
2014
Bannockburn Lake III	$	15,148	$	(10,148	)	$	5,000
2013
120 Eagle Rock	$	23,808	$	(11,708	)	$	12,100
333 & 777 Republic Drive	$	13,359	$	(5,159	)	$	8,200
2012
180 E 100 South	$	30,847	$	(18,467	)	$	12,380

Assets Held for Sale

Columbia Property Trust classifies assets as held for sale according to Accounting Standard Codification 360, Accounting for the Impairment or Disposal of Long-Lived Assets ("ASC 360"). According to ASC 360, assets are considered held for sale when the following criteria are met:

• Management, having the authority to approve the action, commits to a plan to sell the property.

• The property is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such property.

• An active program to locate a buyer and other actions required to complete the plan to sell the property have been initiated.

• The sale of the property is probable, and transfer of the property is expected to qualify for recognition as a completed sale, within one year.

• The property is being actively marketed for sale at a price that is reasonable in relation to its current fair value.

• Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

At such time that a property is determined to be held for sale, its carrying amount is reduced to the lower of its depreciated book value or its estimated fair value, less costs to sell, and depreciation is no longer recognized. As of December 31, 2014, none of Columbia Property Trust's properties met the criteria to be classified as held for sale in the accompanying balance sheet.

Allocation of Purchase Price of Acquired Assets

Upon the acquisition of real properties, Columbia Property Trust allocates the purchase price of properties to tangible assets, consisting of land, building, site improvements, and identified intangible assets and liabilities, including the value of in-place leases, based in each case on Columbia Property Trust's estimate of their fair values in accordance with ASC 820 (see Fair Value Measurements section above for additional details).

The fair values of the tangible assets of an acquired property (which includes land, building, and site improvements) are determined by valuing the property as if it were vacant, and the "as-if-vacant" value is then allocated to land, building, and site improvements based on management's determination of the relative fair value of these assets. Management determines the as-if-vacant fair value of a property using methods similar to those used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases, including leasing commissions and other related costs. In estimating carrying costs, management includes real estate taxes, insurance, and other operating expenses during the expected lease-up periods based on current market demand.

Intangible Assets and Liabilities Arising from In-Place Leases Where Columbia Property Trust is the Lessor

As further described below, in-place leases with Columbia Property Trust as the lessor may have values related to: direct costs associated with obtaining a new tenant, opportunity costs associated with lost rentals that are avoided by acquiring an in-place lease, tenant relationships, and effective contractual rental rates that are above or below market rates:

• Direct costs associated with obtaining a new tenant, including commissions, tenant improvements, and other direct costs, are estimated based on management's consideration of current market costs to execute a similar lease. Such direct costs are included in intangible lease origination costs in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases.

• The value of opportunity costs associated with lost rentals avoided by acquiring an in-place lease is calculated based on contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. Such opportunity costs ("Absorption Period Costs") are included in intangible lease assets in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases.

• The value of tenant relationships is calculated based on expected renewal of a lease or the likelihood of obtaining a particular tenant for other locations. Values associated with tenant relationships are included in intangible lease assets in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases.

• The value of effective rental rates of in-place leases that are above or below the market rates of comparable leases is calculated based on the present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be received pursuant to the in-place leases and (ii) management's estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining terms of the leases. The capitalized above-market and below-market lease values are recorded as intangible lease assets or liabilities and amortized as an adjustment to rental income over the remaining terms of the respective leases.

As of December 31, 2014 and 2013, Columbia Property Trust had the following gross intangible in-place lease assets and liabilities (in thousands):

		Intangible Lease Assets						Intangible Lease Origination Costs			Intangible Below-Market In-Place Lease Liabilities
		Above-Market In-Place Lease Assets			Absorption Period Costs
December 31, 2014	Gross	$	79,805		$	370,412		$	325,154		$	159,240
	Accumulated Amortization	(61,619		)	(237,084		)	(219,626		)	(84,935		)
	Net	$	18,186		$	133,328		$	105,528		$	74,305
December 31, 2013	Gross	$	80,836		$	388,686		$	365,487		$	150,364
	Accumulated Amortization	(56,859		)	(229,065		)	(216,598		)	(76,500		)
	Net	$	23,977		$	159,621		$	148,889		$	73,864

During 2014, 2013, and 2012, Columbia Property Trust recognized the following amortization of intangible lease assets and liabilities (in thousands):

	Intangible Lease Assets				Intangible Lease Origination Costs		Intangible Below-Market In-Place Lease Liabilities
	Above-Market In-Place Lease Assets		Absorption Period Costs
For the years ended December 31,
2014	$	5,368	$	36,474	$	33,037	$	15,507
2013	$	6,077	$	38,879	$	38,978	$	14,411
2012	$	8,901	$	48,997	$	42,866	$	15,324

The remaining net intangible assets and liabilities as of December 31, 2014, will be amortized as follows (in thousands):

	Intangible Lease Assets				Intangible Lease Origination Costs		Intangible Below-Market In-Place Lease Liabilities
	Above-Market In-Place Lease Assets		Absorption Period Costs
For the years ending December 31,
2015	$	4,480	$	35,284	$	28,483	$	17,198
2016	3,748		24,942		21,587		11,895
2017	1,879		16,687		14,777		8,073
2018	1,075		12,297		10,269		6,596
2019	1,035		10,969		9,198		5,893
Thereafter	5,969		33,149		21,214		24,650
	$	18,186	$	133,328	$	105,528	$	74,305
Weighted-Average Amortization Period	3 years		4 years		4 years		6 years

Intangible Assets and Liabilities Arising from In-Place Leases Where Columbia Property Trust is the Lessee

In-place ground leases where Columbia Property Trust is the lessee may have value associated with effective contractual rental rates that are above or below market rates at the time of execution or assumption. Such values are calculated based on the present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place lease and (ii) management's estimate of fair market lease rates for the corresponding in-place lease at the time of execution or assumption, measured over a period equal to the remaining terms of the leases. The capitalized above-market and below-market in-place lease values are recorded as intangible lease liabilities and assets, respectively, and are amortized as an adjustment to property operating cost over the remaining term of the respective leases. Columbia Property Trust had gross below-market lease assets of approximately $110.7 million as of December 31, 2014 and 2013, net of accumulated amortization of $15.1 million and $13.1 million as of December 31, 2014 and 2013, respectively. Columbia Property Trust recognized amortization expense related to these assets of approximately $2.1 million for each of the years ended 2014, 2013, and 2012.

As of December 31, 2014, the remaining net below-market lease asset will be amortized as follows (in thousands):

For the years ending December 31:
2015	$	2,069
2016	2,069
2017	2,069
2018	2,069
2019	2,069
Thereafter	85,209
	$	95,554
Weighted-Average Amortization Period	47 years

Cash and Cash Equivalents

Columbia Property Trust considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value as of December 31, 2014 and 2013.

Tenant Receivables, net

Tenant receivables comprise rental and reimbursement billings due from tenants and the cumulative amount of future adjustments necessary to present rental income on a straight-line basis. Tenant receivables are recorded at the original amount earned, less an allowance for any doubtful accounts, which approximates fair value. Management assesses the realizability of tenant receivables on an ongoing basis and provides for allowances as such balances, or portions thereof, become uncollectible.

Columbia Property Trust adjusted the allowance for doubtful accounts by recording a provision for doubtful accounts, net of recoveries, in general and administrative expenses in the accompanying consolidated statements of operations of approximately $0.5 million and $(0.1) million for 2014 and 2013, respectively.

Prepaid Expenses and Other Assets

Prepaid expenses and other assets primarily include earnest money deposits, escrow accounts held by lenders to pay future real estate taxes, insurance and tenant improvements, notes receivable, non-tenant receivables, prepaid taxes, insurance and operating costs, certain corporate assets, hotel inventory, and deferred tax assets. Prepaid expenses and other assets will be expensed as incurred. As of December 31, 2014, prepaid expenses and other assets included $27.0 million of earnest money deposits paid in 2014 for the January 2015 property acquisitions described in Note 3, Real Estate and Other Transactions. These deposits were applied to the purchase prices at closing.

Deferred Financing Costs

Deferred financing costs comprise costs incurred in connection with securing financing from third-party lenders and are capitalized and amortized over the term of the related financing arrangements. Columbia Property Trust recognized amortization of deferred financing costs for the years ended December 31, 2014, 2013, and 2012, of approximately $3.5 million, $3.8 million, and $3.2 million, respectively, which is included in interest expense in the accompanying consolidated statements of operations.

Deferred Lease Costs

Deferred lease costs comprise costs incurred to procure leases, which are capitalized and recognized as amortization expense on a straight-line basis over the terms of the lease. Such costs are capitalized and recognized as operating expenses over the lease term. Columbia Property Trust recognized amortization of deferred lease costs of approximately $12.2 million, $13.1 million, and $10.9 million for 2014, 2013, and 2012, respectively, the majority of which is recorded as amortization expense. Upon receiving notification of a tenant's intention to terminate a lease, unamortized deferred lease costs are amortized over the shortened lease period.

Investments in Development Authority Bonds and Obligations Under Capital Leases

In connection with the acquisition of certain real estate assets, Columbia Property Trust has assumed investments in development authority bonds and corresponding obligations under capital leases of land or buildings. The county development authority issued bonds to developers to finance the initial development of these projects, a portion of which was then leased back to the developer under a capital lease. This structure enabled the developer to receive property tax abatements over the concurrent terms of the development authority bonds and capital leases. The remaining property tax abatement benefits transferred to Columbia Property Trust upon assumption of the bonds and corresponding capital leases at acquisition. The development authority bonds and the obligations under the capital leases are both recorded at their net present values, which Columbia Property Trust believes approximates fair value. The related amounts of interest income and expense are recognized as earned in equal amounts and, accordingly, do not impact net income. In December 2013, upon maturity, Columbia Property Trust settled the $216.0 million and $250.0 million development authority bonds and the corresponding obligations under capital leases related to the Lenox Park Buildings and Lindbergh Center, respectively. In December 2012, upon maturity, Columbia Property Trust settled the $60.0 million development authority bond and the corresponding obligation under capital lease related to the One Glenlake Parkway Building.

Line of Credit and Notes Payable

Certain mortgage notes included in line of credit, term loan, and notes payable in the accompanying consolidated balance sheets were assumed upon the acquisition of real properties. When debt is assumed, Columbia Property Trust records the loan at fair value. The fair value adjustment is amortized to interest expense over the term of the loan using the effective interest method.

Bonds Payable

On April 4, 2011, Columbia Property Trust sold $250.0 million of its seven-year unsecured 5.875% senior notes at 99.295% of their face value (the "2018 Bonds Payable"). The discount on bonds payable is amortized to interest expense over the term of the bonds using the effective-interest method.

Noncontrolling Interests

Noncontrolling interests represent the equity interests of consolidated subsidiaries that are not owned by Columbia Property Trust. Noncontrolling interests are adjusted for contributions, distributions, and earnings attributable to the noncontrolling interest holders of the consolidated joint ventures. Pursuant to the terms of the consolidated joint venture agreements, all earnings and distributions are allocated to joint ventures in accordance with the terms of the respective joint venture agreements. Earnings allocated to such noncontrolling interest holders are recorded as net loss (income) attributable to noncontrolling interests in the accompanying consolidated statements of operations.

In April 2012, Columbia Property Trust purchased the remaining 0.7% interest in the Robbins Road Property for $0.3 million from an unaffiliated party. The purchase price approximated the book value of the noncontrolling interest at the time of purchase.

Redeemable Common Stock

In preparation for listing, Columbia Property Trust terminated its former share redemption program (the "SRP") effective July 31, 2013. Previously, under the SRP, the decision to honor redemptions, subject to certain plan requirements and limitations, fell outside the control of Columbia Property Trust. As a result, until the termination of the SRP, Columbia Property Trust recorded redeemable common stock in the temporary equity section of its consolidated balance sheet.

Preferred Stock

Columbia Property Trust is authorized to issue up to 100.0 million shares of one or more classes or series of preferred stock with a par value of $0.01 per share. Columbia Property Trust's board of directors may determine the relative rights, preferences, and privileges of each class or series of preferred stock issued, which may be more beneficial than the rights, preferences, and privileges attributable to Columbia Property Trust's common stock. To date, Columbia Property Trust has not issued any shares of preferred stock.

Common Stock

The par value of Columbia Property Trust's issued and outstanding shares of common stock is classified as common stock, with the remainder allocated to additional paid-in capital.

Distributions

To maintain its status as a REIT, Columbia Property Trust is required by the Internal Revenue Code of 1986, as amended (the "Code"), to make distributions to stockholders each taxable year equal to at least 90% of its REIT taxable income, computed without regard to the dividends-paid deduction and by excluding net capital gains attributable to stockholders ("REIT taxable income"). Distributions to the stockholders are determined by the board of directors of Columbia Property Trust and are dependent upon a number of factors relating to Columbia Property Trust, including funds available for payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements, and annual distribution requirements in order to maintain Columbia Property Trust's status as a REIT under the Code.

Interest Rate Swap Agreements

Columbia Property Trust enters into interest rate swap contracts to mitigate its interest rate risk on the related financial instruments. Columbia Property Trust does not enter into derivative or interest rate transactions for speculative purposes; however, certain of its derivatives may not qualify for hedge accounting treatment. Columbia Property Trust records the fair value of its interest rate swaps either as prepaid expenses and other assets or as accounts payable, accrued expenses, and accrued capital expenditures. Changes in the fair value of the effective portion of interest rate swaps that are designated as cash flow hedges are recorded as other comprehensive income, while changes in the fair value of the ineffective portion of a hedge, if any, is recognized currently in earnings. Changes in the fair value of interest rate swaps that do not qualify for hedge accounting treatment are recorded as gain (loss) on interest rate swaps. Amounts received or paid under interest rate swap agreements are recorded as interest expense for contracts that qualify for hedge accounting treatment and as loss on interest rate swaps for contracts that do not qualify for hedge accounting treatment.

The following tables provide additional information related to Columbia Property Trust's interest rate swaps as of December 31, 2014 and 2013 (in thousands):

		Estimated Fair Value as of
		December 31,
Instrument Type	Balance Sheet Classification	2014			2013
Derivatives designated as hedging instruments:
Interest rate contracts	Accounts payable	$	(1,968	)	$	(3,307	)
Derivatives not designated as hedging instruments:
Interest rate contracts	Accounts payable	$	(2,633	)	$	(7,579	)

Columbia Property Trust applied the provisions of ASC 820 in recording its interest rate swaps at fair value. The fair values of the interest rate swaps, classified under Level 2, were determined using a third-party proprietary model that is based on prevailing market data for contracts with matching durations, current and anticipated London Interbank Offered Rate ("LIBOR") information, and reasonable estimates about relevant future market conditions. Columbia Property Trust has determined that the fair value, as determined by the third party, is reasonable. The fair value of Columbia Property Trust's interest rate swaps were $(4.6) million and $(10.9) million at December 31, 2014 and 2013, respectively.

	Years ended December 31,
	2014			2013			2012
Market value adjustment to interest rate swaps designated as hedging instruments and included in other comprehensive income	$	1,339		$	1,997		$	(5,305	)
Loss on interest rate swap recognized through earnings	$	(371	)	$	(342	)	$	(1,225	)

During the periods presented, there was no hedge ineffectiveness required to be recognized into earnings on the interest rate swaps that qualified for hedge accounting treatment.

Revenue Recognition

All leases on real estate assets held by Columbia Property Trust are classified as operating leases, and the related base rental income is generally recognized on a straight-line basis over the terms of the respective leases. Tenant reimbursements are recognized as revenue in the period that the related operating cost is incurred and are billed to tenants pursuant to the terms of the underlying leases. Rental income and tenant reimbursements collected in advance are recorded as deferred income in the accompanying consolidated balance sheets. Lease termination fees are recorded as other property income and recognized once the tenant has lost the right to lease the space and Columbia Property Trust has satisfied all obligations under the related lease or lease termination agreement.

In conjunction with certain acquisitions, Columbia Property Trust has entered into master lease agreements with various sellers, whereby the sellers are obligated to pay rent pertaining to certain nonrevenue-producing spaces either at the time of, or subsequent to, the property acquisition. These master leases were established at the time of acquisition to mitigate the potential negative effects of lost rental revenues and expense reimbursement income. Columbia Property Trust records payments received under master lease agreements as a reduction of the basis of the underlying property rather than rental income. There were no proceeds received from master leases during 2014, 2013, or 2012.

Columbia Property Trust owns a full-service hotel through a taxable REIT subsidiary. Revenues derived from the operations of the hotel include, but are not limited to, revenues from rental of rooms, food and beverage sales, telephone usage, and other service revenues. Revenue is recognized when rooms are occupied, when services have been performed, and when products are delivered.

Income Taxes

Columbia Property Trust has elected to be taxed as a REIT under the Code, and has operated as such beginning with its taxable year ended December 31, 2003. To qualify as a REIT, Columbia Property Trust must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its REIT taxable income, as defined by the Code, to its stockholders. As a REIT, Columbia Property Trust generally is not subject to income tax on income it distributes to stockholders. Columbia Property Trust's stockholder distributions typically exceed its taxable income due to the inclusion of noncash expenses, such as depreciation, in taxable income. As a result, Columbia Property Trust typically does not incur federal income taxes other than as described in the following paragraph. Columbia Property Trust is, however, subject to certain state and local taxes related to the operations of properties in certain locations, which have been provided for in the accompanying consolidated financial statements.

Columbia Property Trust TRS, LLC ("Columbia TRS"), Columbia KCP TRS, LLC ("Columbia KCP TRS"), and Columbia Energy TRS, LLC ("Columbia Energy TRS") (collectively, the "TRS Entities") are wholly owned subsidiaries of Columbia Property Trust, are organized as Delaware limited liability companies, and operate, among other things, a full-service hotel. Columbia Property Trust has elected to treat the TRS Entities as taxable REIT subsidiaries. Columbia Property Trust may perform certain additional, noncustomary services for tenants of its buildings through the TRS Entities; however, any earnings related to such services are subject to federal and state income taxes. In addition, for Columbia Property Trust to continue to qualify as a REIT, Columbia Property Trust must limit its investments in taxable REIT subsidiaries to 25% of the value of the total assets. The TRS Entities' deferred tax assets and liabilities represent temporary differences between the financial reporting basis and the tax basis of assets and liabilities based on the enacted rates expected to be in effect when the temporary differences reverse. If applicable, Columbia Property Trust records interest and penalties related to uncertain tax positions as general and administrative expense in the accompanying consolidated statements of operations.

Operating Segments

Columbia Property Trust establishes its operating segments at the building level, and none of its operating segments meet the quantitative or qualitative thresholds to be considered an individual reportable segment. Therefore, Columbia Property Trust aggregates all of its operating segments into one reporting segment.

Reclassification

Certain prior period amounts may be reclassified to conform with the current-period financial statement presentation, including discontinued operations (see Note 12, Discontinued Operations) and equity accounts impacted by the Reverse Stock Split (see Note 7, Stockholders' Equity).

Recent Accounting Pronouncements

In April 2014, Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components on an Entity ("ASU 2014-08"), which raises the threshold used to determine whether revenues and expenses associated with dispositions are reclassified to discontinued operations in the statement of operations. Under the new standard, typical asset sales will remain in continuing operations, whereas, asset sales that represent a strategic shift in operations (for example, exiting a major geographical area) would be reclassified to discontinued operations. ASU 2014-08 is required beginning with the first quarter of 2015; however, Columbia Property Trust elected to adopt the new standard effective April 1, 2014.

In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"), which establishes a comprehensive model to account for revenue arising from contracts with customers. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB's Accounting Standards Codification such as real estate leases. ASU 2014-09 will require companies to perform a five-step analysis of transactions to determine when and how revenue is recognized. ASU 2014-09 will be effective for Columbia Property Trust beginning on January 1, 2017, and early adoption is not permitted. Columbia Property Trust is currently in the process of evaluating the potential impact, if any, ASU 2014-09 will have on its financial statements and disclosures.

In August 2014, the FASB issued Accounting Standards Update 2014-15, Presentation of Financial Statements – Going Concern ("ASU 2014-15"), which provides guidance about the responsibility of management to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures if necessary. ASU 2014-15 will be effective for Columbia Property Trust beginning on January 1, 2017, and early adoption is permitted. Columbia Property Trust does not expect the adoption of ASU 2014-15 to have a material impact on its financial statements and disclosures.

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Stockholders' Equity (Summary of Stock Option Under the Director Plan) (Details) (Director Stock Option Plan, Stock Options, USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Director Stock Option Plan | Stock Options
Number of Shares
Outstanding, beginning period	7,375	7,375	7,375
Granted	0	0	0
Expired	(3,500)	0	0
Outstanding, period end	3,875	7,375	7,375
Exercise Price per Share
Outstanding exercise price, beginning period	$ 48	$ 48	$ 48
Outstanding exercise price, period end	$ 48	$ 48	$ 48
Outstanding shares exercisable, beginning period	7,375	7,375	7,250
Outstanding shares exercisable, period end	3,875	7,375	7,375

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Quarterly Results (unaudited) (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	0 Months Ended	3 Months Ended													12 Months Ended
	Aug. 14, 2013	Dec. 31, 2014		Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013		Sep. 30, 2013		Jun. 30, 2013		Mar. 31, 2013		Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Quarterly Financial Information Disclosure [Abstract]
Revenues		$ 137,891		$ 136,981	$ 136,757	$ 129,168	$ 133,387	[1]	$ 132,502	[1]	$ 131,897	[1]	$ 128,792	[1]	$ 540,797	$ 526,578	$ 494,271
Net income attributable to the common stockholders of Columbia Property Trust, Inc.		56,226	[2]	24,988	8,021	3,400	12,927		4,800		20,601		(22,608)	[3]	92,635	15,720	48,039
Basic net income attributable to common stockholders of Columbia Property Trust, Inc. per share (in dollars per share)		$ 0.45		$ 0.20	$ 0.06	$ 0.03	$ 0.10	[4]	$ 0.04	[4]	$ 0.15	[4]	$ (0.17)	[4]	$ 0.74	$ 0.12	$ 0.35
Diluted net income attributable to common stockholders of Columbia Property Trust, Inc. per share (in dollars per share)		$ 0.45		$ 0.20	$ 0.06	$ 0.03	$ 0.10	[4]	$ 0.04	[4]	$ 0.15	[4]	$ (0.17)	[4]	$ 0.74	$ 0.12	$ 0.35
Distributions declared per share (in dollars per share)		$ 0.3		$ 0.3	$ 0.30	$ 0.3	$ 0.3	[4]	$ 0.38	[4]	$ 0.38	[4]	$ 0.38	[4]
Gains on sale of real estate assets		56,600													75,275	0	0
Four for one reverse stock split (in percent)	0.25
Impairment loss on real estate assets		$ 10,100													$ 25,130	$ 0	$ 0

[1] Prior-period amounts adjusted to conform with current-period presentation, including classifying revenues generated by properties sold as discontinued operations for all periods presented (see Note 12, Discontinued Operations).

[2] Net income for the fourth quarter of 2014 includes gains on sales of real estate of $56.6 million (See Note 3, Real Estate and Other Transactions), partially offset by impairment losses of $10.1 million.

[3] Net income for the first quarter of 2013 reflects the incurrence of nonrecurring fees under the Consulting and Transitions Services Agreements (See Note 10, Related-Party Transactions and Agreements).

[4] All computations using share amounts have been retroactively adjusted to reflect the August 14, 2013, four-for-one reverse stock split (See Note 7, Stockholders' Equity).

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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives for Real Estate Assets

The estimated useful lives of its assets by class are as follows:

Buildings	40 years
Building and site improvements	5-25 years
Tenant improvements	Shorter of economic life or lease term
Intangible lease assets	Lease term

Schedule of Recognized Fair Value Adjustments for Real Estate Properties

The table below represents the detail of the adjustments recognized for 2014, 2013 and 2012 (in thousands) using Level 3 inputs.

Property	Net Book Value		Impairment Loss Recognized			Fair Value
2014
Bannockburn Lake III	$	15,148	$	(10,148	)	$	5,000
2013
120 Eagle Rock	$	23,808	$	(11,708	)	$	12,100
333 & 777 Republic Drive	$	13,359	$	(5,159	)	$	8,200
2012
180 E 100 South	$	30,847	$	(18,467	)	$	12,380

Schedule of Intangible Assets and Liabilities

As of December 31, 2014 and 2013, Columbia Property Trust had the following gross intangible in-place lease assets and liabilities (in thousands):

		Intangible Lease Assets						Intangible Lease Origination Costs			Intangible Below-Market In-Place Lease Liabilities
		Above-Market In-Place Lease Assets			Absorption Period Costs
December 31, 2014	Gross	$	79,805		$	370,412		$	325,154		$	159,240
	Accumulated Amortization	(61,619		)	(237,084		)	(219,626		)	(84,935		)
	Net	$	18,186		$	133,328		$	105,528		$	74,305
December 31, 2013	Gross	$	80,836		$	388,686		$	365,487		$	150,364
	Accumulated Amortization	(56,859		)	(229,065		)	(216,598		)	(76,500		)
	Net	$	23,977		$	159,621		$	148,889		$	73,864

During 2014, 2013, and 2012, Columbia Property Trust recognized the following amortization of intangible lease assets and liabilities (in thousands):

	Intangible Lease Assets				Intangible Lease Origination Costs		Intangible Below-Market In-Place Lease Liabilities
	Above-Market In-Place Lease Assets		Absorption Period Costs
For the years ended December 31,
2014	$	5,368	$	36,474	$	33,037	$	15,507
2013	$	6,077	$	38,879	$	38,978	$	14,411
2012	$	8,901	$	48,997	$	42,866	$	15,324

The remaining net intangible assets and liabilities as of December 31, 2014, will be amortized as follows (in thousands):

	Intangible Lease Assets				Intangible Lease Origination Costs		Intangible Below-Market In-Place Lease Liabilities
	Above-Market In-Place Lease Assets		Absorption Period Costs
For the years ending December 31,
2015	$	4,480	$	35,284	$	28,483	$	17,198
2016	3,748		24,942		21,587		11,895
2017	1,879		16,687		14,777		8,073
2018	1,075		12,297		10,269		6,596
2019	1,035		10,969		9,198		5,893
Thereafter	5,969		33,149		21,214		24,650
	$	18,186	$	133,328	$	105,528	$	74,305
Weighted-Average Amortization Period	3 years		4 years		4 years		6 years

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

As of December 31, 2014, the remaining net below-market lease asset will be amortized as follows (in thousands):

For the years ending December 31:
2015	$	2,069
2016	2,069
2017	2,069
2018	2,069
2019	2,069
Thereafter	85,209
	$	95,554
Weighted-Average Amortization Period	47 years

Schedule of Interest Rate Derivatives

The following tables provide additional information related to Columbia Property Trust's interest rate swaps as of December 31, 2014 and 2013 (in thousands):

		Estimated Fair Value as of
		December 31,
Instrument Type	Balance Sheet Classification	2014			2013
Derivatives designated as hedging instruments:
Interest rate contracts	Accounts payable	$	(1,968	)	$	(3,307	)
Derivatives not designated as hedging instruments:
Interest rate contracts	Accounts payable	$	(2,633	)	$	(7,579	)

The fair value of Columbia Property Trust's interest rate swaps were $(4.6) million and $(10.9) million at December 31, 2014 and 2013, respectively.

	Years ended December 31,
	2014			2013			2012
Market value adjustment to interest rate swaps designated as hedging instruments and included in other comprehensive income	$	1,339		$	1,997		$	(5,305	)
Loss on interest rate swap recognized through earnings	$	(371	)	$	(342	)	$	(1,225	)

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Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Consolidating Statements of Cash Flows) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Condensed Financial Statements, Captions [Line Items]
Cash flows from operating activities	$ 236,906	$ 218,329	$ 252,839
Cash flows from investing activities:
Net proceeds from the sale of real estate	418,207	565,945	304,264
Investment in real estate and related assets	(441,995)	(70,556)	(273,217)
Investments in subsidiaries	0
Net cash provided by (used in) investing activities	(23,788)	495,389	31,047
Cash flows from financing activities:
Borrowings, net of fees and prepayment penalty on early extinguishment of debt	281,518	297,279	594,802
Repayments	(294,739)	(461,940)	(627,191)
Loss on early extinguishment of debt	0	(4,709)	0
Redemptions of common stock and fees, net of issuances	0	(306,574)	18,996
Distributions	(149,962)	(191,473)	(256,035)
Intercompany transfers, net	0	0	0
Redemptions of noncontrolling interest	0	0	(301)
Net cash used in financing activities	(163,183)	(667,417)	(269,729)
Net increase in cash and cash equivalents	49,935	46,301	14,157
Effect of foreign exchange rate on cash and cash equivalents	0	(103)	32
Cash and cash equivalents, beginning of period	99,855	53,657	39,468
Cash and cash equivalents, end of period	149,790	99,855	53,657
Columbia Property Trust (Parent)
Condensed Financial Statements, Captions [Line Items]
Cash flows from operating activities		(331)	(49)
Cash flows from investing activities:
Net proceeds from the sale of real estate		14,127	30,441
Investment in real estate and related assets		0	0
Net cash provided by (used in) investing activities		14,127	30,441
Cash flows from financing activities:
Borrowings, net of fees and prepayment penalty on early extinguishment of debt		0	0
Repayments		0	0
Loss on early extinguishment of debt		0
Redemptions of common stock and fees, net of issuances		(306,574)	18,996
Distributions		(191,473)	(256,020)
Intercompany transfers, net		516,659	216,255
Redemptions of noncontrolling interest			0
Net cash used in financing activities		18,612	(20,769)
Net increase in cash and cash equivalents		32,408	9,623
Effect of foreign exchange rate on cash and cash equivalents		0	0
Cash and cash equivalents, beginning of period		20,914	11,291
Cash and cash equivalents, end of period	119,488	53,322	20,914
Columbia Property Trust OP (the Issuer)
Condensed Financial Statements, Captions [Line Items]
Cash flows from operating activities		(84,270)	(83,489)
Cash flows from investing activities:
Net proceeds from the sale of real estate		551,818	273,823
Investment in real estate and related assets		(5,270)	(193,410)
Net cash provided by (used in) investing activities		546,548	80,413
Cash flows from financing activities:
Borrowings, net of fees and prepayment penalty on early extinguishment of debt		297,320	595,731
Repayments		(343,000)	(591,000)
Loss on early extinguishment of debt		0
Redemptions of common stock and fees, net of issuances		0	0
Distributions		0	0
Intercompany transfers, net		(400,712)	(7,430)
Redemptions of noncontrolling interest			0
Net cash used in financing activities		(446,392)	(2,699)
Net increase in cash and cash equivalents		15,886	(5,775)
Effect of foreign exchange rate on cash and cash equivalents		0	0
Cash and cash equivalents, beginning of period		4,822	10,597
Cash and cash equivalents, end of period	10,504	20,708	4,822
Non-Guarantors
Condensed Financial Statements, Captions [Line Items]
Cash flows from operating activities		302,930	336,377
Cash flows from investing activities:
Net proceeds from the sale of real estate		0	0
Investment in real estate and related assets		(65,286)	(79,807)
Net cash provided by (used in) investing activities		(65,286)	(79,807)
Cash flows from financing activities:
Borrowings, net of fees and prepayment penalty on early extinguishment of debt		(41)	(929)
Repayments		(118,940)	(36,191)
Loss on early extinguishment of debt		(4,709)
Redemptions of common stock and fees, net of issuances		0	0
Distributions		0	(15)
Intercompany transfers, net		(115,947)	(208,825)
Redemptions of noncontrolling interest			(301)
Net cash used in financing activities		(239,637)	(246,261)
Net increase in cash and cash equivalents		(1,993)	10,309
Effect of foreign exchange rate on cash and cash equivalents		(103)	32
Cash and cash equivalents, beginning of period		27,921	17,580
Cash and cash equivalents, end of period	19,798	25,825	27,921
Reportable Legal Entities | Columbia Property Trust (Parent)
Condensed Financial Statements, Captions [Line Items]
Cash flows from operating activities	(122)
Cash flows from investing activities:
Net proceeds from the sale of real estate	0
Investment in real estate and related assets	(5,000)
Investments in subsidiaries	67,403
Net cash provided by (used in) investing activities	62,403
Cash flows from financing activities:
Borrowings, net of fees and prepayment penalty on early extinguishment of debt	0
Repayments	0
Loss on early extinguishment of debt	0
Redemptions of common stock and fees, net of issuances	0
Distributions	(149,962)
Intercompany transfers, net	153,847
Net cash used in financing activities	3,885
Net increase in cash and cash equivalents	66,166
Cash and cash equivalents, beginning of period	53,322
Cash and cash equivalents, end of period	119,488
Reportable Legal Entities | Columbia Property Trust OP (the Issuer)
Condensed Financial Statements, Captions [Line Items]
Cash flows from operating activities	(38,618)
Cash flows from investing activities:
Net proceeds from the sale of real estate	418,207
Investment in real estate and related assets	(366,380)
Investments in subsidiaries	0
Net cash provided by (used in) investing activities	51,827
Cash flows from financing activities:
Borrowings, net of fees and prepayment penalty on early extinguishment of debt	282,807
Repayments	(283,000)
Loss on early extinguishment of debt	0
Redemptions of common stock and fees, net of issuances	0
Distributions	0
Intercompany transfers, net	(23,220)
Net cash used in financing activities	(23,413)
Net increase in cash and cash equivalents	(10,204)
Cash and cash equivalents, beginning of period	20,708
Cash and cash equivalents, end of period	10,504
Reportable Legal Entities | Non-Guarantors
Condensed Financial Statements, Captions [Line Items]
Cash flows from operating activities	275,646
Cash flows from investing activities:
Net proceeds from the sale of real estate	0
Investment in real estate and related assets	(70,615)
Investments in subsidiaries	0
Net cash provided by (used in) investing activities	(70,615)
Cash flows from financing activities:
Borrowings, net of fees and prepayment penalty on early extinguishment of debt	(1,289)
Repayments	(11,739)
Loss on early extinguishment of debt	0
Redemptions of common stock and fees, net of issuances	0
Distributions	0
Intercompany transfers, net	(198,030)
Net cash used in financing activities	(211,058)
Net increase in cash and cash equivalents	(6,027)
Cash and cash equivalents, beginning of period	25,825
Cash and cash equivalents, end of period	19,798
Consolidating Adjustments
Condensed Financial Statements, Captions [Line Items]
Cash flows from operating activities	0
Cash flows from investing activities:
Net proceeds from the sale of real estate	0
Investment in real estate and related assets	0
Investments in subsidiaries	(67,403)
Net cash provided by (used in) investing activities	(67,403)
Cash flows from financing activities:
Borrowings, net of fees and prepayment penalty on early extinguishment of debt	0
Repayments	0
Loss on early extinguishment of debt	0
Redemptions of common stock and fees, net of issuances	0
Distributions	67,403
Net cash used in financing activities	67,403
Net increase in cash and cash equivalents	0
Cash and cash equivalents, beginning of period	0
Cash and cash equivalents, end of period	$ 0

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Quarterly Results (unaudited) (Tables)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2014 and 2013(in thousands, except per-share data):

	2014
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Revenues	$	129,168	$	136,757	$	136,981	$	137,891
Net income attributable to common stockholders of Columbia Property Trust, Inc.	$	3,400	$	8,021	$	24,988	$	56,226	(1)
Basic net income attributable to common stockholders of Columbia Property Trust, Inc. per share	$	0.03	$	0.06	$	0.20	$	0.45
Diluted net income attributable to common stockholders of Columbia Property Trust, Inc. per share	$	0.03	$	0.06	$	0.20	$	0.45
Distributions declared per share	$	0.30	$	0.30	$	0.30	$	0.30

	2013
	First Quarter				Second Quarter		Third Quarter		Fourth Quarter
Revenues(2)	$	128,792			$	131,897	$	132,502	$	133,387
Net income (loss) attributable to common stockholders of Columbia Property Trust, Inc.	$	(22,608	)	(3)	$	20,601	$	4,800	$	12,927
Basic net income (loss) attributable to common stockholders of Columbia Property Trust, Inc. per share(4)	$	(0.17	)		$	0.15	$	0.04	$	0.10
Diluted net income (loss) attributable to common stockholders of Columbia Property Trust, Inc. per share(4)	$	(0.17	)		$	0.15	$	0.04	$	0.10
Distributions declared per share(4)	$	0.38			$	0.38	$	0.38	$	0.30

⁽¹⁾  Net income for the fourth quarter of 2014 includes gains on sales of real estate of $56.6 million (See Note 3, Real Estate and Other Transactions), partially offset by impairment losses of $10.1 million.

⁽²⁾  Prior-period amounts adjusted to conform with current-period presentation, including classifying revenues generated by properties sold as discontinued operations for all periods presented (see Note 12, Discontinued Operations).

⁽³⁾  Net income for the first quarter of 2013 reflects the incurrence of nonrecurring fees under the Consulting and Transitions Services Agreements (See Note 10, Related-Party Transactions and Agreements).

⁽⁴⁾  All computations using share amounts have been retroactively adjusted to reflect the August 14, 2013, four-for-one reverse stock split (See Note 7, Stockholders'Equity).

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Discontinued Operations

12 Months Ended

Dec. 31, 2014

Discontinued Operation, Additional Disclosures [Abstract]

Discontinued Operations

Discontinued Operations

As a result of implementing ASU 2014-08 effective April 1, 2014 (see Note 2, Significant Accounting Policies), beginning in the second quarter of 2014, the operating results for properties sold will generally be included in continuing operations. The following properties were sold prior to implementing ASU 2014-08 and are, therefore, included in discontinued operations in the accompanying consolidated statements of operations for all periods presented:

• the properties included in the 18 Property Sale, which closed on November 5, 2013, for $521.5 million and resulted in a net loss of $0.4 million;

• Dvintsev Business Center – Tower B in Moscow, Russia, which sold on March 21, 2013, along with its holding entity, Landlink, Ltd., which was 100% owned by Columbia Property Trust, for $67.5 million and resulted in a gain of $10.0 million;

• the properties included in the Nine Property Sale, which closed in December 2012 for $260.5 million and resulted in a net gain of $3.2 million;

• 5995 Opus Parkway and Emerald Point, both of which closed in January 2012 for $60.1 million and resulted in aggregate gains of $16.9 million.

The following table shows the revenues and expenses of the above-described discontinued operations (in thousands). 2014 amounts reflect post closing adjustments and true ups related to the 18 Property Sale, which closed prior to our adoption of ASU 2014-08.

	Years ended December 31,
	2014			2013			2012
Revenues:
Rental income	$	4		$	48,550		$	91,132
Tenant reimbursements	115			11,205			18,059
Other property income	—			291			5,471
	119			60,046			114,662
Expenses:
Property operating costs	(250		)	21,232			36,996
Asset and property management fees	7			1,501			7,974
Depreciation	—			11,730			21,609
Amortization	—			7,590			15,776
Impairment loss on real estate assets	—			29,737			18,467
General and administrative	755			1,360			748
Total expenses	512			73,150			101,570
Operating income (loss)	(393		)	(13,104		)	13,092
Other income (expense):
Interest expense	3			(3,804		)	(6,610		)
Interest and other income	—			293			16
Loss on early extinguishment of debt	—			(4,709		)	—
Income (loss) from discontinued operations before income tax expense	(390		)	(21,324		)	6,498
Income tax expense	—			(1		)	(14		)
Income (loss) from discontinued operations	(390		)	(21,325		)	6,484
Gain (loss) on disposition of discontinued operations	(1,627		)	11,225			20,117
Income (loss) from discontinued operations	$	(2,017	)	$	(10,100	)	$	26,601