Piedmont Office Realty Trust Signs Full Building Lease with US Foods in Phoenix Market
ATLANTA - December 13, 2011 - Piedmont Office Realty Trust, Inc. (NYSE: PDM) announced today the completion of a new 12 year lease with US Foods for 133,225 square feet at its River Corporate Center property, located at 8075 South River Parkway in Tempe, AZ. The Rosemont, Ill.-based food distributor will utilize the entire building located in the Arizona State University (ASU) Research Park, and will have a build-to-suit option to expand the premises up to an additional 60,000 square feet.
The tenant was represented by Chris Reynolds and Jim Bayless of CBRE. The owner was represented by Andrew Cheney, Craig Coppola, Bill Blake and Colton Trauter of Lee & Associates.
"We are extremely pleased to welcome US Foods to our portfolio of tenants," said Joe Pangburn, Senior Vice President for Piedmont. "Completing a new lease of this size speaks to the desirable attributes of the property and the ASU Research Park, while demonstrating a sign of resurgence in the Phoenix office market as well," added Pangburn.
"The completion of this lease with US Foods compliments our list of many large leases we have been successful in executing this year," said C.A. "Bo" Reddic, IV, Executive Vice-President of Real Estate Operations for Piedmont. "Considering the economy is recovering at a tepid pace, we are fortunate to be experiencing a record-breaking year in terms of gross leasing activity as we approach 4 million square feet in total leasing transactions," concluded Reddic.
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 September 30, 2011, Piedmont's 79 wholly-owned office buildings were comprised of approximately 22 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 acquiring over $5.9 billion in properties since 1998. For more information, see www.piedmontreit.com.
Contact: Kerry Hughes
Phone: 1 770 418 8678