GE Capital Renews and Expands Approximately 400,000 SF Lease at Piedmont's 500 West Monroe in Chicago, IL
ATLANTA and CHICAGO - December 5, 2011 - Piedmont Office Realty Trust, Inc. (NYSE: PDM) announced today that it has completed a 15-year lease renewal and expansion with GE Capital at its 500 West Monroe property in Chicago, IL. GE Capital renewed 292,000 square feet of its current lease and is contractually obligated to expand to at least 371,000 square feet during the first two years of the new lease.
"GE Capital is committed to adding 1,000 jobs in the city of Chicago by 2014 to better serve our current and new customers in the area," said Linda Fiore, managing director, Chicago business development for GE Capital, Americas. "500 West Monroe allows for this planned growth and we look forward to expanding our presence at the property."
Jeffrey Samaras and Kent Ilhardt of Cushman & Wakefield represented the tenant in the transaction. Steve Smith, Gary Kostecki and Brad Despot of Jones Lang LaSalle represented Piedmont in the negotiations.
"Assuming ownership of 500 West Monroe earlier this year clearly exemplifies our commitment to downtown Chicago," said Joe Pangburn, Senior Vice President for Piedmont. "We are exceptionally pleased that such a distinguished tenant as GE Capital has decided to make a similar long-term commitment to Chicago, and to our property," continued Pangburn. "We appreciate the efforts of all involved to complete this renewal and expansion, and look forward to continuing a positive and collaborative working relationship with GE Capital in the years ahead," he concluded.
About Piedmont: Piedmont Office Realty Trust, Inc. (NYSE:PDM) is a fully-integrated and self-managed real estate investment trust (REIT) specializing in high-quality, Class A office properties located primarily in the ten largest U.S. office markets, including Chicago, Washington, D.C., New York, Dallas, Los Angeles and Boston. As of September 30, 2011, Piedmont's 79 wholly-owned office buildings were comprised of approximately 22 million rentable square feet. The Company is headquartered in Atlanta, GA with local management offices in each of its major markets. Investment grade-rated by Standard & Poor's and Moody's, Piedmont has maintained a low-leverage strategy while acquiring over $5.9 billion in properties since 1998. For more information, see www.piedmontreit.com.
Contact: Kerry Hughes
Phone: 1 770 418 8678