JPMorgan Asset Management has agreed to buy Columbia Equity Trust Inc., a real estate investment firm based in Washington.
The all-cash deal is valued at about $502 million and includes the assumption of Columbia's $213 million of debt.
JPMorgan Asset Management is to acquire all of Columbia's outstanding common stock for $19 a share in cash. That would be a 12.4% premium over Columbia's Nov. 3 closing price and a 12.6% premium to the volume-weighted average closing price over the past 30 days.
The deal was announced Monday and is expected to be completed next quarter. It has been unanimously approved by Columbia's board of directors.
Columbia owns, operates, acquires, and develops commercial office properties, primarily in the Washington area. Its portfolio includes more than three million square feet of office space, predominantly in northern Virginia, suburban Maryland, and Washington.
JPMorgan Asset Management, based in New York, is a subsidiary of JPMorgan Chase & Co. It had $935 billion of assets under management as of Sept. 30.
