Piedmont Office Realty Trust Extends Lease with State of New York at 60 Broad
Five-Year Extension for 480,708 Square Feet
NORCROSS, Ga. (Feb. 15, 2008) -- Piedmont Office Realty Trust has signed a five-year lease extension with the State of New York for 480,708 square feet of office space in lower Manhattan, at 25 Beaver Street -- also known as the 60 Broad Street tower.
Tenants at the 39-story, 1-million-square-foot building include five agencies of the New York state government: Court Administration, Housing & Community Renewal, Insurance, Commission for Blind & Visually Handicapped, and Lottery. The new lease will run for five additional years, with a five-year renewal option.
Built in 1962, 60 Broad Street was renovated in 1997, the year the state agencies moved in. The building was acquired in 2003 and has maintained high occupancy levels since then. Arthur Stern, Anthony Stapleton, Eric Sarner and Ross Jacobs of Cogswell Realty Group, LLC, represented Piedmont in the extension as its exclusive leasing agent.
“This is an important transaction for us, as the state is one of our largest tenants in the REIT,” said George Wells, senior vice president of Piedmont.
Piedmont is a public, nontraded REIT specializing in Class-A office properties. As of Sept. 30, Piedmont owned 82 buildings totaling more than 21 million square feet in 23 states and Washington, D.C. Across the portfolio, Piedmont properties are approximately 94 percent leased. For more information, see www.piedmontreit.com.