Piedmont Office Realty Trust Acquires Ownership Company Rock Spring Park, Bethesda, Maryland
Piedmont Office Realty Trust Acquires Ownership Company Rock Spring Park, Bethesda, Maryland
Jul 28, 2008
ATLANTA, GA (July 28, 2008) – Piedmont Office Realty Trust, Inc. announced today it has acquired 100 percent ownership interest of Rock Spring II LLC, the entity which owns Opus Center at Rock Spring Park II (Two), in suburban Washington, D.C. Piedmont previously acquired the sister entity that owned Opus Center at Rock Spring Park I (One) in November 2007. The two Class-A office buildings have been renamed Piedmont Pointe I and II.
The two highly efficient eight-story buildings are connected and total approximately 407,000 square feet. They will include outdoor terrace areas, a fitness center, an underground executive parking garage and an adjacent parking structure. Piedmont is also pursuing Silver LEED Certification for both buildings.
The properties, in Rock Spring Park, are located on Rockledge Drive in Bethesda, with close proximity to Interstates 495 and 270 and a short drive from Washington, D.C. Both buildings are available for immediate leasing. Jones Lang LaSalle will market leasing opportunities on behalf of Piedmont.
“This transaction is a good example of our real estate total return strategy – acquiring quality properties in one of our concentration markets with an emphasis on long-term growth,” said Raymond L. Owens, Executive Vice President, Capital Markets for Piedmont. “We’re very pleased with the transaction, and believe these buildings should make strong additions to the Piedmont portfolio.”
“These properties are excellent new office buildings in what we regard as one of the finest corporate parks in the Washington area,” said Wil Stone, Senior Vice President, Capital Markets, who represented Piedmont in the acquisition. The property was acquired from the developer, Opus East, a member of The Opus Group. Terms were not announced. Opus East was represented by Eric Berkman and Steven Gichner of Grubb & Ellis.
Piedmont is a public, non-traded REIT specializing in Class-A office properties. As of March 31, Piedmont owned 83 buildings, totaling more than 21 million square feet, in 23 states and Washington, D.C. Properties include the corporate headquarters of such organizations as U.S. Bancorp, NASA and Nestlé USA. Across the portfolio, Piedmont properties are approximately 94 percent leased. For more information, see www.piedmontreit.com.
The two highly efficient eight-story buildings are connected and total approximately 407,000 square feet. They will include outdoor terrace areas, a fitness center, an underground executive parking garage and an adjacent parking structure. Piedmont is also pursuing Silver LEED Certification for both buildings.
The properties, in Rock Spring Park, are located on Rockledge Drive in Bethesda, with close proximity to Interstates 495 and 270 and a short drive from Washington, D.C. Both buildings are available for immediate leasing. Jones Lang LaSalle will market leasing opportunities on behalf of Piedmont.
“This transaction is a good example of our real estate total return strategy – acquiring quality properties in one of our concentration markets with an emphasis on long-term growth,” said Raymond L. Owens, Executive Vice President, Capital Markets for Piedmont. “We’re very pleased with the transaction, and believe these buildings should make strong additions to the Piedmont portfolio.”
“These properties are excellent new office buildings in what we regard as one of the finest corporate parks in the Washington area,” said Wil Stone, Senior Vice President, Capital Markets, who represented Piedmont in the acquisition. The property was acquired from the developer, Opus East, a member of The Opus Group. Terms were not announced. Opus East was represented by Eric Berkman and Steven Gichner of Grubb & Ellis.
Piedmont is a public, non-traded REIT specializing in Class-A office properties. As of March 31, Piedmont owned 83 buildings, totaling more than 21 million square feet, in 23 states and Washington, D.C. Properties include the corporate headquarters of such organizations as U.S. Bancorp, NASA and Nestlé USA. Across the portfolio, Piedmont properties are approximately 94 percent leased. For more information, see www.piedmontreit.com.