Piedmont Office Realty Trust Announces First Quarter Leasing and Acquisition Activity
Opens New York Regional Management Office
ATLANTA - April 11, 2011 - Piedmont Office Realty Trust (NYSE: PDM) today announced the completion of approximately 843,000 square feet of leasing activity in the first quarter of 2011. The Atlanta-based Office REIT achieved these leasing results by executing a combination of new leases and lease renewals across its national property portfolio. The following transactions represent all leases of 25,000 or more square feet executed during the quarter:
Washington, D.C. - The National Aeronautics and Space Administration (NASA) signed a 597,253 square-foot, 15-year lease renewal at 300 E Street, S.W. in Washington, D.C.
Orange County, CA - BSH Home Appliances Corporation completed a new 49,781 square-foot lease for 8 years at 1901 Main Street in Irvine, CA.
Minneapolis, MN - Eide Bailly, LLP signed a new 40,622 square-foot lease for 13 years at US Bancorp Center in Minneapolis, MN.
Northern New Jersey - First Solar Electric, LLC completed a 7+year new lease for 39,096 square feet at 400 Bridgewater Crossing in Bridgewater, NJ.
Chicago, IL- Evraz, Inc. signed a new 34,868 square-foot lease for 12 years at Aon Center in Chicago, IL.
"We are pleased with the velocity of leasing activity we have continued to experience in recent quarters," said C.A. "Bo" Reddic, IV, Executive Vice President of Real Estate Operations for Piedmont. "Despite lingering economic challenges, it is encouraging that several of the quarter's largest lease transactions were completed with new tenants. We feel fortunate to be in a position to welcome these new tenants while continuing to extend our long-existing relationships with tenants such as NASA," added Reddic.
Additionally, Piedmont completed the addition of two Class A properties during the first quarter. On March 30, 2011, Piedmont acquired a 149,654 square-foot building located at 1200 Enclave Parkway in the prestigious Energy Corridor of Houston, TX. Also on March 31, 2011, Piedmont announced the acquisition of a 46-story, 973,000-square-foot, Class A office building located at 500 West Monroe Street in Chicago, IL. The building, designed by the renowned architectural firm of Skidmore, Owings & Merrill, is located in the West Loop, one of Chicago's most desired office submarkets.
Finally, Piedmont announced the opening of a regional management office at its 60 Broad Street property in New York, NY. Mark S. Landstrom, formerly with Cogswell Realty Group in New York, has joined Piedmont and will lead the management of the New York/Northern New Jersey region.
"Our existing concentration and presence in the New York & Northern New Jersey markets, coupled with our strategic focus on this region as one of our core growth markets, clearly warrants the addition of this office for our organization," said Donald A. Miller, Chief Executive Officer and President of Piedmont. "Mark Landstrom brings the leadership experience necessary to ensure continued operational and management excellence, while also contributing local knowledge for evaluating leasing and acquisition opportunities," commented Miller.
About Piedmont: Piedmont Office Realty Trust is a public REIT specializing in Class-A office properties, located primarily in the ten largest U.S. office markets. As of December 31, 2010, Piedmont owned 75 office buildings, as well as two industrial properties and seven investments in unconsolidated joint ventures. The 75 wholly-owned office properties are located in 19 metropolitan areas across the United States and comprise over 20 million square feet. At December 31, 2010, Piedmont's office properties were 89.2 percent leased. The Company is headquartered in Atlanta, Georgia with regional property management offices in several major US office markets, including Boston, Chicago, New York City, Washington, D.C., and Los Angeles. For more information, see http://www.piedmontreit.com/.
|Company:||Piedmont Office Realty Trust|
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