Piedmont Office Realty Trust Announces Fourth Quarter Leasing and Capital Markets Activity
Achieves Record-Breaking Leasing Year of 4 million square feet
ATLANTA - January 12, 2012 - Piedmont Office Realty Trust (NYSE: PDM) announced today that it has completed 939,062 square feet of leasing in the fourth quarter of 2011, resulting in an annual leasing record of 4 million square feet. This total surpasses the previous largest annual leasing record of 3.1 million square feet for the Atlanta-based public office REIT.
Piedmont achieved its fourth quarter results and annual leasing record through the execution of various new leases and lease renewals across its national property portfolio. The following reflects the most significant leasing activity for the quarter, based on square footage, by market:
Chicago, IL - General Electric Capital Corporation completed a combined lease renewal and expansion at 500 West Monroe in Chicago, IL. GE Capital renewed 292,000 square feet of its current lease and is contractually obligated to expand to at least 371,000 square feet during the first two years of the new lease. The lease expires in 2027.
Also in downtown Chicago, United Healthcare Services, Inc. signed a 54,634 square foot, 11 year new lease at Aon Center, located at 200 E. Randolph Street.
Phoenix, AZ - US Foods, Inc. signed a 133,225 square foot new lease at River Corporate Center, located at 8075 South River Parkway in Tempe, AZ. The food service giant will assume occupancy of the entire building for just under 13 years through 2025.
Houston, TX - Schlumberger Technology Corporation completed a 105,432 square foot, 12 year new lease at Piedmont's recently acquired 1200 Enclave Parkway in Houston, TX.
New York Metro - Synchronoss Technologies, Inc. signed a 78,581 square foot, 11+ year new lease at 200 Bridgewater Crossing in Bridgewater, NJ.
Los Angeles, CA - International insurance services firm Crawford & Company completed a 23,035 square foot lease for 5+ years at Fairway Center II, located at 675 Placentia Avenue in Brea, CA.
"We are extremely pleased with the velocity of leasing activity and volume achieved over the past year," said C.A. "Bo" Reddic, IV, Executive Vice-President of Real Estate Operations for Piedmont. "We largely attribute this leasing success to the quality of our properties which are located in desirable markets, as well as our reputation as a financially stable owner and superior property manager," added Reddic. "Additionally, we believe that our strong relationships with many corporate end users, and the firms that represent them, played a significant role in our attaining this leasing accomplishment," concluded Reddic.
Additionally, and as previously announced, Piedmont completed the following capital markets transactions in the fourth quarter:
Orlando, FL - Acquired 400 TownPark, a 175,674 square-foot Class-A office property located at 400 Colonial Center Parkway in Lake Mary, FL. Piedmont acquired the five-story building from Colonial Properties Trust for approximately $23.8 million.
Chicago, IL -Completed the sale of its 96.5% interest in 35 W. Wacker Drive in Chicago, IL for approximately $387 million. This price equates to a value of approximately $401 million for 100% of the property. The 1,118,042 square foot 50-story downtown trophy tower is primarily leased to anchor tenants, Leo Burnett USA, Inc. and Winston & Strawn LLP.
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 December 31, 2011, Piedmont's 79 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 $1.6 billion in property acquisitions and dispositions, respectively, during its fourteen year operating history. For more information, see www.piedmontreit.com.
Contact: Kerry Hughes
Company: Piedmont Office Realty Trust
Phone: 1 770 418 8678