Piedmont Office Realty Trust Acquires Class-A Property in Orlando Market
ATLANTA - November 14, 2011 - Piedmont Office Realty Trust (NYSE: PDM) announced today that it has completed the purchase of 400 TownPark, a Class-A property at 400 Colonial Center Parkway in Lake Mary, FL.
Piedmont acquired the five-story, 175,674 square-foot office building from Colonial Properties Trust for approximately $23.8 million. Piedmont was advised by Providence One Partners, LLC, an Orlando-based real estate firm who originated the transaction. Constructed in 2008, this LEED Silver Certified property is located in northern Orlando's newest premier mixed-use development, Colonial TownPark. The building is currently 19% leased to three tenants and will be actively marketed for lease by Greg Morrison and Damien Madsen of Morrison Commercial Real Estate.
Brad Pittman, Vice President, Capital Markets for Piedmont Office Realty Trust, represented the company in the transaction. "We are pleased to have been successful in the purchase of such a well located, high quality office building at an attractive basis," commented Pittman. "The building offers prospective tenants an array of desirable amenities, including a fitness center, quality retail and restaurants and immediate I-4 Interstate access," he added.
"This acquisition solidly exhibits our strategy of securing high quality properties in previously identified opportunistic markets," commented Raymond L. Owens, Executive Vice-President, Capital Markets for Piedmont. "Adding an asset of the caliber of 400 TownPark to our portfolio is consistent with our goal of recycling capital into properties that provide opportunities for growth," 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 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.
|Company:||Piedmont Office Realty Trust|
|Phone:||+ 1 770 418 8678|