Piedmont Office Realty Trust Sells New Jersey Asset for $55 Million
ATLANTA, GA - December 13, 2010 - Piedmont Office Realty Trust, Inc. (NYSE: PDM) today announced that it has completed the sale of 111 Sylvan Avenue in Englewood Cliffs, NJ for $55 million. The buyer, LG Electronics U.S.A., Inc., purchased the five building, 410,000+ square foot office property, currently leased to Citicorp North America, Inc.
Piedmont was represented by the CB Richard Ellis team of Jeffrey Dunne, Kevin Welsh and David Opper. The buyer was represented by John Oh and Paul March, also of CB Richard Ellis.
"We are pleased to announce the completion of this sale, as it aligns with our goals to opportunistically dispose of some of our older, non-core assets," said Raymond L. Owens, Executive Vice-President, Capital Markets for Piedmont. "This disposition allows us to further focus on strategically re-deploying capital into assets within our concentration and opportunistic markets," added Owens.
Piedmont, along with its joint venture partners, also recently completed the sale of a property at 14400 Hertz Quail Springs Parkway in Oklahoma City, OK for $5.3 million.
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.
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