Piedmont Office Realty Trust, Inc. names Frank C. McDowell as Director
Piedmont Office Realty Trust, Inc. names Frank C. McDowell as Director
Jun 19, 2008
NORCROSS, Ga. (June 19, 2008) — Piedmont Office Realty Trust, Inc. today announced the appointment of Frank C. McDowell, 59, as an independent director of the company, increasing the board to seven members. Piedmont is a fully integrated and self-managed real estate investment trust (REIT) specializing in the acquisition, ownership, management and development of primarily high-quality Class-A office buildings located in major U.S. markets and leased primarily to high-credit quality tenants. Major markets include: Washington, D.C., greater Los Angeles, the New York metropolitan area, Boston and Chicago.
“We are very pleased and excited about the addition of Frank to our Board. He is a proven real estate entrepreneur with a long and successful history of improving shareholder value,” said Wayne Woody, Chairman of Piedmont. “We look forward to leveraging both his REIT and development experience, as well as benefiting from his perspective on the real estate capital markets during this challenging economic cycle.”
Mr. McDowell, of Carmel, Calif., is a veteran of the real estate industry, most recently having served as President, Chief Executive Officer and Director of BRE Properties, Inc., a self-administered equity REIT, which owns and operates income-producing properties, primarily apartments, in selected Western U.S. markets from 1995 until his retirement in 2004. From 1992 to 1995, Mr. McDowell was chairman and CEO of Cardinal Realty, the nation’s fifteenth largest apartment management company and the nineteenth largest owner of multifamily housing at the time. Before joining Cardinal Realty Services, Mr. McDowell had served as a senior executive and head of real estate at First Interstate Bank of Texas and Allied Bancshares, where he had responsibility for regional management, real estate lending and problem asset workout. Mr. McDowell holds a Master’s Degree in Business Administration from the University of Texas at Austin, where he also earned his undergraduate degree.
Commenting on his appointment, Mr. McDowell said “I’m very pleased to join the Piedmont team, particularly at this point in time in the company’s life cycle. The company has a strong financial position, a solid foundation upon which to build, and excellent prospects for the future.” Piedmont specializes in Class-A office properties; as of Dec. 31, 2007, Piedmont owns 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 AT&T Wireless, U.S. Bancorp, NASA and Nestlé USA. Across the portfolio, Piedmont properties are 94 percent leased. For more information, see www.piedmontreit.com.
“We are very pleased and excited about the addition of Frank to our Board. He is a proven real estate entrepreneur with a long and successful history of improving shareholder value,” said Wayne Woody, Chairman of Piedmont. “We look forward to leveraging both his REIT and development experience, as well as benefiting from his perspective on the real estate capital markets during this challenging economic cycle.”
Mr. McDowell, of Carmel, Calif., is a veteran of the real estate industry, most recently having served as President, Chief Executive Officer and Director of BRE Properties, Inc., a self-administered equity REIT, which owns and operates income-producing properties, primarily apartments, in selected Western U.S. markets from 1995 until his retirement in 2004. From 1992 to 1995, Mr. McDowell was chairman and CEO of Cardinal Realty, the nation’s fifteenth largest apartment management company and the nineteenth largest owner of multifamily housing at the time. Before joining Cardinal Realty Services, Mr. McDowell had served as a senior executive and head of real estate at First Interstate Bank of Texas and Allied Bancshares, where he had responsibility for regional management, real estate lending and problem asset workout. Mr. McDowell holds a Master’s Degree in Business Administration from the University of Texas at Austin, where he also earned his undergraduate degree.
Commenting on his appointment, Mr. McDowell said “I’m very pleased to join the Piedmont team, particularly at this point in time in the company’s life cycle. The company has a strong financial position, a solid foundation upon which to build, and excellent prospects for the future.” Piedmont specializes in Class-A office properties; as of Dec. 31, 2007, Piedmont owns 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 AT&T Wireless, U.S. Bancorp, NASA and Nestlé USA. Across the portfolio, Piedmont properties are 94 percent leased. For more information, see www.piedmontreit.com.