Piedmont Office Realty Trust Announces 2014 First Quarter Leasing and Capital Markets Activity
ATLANTA - April 14, 2014 - Piedmont Office Realty Trust (NYSE: PDM) announced today that it secured approximately 415,000 square feet of total leasing and completed the sale of two non-core assets in the first quarter of 2014.
Significant leasing highlights of transactions greater than 20,000 square feet for the quarter included:
Atlanta, GA - Preferred Apartment Advisors completed a 62,145 square foot, 11-year new lease through 2025 at The Medici, located at 3284 Northside Parkway, NW in Atlanta, GA.
New York, NY (Metropolitan Area) - Amneal Pharmaceuticals, LLC signed a 40,110 square foot, 10+ year new lease through 2024 at 400 Bridgewater Crossing in Bridgewater, NJ.
Also at 400 Bridgewater Crossing, Harding Loevner, LP completed a lease renewal and expansion comprised of 39,685 square feet through 2022.
Chicago, IL - R-T Specialty, LLC signed a 26,966 square foot, 14+ year new lease through 2029 at 500 West Monroe Street in Chicago, IL.
Los Angeles, CA - Children's Hospital Los Angeles completed a 22,638 square foot, 5+ year lease renewal through 2021 at 800 North Brand Boulevard in Glendale, CA.
Minneapolis, MN - JL Buchanan, Inc. signed a 20,244 square foot, 10+ year new lease through 2025 at US Bancorp Center, located at 800 Nicollet Mall in Minneapolis, MN.
"As our lease expirations over the next three years will be relatively low compared to the previous three years, we feel very good about our first quarter leasing results. Approximately 71% of our leasing activity in the first quarter related to new leases predominantly for previously vacant spaces within our portfolio," said C.A. "Bo" Reddic, IV, Executive Vice-President of Real Estate Operations for Piedmont. "Looking ahead to the rest of this year, we are optimistic about the potential for growth in our overall occupancy level given the amount of leasing traffic we are currently managing through our pipeline," added Reddic.
Piedmont continues to focus on refining its portfolio of assets. The following capital markets transactions were completed during the first quarter. The Company anticipates completing additional property transactions during the year to fund strategic acquisitions and share repurchases.
Washington, DC - 11107 & 11109 Sunset Hills Road, Reston, VA. The two adjacent office buildings, totaling 142,394 square feet, are located on a 4.5 acre land parcel with an overall occupancy of 71%. Penzance Properties, LLC purchased the office buildings for $22.6 million, or $159 per square foot.
About Piedmont: Piedmont Office Realty Trust, Inc. (NYSE: PDM) is a fully-integrated and self-managed real estate investment trust (REIT) specializing in the ownership and management of high-quality Class A office buildings located primarily in ten of the largest U.S. office markets, including Atlanta, Boston, Chicago, Dallas, Houston, Los Angeles, Minneapolis, New York, Central Florida and Washington, D.C. Approximately 60% of its tenants are investment grade-rated or governmental tenants, and many others are blue chip or nationally-recognized companies. The Company is headquartered in Atlanta, GA, with local management offices in each of its major markets. Investment grade-rated by Standard & Poor's (BBB) and Moody's (Baa2), Piedmont has maintained a relatively low leverage strategy throughout its fifteen year operating history. For more information, see www.piedmontreit.com.
Contact: Kerry Hughes
Company: Piedmont Office Realty Trust
Phone: 1 770 418 8678