Group of Highly-Experienced Real Estate Investors Submits Proposal to Acquire Columbia Property Trust

Arkhouse Partners LLC, AS8888 LLC, an entity of The Sapir Organization, and 8F Investment Partners Pte. Ltd., which together beneficially own approximately 3.3% of Columbia Property Trust, Inc.’s (NYSE: CXP) (“Columbia” or the “Company”) outstanding common stock, today sent the below letter to the Company’s Board of Directors.

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March 18, 2021

The Board of Directors
Columbia Property Trust, Inc.
315 Park Avenue South
New York, New York 10010

Dear Members of the Board:

Arkhouse Partners LLC (together with its affiliates, “Arkhouse”), AS8888 LLC, an entity of The Sapir Organization (“Sapir”) and 8F Investment Partners Pte. Ltd. (together with its affiliates, “8F” and together with Arkhouse and Sapir, “we”, “us” or the “Investor Group”) are pleased to present a proposal to acquire 100% of the outstanding common stock of Columbia Property Trust, Inc. (NYSE: CXP) (“Columbia” or the “Company”) for $19.50 per share in cash. We are submitting this proposal to the Board of Directors (the “Board”) with the goal of facilitating a productive discussion and ultimately negotiating a mutually agreeable transaction that is in the best interest of stockholders.

Arkhouse is a specialized real estate investment firm with significant experience investing across the commercial property sector. The Sapir Organization is an established, multidisciplinary real estate investor, operator and developer that has owned, developed and managed more than 7 million square feet of Manhattan real estate. 8F is a diversified, global group with expertise in asset management, private market investments, advisory and capital raising. As of the date of this letter, the Investor Group beneficially owns approximately 3.3% of Columbia’s outstanding common stock.

We are experienced real estate investors that believe in the long-term value of Columbia’s high-quality office holdings. We have spent considerable energy and time evaluating Columbia’s portfolio, operating markets, management and strategy, and have made a meaningful investment in the Company. However, we are concerned about the Company’s lengthy track record of underperformance in the public market and challenges the Company faces on its current course. This general concern is compounded by Columbia’s headwinds across geographies through 2021. The Company has recently guided a decrease in funds from operations, (14%-20%), a drop in same store net operating income (3%-5%) and a reduction in portfolio lease percentage (1%-6%). Ultimately, we have concluded that Columbia’s stockholders are not likely to realize the value of the Company’s assets in the foreseeable future if the Company remains on its current course in the public market.