Piedmont Office Realty Trust Signs Two New Leases for 158,000 Square Feet in Bethesda, MD
ATLANTA and WASHINGTON DC, December 21, 2010 - Piedmont Office Realty Trust, Inc. (NYSE: PDM) today announced the completion of two new leases totaling 158,075 square feet at its Piedmont Pointe properties, located at 6720-A and 6720-B Rockledge Drive in Bethesda, MD.
The Henry M. Jackson Foundation for the Advancement of Military Medicine, Inc. (HJF) signed a new lease agreement totaling 124,517 square feet to relocate its headquarters from Rockville, MD to Piedmont Pointe in the third quarter of 2011. Bernie McCarthy, Morgan Sullivan and Amanda Davis of Jones Lang LaSalle represented the tenant in the transaction.
Additionally, a national investment grade-rated health care provider has completed a new lease for 33,558 square feet and will be relocating its headquarters to Piedmont's newly constructed two-building Class-A property. The tenant was represented by Phil McCarthy and Keith Foery of Transwestern. The CB Richard Ellis team of Dennis Owen, Ben Powell and Brad Wilner represented the owner in both transactions, along with Ken Mulrane and George Wells of Piedmont Office Realty Trust. Both tenants signed lease terms of 10 plus years.
"We are pleased to welcome these two new tenants to our Piedmont Pointe campus in suburban Washington, DC and are confident that they will enjoy our unique executive parking facility, multiple balcony views, as well as the Rock Spring Park location and its close proximity to major interstate arteries and other amenities," said Ken Mulrane, Vice President for Piedmont Office Realty Trust.
"Securing two high-quality tenants such as these, positions the property well for capturing additional leasing momentum from within the growing DC region - one of our largest and most strategic markets nationally," commented George Wells, Senior Vice President of Piedmont. "Headquarter relocations within Montgomery County caused by organic growth have been very unusual in recent years. Therefore, we feel fortunate in both tenant's decisions to relocate to Bethesda," said Wells.
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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