Piedmont Completes Strategic Disposition of Orange County Asset
ATLANTA - June 12, 2012 - Piedmont Office Realty Trust, Inc. (NYSE: PDM) announced today that it has completed the sale of 26200 Enterprise Way in Lake Forest, CA. The buyer, Cornerstone Real Estate Advisers, LLC, purchased the two-story 144,906 square-foot office property, on behalf of a separate account client.
Piedmont has held sole ownership in the building since its construction in 2000. It is currently 100% leased to Panasonic Avionics Corporation. The seller was represented by Jeffrey Cole and Ed Hernandez of Cushman & Wakefield of California, Inc. Chris Black and Kelly Kinnon facilitated negotiations on behalf of Cornerstone.
"We are pleased to announce the completion of this sale, as it further aligns with our goals of disposing some non-strategic assets and allowing the re-deployment of capital back into assets that fit our long term strategic objectives," said Raymond L. Owens, Executive Vice-President, Capital Markets for Piedmont. "Orange County and greater Los Angeles is a market of focus and concentration for Piedmont. We will continue to look for favorable investment opportunities there, as part of our overall capital markets strategy to execute transactions in the top 10 office markets nationally," added Owens.
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, 2012, Piedmont's 75 wholly-owned office buildings were comprised of approximately 21 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 transacting $5.9 billion and $1.7 billion in property acquisitions and dispositions, respectively, during its fourteen year operating history. For more information, see www.piedmontreit.com.
Contact: Kerry Hughes
Phone: 1 770 418 8678