Piedmont Sells Industrial Assets in Duncan, SC
Exits Non-Strategic Market
ATLANTA - September 27, 2012 - Piedmont Office Realty Trust, Inc. (NYSE: PDM) announced today that it has completed the sale of 110 & 112 Hidden Lake Circle in Duncan, SC. The buyer, STAG Industrial, Inc. purchased the two buildings totaling 787,380 square feet for $25.9 million.
Constructed in 1987, the two properties are currently 100% leased to three tenants - L. Perrigo Company and ResMed Corporation lease the 474,000 square feet at 110 Hidden Lake Circle, while Arvato Digital Services leases the remaining 313,380 square feet at sister building, 112 Hidden Lake Circle. The seller was represented by Peter Harwood and John Huguenard of Jones Lang LaSalle, along with Karen Purdy, Director, Capital Markets for Piedmont. Michael Chase facilitated negotiations on behalf of STAG Industrial.
"Completing this sale is a true win-win for Piedmont. It not only reflects our stated strategy of continuing to exit non-strategic markets, but it also divests our ownership of the last industrial assets in our portfolio," said Raymond L. Owens, Executive Vice-President, Capital Markets for Piedmont. "Further aligning with our corporate goals, this disposition allows for future capital reallocation opportunities," added Owens.
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 June 30, 2012, Piedmont's 74 wholly-owned office buildings were comprised of over 20 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 transacting $5.9 billion and $1.7 billion in property acquisitions and dispositions, respectively, during its fourteen year operating history. For more information, see www.piedmontreit.com.
Contact: Kerry Hughes
Phone: 1 770 418 8678