Piedmont Office Realty Trust Sells Seattle Property
ATLANTA , GA - July 6, 2011 - Piedmont Office Realty Trust (NYSE: PDM) announced today that it has completed the sale of its Eastpointe Corporate Center property, located in suburban Seattle at 22833 SE Black Nugget Road, Issaquah, WA for approximately $32 million.
The Lake Washington Land Company, LLC purchased the 156,323 square-foot Class-A property from Piedmont, who acquired it in 2003. Comprised of approximately 5.79 acres, Eastpointe Corporate Center was constructed in 2001.
The owner was represented by J.J. Shephard and Steve Schwartz of Pacific Real Estate partners, as well as Piedmont's Joseph Pangburn, Senior Vice President-Asset Management and Brad Pittman, Director-Capital Markets. The buyer was represented by Jeff Jochums of Commerce Real Estate Solutions, member of the Cushman & Wakefield Alliance.
"The sale of Eastpointe Corporate Center further demonstrates our focus on select markets," said Raymond L. Owens, Executive Vice President, Capital Markets for Piedmont. "Although our investment in the Seattle market has proven to be positive, the disposition of this property allows us the opportunity to thoughtfully recycle our capital into our top ten office markets nationally," added Owens.
Piedmont, along with its joint venture partners, also recently completed the sale of a property at 360 Interlocken Blvd. in Broomfield, CO for $9.15 million. Piedmont had a minority interest in the property.
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 March 31, 2011, Piedmont's 77 wholly-owned office buildings were comprised of approximately 21 million rentable square feet and were 87.3 % leased. 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 $5.8 billion in properties since 1998. For more information, see www.piedmontreit.com.
Contact: Kerry Hughes
Phone: + 1 770 418 8678