Piedmont Office Realty Trust Secures over 900,000 SF of National Leasing in the Third Quarter
Completes Capital Markets Activity
ATLANTA - October 11, 2011 - Piedmont Office Realty Trust (NYSE: PDM) announced today that it signed 907,380 square feet of leasing transactions in the third quarter of 2011, bringing its year-to-date leasing total to 3.0 million square feet. This puts the Atlanta-based public office REIT on track to surpass its previous largest annual leasing record of 3.1 million square feet.
Piedmont achieved its third quarter leasing results by executing a combination of new leases and lease renewals across its national property portfolio. The following reflects the most significant leasing activity for the quarter, based on square footage, by market:
New York Metro - Gemini Technology Services, Inc. (a wholly owned subsidiary of Deutsche Bank AG) signed a 204,515 square foot, 7+ year lease renewal at 2 Gatehall Drive in Parsippany, NJ.
Piedmont also signed a 30,501 square foot, 7+ year new lease with Harding Loevner, LP at its 400 Bridgewater Crossing property in Bridgewater, NJ.
Chicago, IL - Global Public Relations firm Daniel J. Edelman signed a 141,199 square foot, 4 year lease extension and also a 13 year lease expansion for an additional 37,238 square feet at Piedmont's Aon Center, located at 200 East Randolph Street in Chicago, IL. Both transactions bring Edelman's lease expiration to 2024.
Also at Aon Center, Piedmont completed a 149,432 square foot, 15 year new lease with Integrys Business Support. Aon Center will serve as the new headquarters for Integrys, commencing in 2014.
Detroit, MI - Piedmont completed two lease renewals at its Auburn Hills Corporate Center property, located at 900 N. Squirrel Rd. in Auburn Hills, MI. Dassault Systemes renewed a 49,606 square foot lease for an additional 10 years through 2023 and Ally Financial renewed its lease for 42,953 square feet for an additional 5+ years.
Atlanta, GA - Insurance provider Continental Casualty signed a 38,333 square foot, 7+ year new lease at Glenridge Highlands II, located at 5565 Glenridge Connector in Atlanta, GA.
Additionally, W.W. Grainger completed a 29,246 square foot lease renewal for 3+ years in suburban Atlanta at 3750 Brookside Parkway in Alpharetta, GA.
Finally, the company announced that two new leases totaling 23,436 square feet were signed at the recently acquired Medici Building, located in Atlanta's Buckhead submarket at 3284 Northside Parkway, NW. Medicraft signed a 14,683 square foot, 11 year new lease and Higher One completed a 8,753 square foot new lease for 10+ years.
Washington, DC Metro - IBM renewed a 22,639 square foot lease for 5 years in suburban Washington at 11107 Sunset Hills Road in Reston, VA.
Orange County, CA - Morgan Stanley Smith Barney renewed a 22,470 square foot lease for 5+ years at 1901 Main Street in Irvine, CA.
"We are excited about these leasing accomplishments and feel blessed that strong leasing volumes have been achieved over the past several quarters," said C.A. "Bo" Reddic, IV, Executive Vice-President of Real Estate Operations for Piedmont. "While challenges still continue in the office market, we feel that our leasing success is largely attributed to the quality of our properties, which are located in desirable office markets, as well as our reputation as a financially stable owner and superior property manager," added Reddic.
Additionally, and as previously announced, Piedmont completed the following capital markets transactions in the third quarter:
Boston, MA - Acquired a 440,130 square foot Class-A office complex located at 225 and 235 Presidential Way in the Woburn, MA submarket for $85.3 million. The two building complex is 100% leased to investment grade- rated Raytheon Company through 2019.
Long Island, NY - Completed the sale of a 264,482 square foot office property located at 5000 Corporate Court in Holtsville, NY for approximately $39.3 million. The property is predominantly leased to the U.S. General Services Administration (GSA).
Seattle, WA - Completed the sale of Eastpointe Corporate Center, a 156,323 square foot office property located at 22833 SE Black Nugget Road in Issaquah, WA for approximately $32 million.
Piedmont also completed the sale of a 58,424 square foot joint venture office property located at 47300 Kato Road in Freemont, CA for just under $4 million.
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 September 30, 2011, Piedmont's 79 wholly-owned office buildings were comprised of approximately 22 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 acquiring over $5.9 billion in properties since 1998. For more information, see www.piedmontreit.com.
|Company:||Piedmont Office Realty Trust|
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