OCC HQ renews at Piedmont's One Independence Square in Washington DC
ATLANTA and WASHINGTON DC, June 14, 2011 - Piedmont Office Realty Trust, Inc. (NYSE: PDM) today announced the completion of a 2-year lease renewal with The Office of the Comptroller of the Currency (OCC), at its 250 E Street, S.W. property in Washington DC.
The OCC, an independent bureau of the U.S. Department of the Treasury, renewed a 333,815 square-foot lease at Piedmont's One Independence Square, where it has been headquartered for approximately 20 years. Upon expiration of this renewal, the OCC is scheduled to relocate to Constitution Center as part of a consolidation effort with the Office of Thrift Supervision (OTS).
"After experiencing a positive, collaborative working relationship with the OCC since acquiring 250 E Street in 2002, we were disappointed to learn that they will be leaving the building over the next two years," said Ken Mulrane, Vice President for Piedmont Office Realty Trust. "We are encouraged, however, by initial interest in One Independence Square and believe the building's quality and location, being in the heart of the federal government's operations, offers a compelling site for a diverse group of tenants," added Mulrane.
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 March 31, 2011, Piedmont's 77 wholly-owned office buildings were comprised of approximately 21 million rentable square feet and were 87.3 % leased. 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 $5.8 billion in properties since 1998. For more information, see www.piedmontreit.com.
Contact: Kerry Hughes
Phone: + 1 770 418 8678