Piedmont REIT Signs Motorola to New Lease in South Plainfield, N.J.
NORCROSS, Ga. (August 31, 2007) – Piedmont Office Realty Trust Inc. today announced it has signed Motorola to a 145,000-square-foot, five-year extension at its offices in South Plainfield, N.J.
The campus-style property, at 1111 Durham Ave., will host research and development operations for the telecommunications manufacturer. “We’re very pleased Motorola is remaining,” said George Wells, senior vice president for Piedmont, a real estate investment trust. “We feel the building’s prominent signage options and redundant power systems were important features for Motorola.”
Motorola, which formerly leased the entire three-story, 245,000-square-foot building, will now continue to lease approximately 60 percent of the property through 2012. The building, built in 1972, was acquired by the REIT in 2000; it’s one of seven buildings that comprise 2 million square feet owned by the REIT in New Jersey.
The REIT was represented by Dennis McConnell and Jodie Matthews of Jones Lang LaSalle; Motorola was represented by Ray Sohmer and Craig Eisenhardt of CB Richard Ellis.
Piedmont, formerly known as Wells REIT and specializing in Class-A office properties, currently owns 81 buildings totaling more than 21 million square feet in 23 states (including Washington, D.C.). Properties include the corporate headquarters of such organizations as AT&T Wireless, U.S. Bancorp, NASA and Nestlé USA. Across the portfolio, Piedmont properties are 95 percent leased. For more information, see www.piedmontreit.com.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including discussions regarding Piedmont’s use of proceeds and certain other factors that may affect future earnings or financial results. Such statements involve risks and uncertainties, which could cause actual results to vary materially from those expressed in or indicated by the forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Factors that may cause actual results to differ materially include changes in general economic conditions, changes in real estate conditions, construction delays, increases in interest rates, lease-up risks, lack of availability of financing, and lack of availability of capital proceeds. Piedmont REIT is closed to new investors. SEC filings: www.sec.gov.