JPMorgan Sub to Buy Columbia

Columbia Equity Trust Inc., Washington, D.C., has announced an agreement with a subsidiary of JPMorgan Asset Management's Special Situation Property Fund whereby SSPF will acquire Columbia in a transaction valued at approximately $502 million.Columbia, a real estate investment trust, said the estimated value of the all-cash merger includes the assumption of approximately $213 million of its debt. Under the terms of the pact, SSPF will acquire all the outstanding common stock of Columbia for $19 per share, which represents a 12.6% premium to the volume-weighted average closing price over the past 30 days, according to the REIT. Columbia also reported that Oliver T. Carr III, its chairman, president, and chief executive officer, and John A. Schissel, its executive vice president and chief financial officer, have entered into employment agreements with SSPF that will supersede their current employment agreements with Columbia upon completion of the merger. Columbia can be found online at http://www.columbiareit.com.