Piedmont Office Realty Trust Acquires Class-A Property in Washington D.C. Office Market
ATLANTA - March 4, 2013 - Piedmont Office Realty Trust (NYSE: PDM) announced today that it has completed the purchase of Arlington Gateway, a twelve-story, Class-A office property located at 901 North Glebe Road in Arlington, VA.
Piedmont acquired the 333,948 square-foot office building from Arlington Gateway Investor, LLC for approximately $175.6 million or $526 per square foot. Constructed in 2005, this LEED Gold and Energy Star Certified trophy property is located in the desirable Rosslyn-Ballston Corridor (RB) and is 99% leased exclusively to non-government tenants. Anchor tenants include leading global professional services company, Towers Watson and the law firm of Nixon & Vanderhye.
Arlington Gateway Investor, LLC was represented in this transaction by Gerry Trainor, Executive Managing Director with Transwestern Institutional Commercial Group. Piedmont represented itself in this acquisition with a team headed by Bob Wiberg - and including Wil Stone and Justin Caudill.
Considered among the top buildings in the Ballston submarket, Arlington Gateway occupies a prominent corner at the intersection of Fairfax Drive and North Glebe Road. This location affords excellent transportation options with the Ballston Metro station two blocks away and a future Metrorail entry on-site. In addition, the ramps to I-66, the main east-west commuting artery, are located within 1,000 feet of the property. Arlington Gateway offers an amenity-rich environment with many retail and dining options in and around the property. Complementing Arlington Gateway's office use is an on-site garage and the adjacent Westin Arlington Gateway hotel, which offers 336 guest rooms and 10,000 square feet of meeting facilities.
"Acquiring a building with the superior quality of Arlington Gateway is great addition to our portfolio," said Bob Wiberg, Executive Vice President, MidAtlantic Region and Head of Development for Piedmont. "The RB Corridor is one of the most desirable and high performing submarkets in the Washington D.C. region. Arlington Gateway's strong position in this submarket, evidenced by its 99% leased status, makes this an ideal strategic investment for Piedmont," added Wiberg.
"This acquisition demonstrates Piedmont's strategic deployment of capital into one of our concentration markets," added Raymond L. Owens, Executive Vice-President, Capital Markets for Piedmont. This transaction will provide us with stable income from a high quality office building, and it builds upon our critical mass in a submarket that we feel has strong long-term growth potential," Owens continued.
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, Los Angeles, Boston, and Dallas. As of December 31, 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. Piedmont is investment-grade rated by Standard & Poor's and Moody's and has maintained a low-leverage strategy while acquiring and disposing of properties during its fourteen year operating history. For more information, see www.piedmontreit.com.
Contact: Kerry Hughes
Company: Piedmont Office Realty Trust
Phone: 1 770 418 8678