SLG - Columbia Property Trust - Gateway Office Is Overvalued But Do Not Ignore This Arbitrage Play

• Columbia's holdings are class A office properties in America's largest markets, including New York, San Francisco, and Washington DC.
• Short-term stability should not masquerade the office sector's potential medium- and long-term struggles due to shorter lease terms, expected vacancy increases, and rental rate decreases.
• Columbia's weak outlook reaffirms pending weaknesses.
• Despite gateway office's unattractive qualities, Columbia's potential buyout at $19.50 per share is attractive for shareholders, and management should accept the deal.

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