Piedmont Office Realty Trust Acquires Class-A Property in Boston Market
ATLANTA and BOSTON - March 25, 2013 - Piedmont Office Realty Trust (NYSE: PDM) announced today that it has completed the purchase of 5 & 15 Wayside Road, a two-building, Class-A property located in Burlington, Massachusetts. The 271,434 square foot office complex is comprised of two interconnected, four-story and five-story office buildings constructed in 1999 and 2001. The complex is currently 95% leased to three tenants.
The seller was represented by the Cushman & Wakefield team of Robert E. Griffin, Jr., Edward C. Maher, Jr., and Matthew Pullen. Wil Stone, Senior Vice President, Capital Markets, along with Brad Pittman and Justin Caudill represented Piedmont in the purchase. "We are pleased to have been successful in the purchase of such a high quality office complex," commented Stone. "These are well-located buildings within the dynamic Burlington market that benefit from desirable amenities including a fitness center, upscale retail and restaurants next door, and Rt-128 access," he added.
"This acquisition demonstrates Piedmont's goal of continuing to increase our presence in and deploy capital into our identified national concentration markets, while also adhering to our limited multi-tenant operating strategy," added Raymond L. Owens, Executive Vice-President, Capital Markets for Piedmont.
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, Los Angeles, Boston, and Dallas. As of December 31, 2012, Piedmont's 74 wholly-owned office buildings were comprised of over 20 million rentable square feet. The Company is headquartered in Atlanta, GA, with local management offices in each of its major markets. Piedmont is investment-grade rated by Standard & Poor's and Moody's and has maintained a low-leverage strategy while acquiring and disposing of properties during its fourteen year operating history. An investment summary of this transaction can be found on the company's investor relations web site at www.piedmontreit.com.
|Company:||Piedmont Office Realty Trust|
|Phone:||+ 1 770 418 8678|