Piedmont Office Realty Trust Announces Full Building Lease and Land Acquisition in Dallas Market
ATLANTA - August 13, 2013 - Piedmont Office Realty Trust, Inc. (NYSE: PDM) announced today that it has achieved a successful leasing outcome for two corporate tenants in the Las Colinas submarket of Dallas, Texas. Epsilon, a leading marketing services firm, signed a new 12-year full building lease for approximately 222,000 square feet at Piedmont's 6021 Connection Drive property in Irving, TX. The lease is in addition to a recently signed 5-year, 28,000 square foot lease at Piedmont's adjacent property - 6031 Connection Drive. The two leases total nearly 250,000 square feet and reflect a headquarters relocation for Epsilon, commencing July, 2014. Epsilon noted that its Irving associate base has grown over 20% in the last 18 months and the firm expects to continue that momentum, with a focus on adding more technical experts as well as creative and strategy talent.
Additionally, Piedmont announced that it acquired a land parcel adjacent to its Connection Drive properties from Nokia. The land fronts Royal Lane and State Hwy 161 and is zoned for future office development. In connection with this sale, Nokia will relocate its Las Colinas offices to another Piedmont office property in Irving.
Epsilon was represented by John Boyle III, Greg Biggs, and Lauren Napper of Cassidy Turley. The owner was represented by Joel Pustmueller, Sarah Hinkley, and Grant Sumner of Peloton Commercial Real Estate. Nokia was represented by William Callahan of CB Richard Ellis.
According to Bryan Kennedy, CEO of Epsilon, "We have experienced tremendous growth since establishing our headquarters in Irving, Texas and we anticipate that we'll continue to bring on a mix of experienced hires and recent graduates, especially as we expand our campus recruiting efforts with local area colleges and universities like SMU, UT Austin and Texas A&M. To deliver unparalleled results for our vast global client base, we need not only best-of-breed technology and data, but also the brightest minds in the industry. As we transition to our new space in Irving, we will have the opportunity to continue to grow and build our talented team."
"We are pleased to welcome Epsilon to our portfolio of tenants and are confident that it will find our building very suitable as a headquarters location," said Damian Miller, Vice President for Piedmont. "Likewise, we have been appreciative of the long-term relationship we have enjoyed with Nokia and look forward to its continued tenancy with us in Dallas," added Miller.
"The timing and orchestration of these transactions were truly wins for all parties involved," said C.A. "Bo" Reddic, IV, Executive Vice-President of Real Estate Operations for Piedmont. "We pride ourselves as an owner in trying to provide long-term commercial real estate solutions for our customers, while also increasing shareholder value for our investors. We were pleased to have been successful in demonstrating both of these objectives with the transactions in Dallas," concluded Reddic.
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, Boston, Los Angeles and Dallas. As of June 30, 2013, Piedmont's 74 wholly-owned office buildings were comprised of nearly 21 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 fifteen year operating history. For more information, see www.piedmontreit.com.
Epsilon is the global leader in creating customer connections that build brand and business equity. A new breed of agency for a consumer-empowered world, our unique approach harnesses the power of rich data, world-leading technologies, engaging creativity and transformative ideas to ignite connections between brands and customers, delivering dramatic results. Recognized by Ad Age as the #1 U.S. Agency from All Disciplines, #1 World CRM/Direct Marketing Network and #2 U.S. Digital Agency Network, we employ over 5000 associates in 60 offices worldwide. Epsilon is an Alliance Data company. For more information, visit www.epsilon.com, follow us on Twitter @EpsilonMktg or call 1.800.309.0505.
Contact: Kerry Hughes
Company: Piedmont Office Realty Trust
Phone: 1 770 418 8678
Contact: Jessica Nable