Piedmont Office Realty Trust Secures over 700,000 SF of National Leasing in the Fourth Quarter
ATLANTA - January 12, 2011 - Piedmont Office Realty Trust (NYSE: PDM), today announced the completion of 719,784 square feet of leasing in the fourth quarter of 2010. The Johns Creek, GA-based Office REIT attained this accomplishment by executing a compilation of new leases and lease renewals across its national property portfolio. The following reflects Piedmont's most significant leasing activity during the quarter, based on total square footage per market sector:
Orange County, CA - Panasonic Avionics Corporation renewed a 144,906 square-foot lease for an 11-year term at 26200 Enterprise Way in Lake Forest, CA.
Washington, DC - The Henry M. Jackson Foundation for the Advancement of Military Medicine, Inc. signed a new lease totaling 124,516 square feet at Piedmont Pointe I & II, 6720 A-B Rockledge Drive in Bethesda, MD, commencing in the third quarter of 2011. Additionally, a national investment grade-rated health care provider has completed a new lease for 33,558 square feet at the same property. Both tenants signed lease terms of 10+ years.
New York, NY - The International Securities Exchange, LLC, a wholly owned subsidiary of Eurex (jointly operated by Deutsche Börse AG and SIX Swiss Exchange) renewed a 64,395 square-foot lease at 60 Broad Street in the financial district of New York, NY for an additional 6 years through 2021.
Chicago, IL - Thoughtworks, Inc. completed a new 10-year lease totaling 52,529 square feet at Aon Center - 200 East Randolph Street in Chicago, IL.
At the same Chicago property, KPMG exercised a pre-commencement contraction right of 45,517 square feet after realizing efficiencies gained from the completion of its space planning and design process. This reduction reflects a new total of 218,123 square feet for a 2012 lease commencement.
Detroit, MI - Law firm, Butzel Long completed a 48,669 square foot lease renewal for an additional 9 years through 2022 at 150 West Jefferson Avenue in downtown Detroit, MI. The renewal reflects a 52,478 square-foot contraction, effective third quarter 2013.
At the same Detroit property, KPMG renewed a 29,606 square foot lease and expanded the lease by an additional 10,644 square feet for a 9-year term.
Fort Lauderdale, FL- AT&T Services, Inc. completed a 5+ year renewal totaling 26,222 square feet at 2001 NW 64th Street in Fort Lauderdale, FL. The renewal reflects a 21,178 square-foot contraction, effective August, 2011.
"We are pleased to report these leasing accomplishments, especially at a time when economic challenges still continue in the office real estate market," said C.A. "Bo" Reddic, IV, Executive Vice-President of Real Estate Operations for Piedmont. "We are fortunate to have a strong balance sheet and a solid owner/manager reputation. Both position us to welcome new tenants and to continue our existing relationships with such nationally recognized tenants as those noted in our fourth quarter leasing results," added Reddic.
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 September 30, 2010, Piedmont owned 74 office buildings, as well as two industrial properties and seven investments in unconsolidated joint ventures. The 74 wholly-owned office properties are located in 19 metropolitan areas across the United States and comprise approximately 20 million square feet. At September 30, 2010, Piedmont's office properties were 89.0 percent leased. The Company is headquartered in Atlanta, Georgia with regional property management offices in Boston, Chicago, Dallas, Detroit, Los Angeles, Minneapolis, Tampa and Washington, D.C. For more information, see www.piedmontreit.com.
|Company:||Piedmont Office Realty Trust|
|Phone:||+ 1 770 418 8678|