Piedmont Office Realty Trust Signs 300,000 SF Full Building Lease with Catamaran Corporation in Chicago Market
ATLANTA - August 28, 2012 - Piedmont Office Realty Trust, Inc. (NYSE: PDM) has completed a new 12-year lease with Catamaran Corporation (NASDAQ: CTRX, formerly SXC Health Solutions), for the entire 300,686 square foot Windy Point II property, located at 1600 McConnor Parkway in Schaumburg, IL. The pharmacy benefits management company will relocate its corporate headquarters from Lisle, IL, and consolidate its nearby Bannockburn, IL operation into Piedmont's 11-story property in the spring of 2013.
The tenant was represented by Andrea Van Gelder and Diana Riekse of Jones Lang LaSalle. The owner was represented by the Jones Lang LaSalle team of Rick Benoy, Norm Murdoch and Doug Shehan, and by Piedmont's asset manager Damian Miller.
"We are pleased to welcome Catamaran to our tenant portfolio and are confident that its employees will find our building very suitable to support their recent growth resulting from their merger with Catalyst Health Solutions," said Piedmont Executive Vice President of Real Estate Operations, C.A. "Bo" Reddic, IV. "The central geographical location, easy interstate access, nearby shopping and on-site amenities will provide additional benefits to Catamaran employees and guests," added Mr. Reddic.
"The completion of this transaction solidly demonstrates the basic premise of our business model -- completing long-term leases with high-quality tenants in our strategic markets," said Piedmont President and Chief Executive Officer Donald A. Miller, CFA. "We are glad to be able to accommodate the office needs of Catamaran, a multi-billion corporation with over 1000 employees in the Chicago market. The completion of Catamaran's merger earlier this year and the recent availability of space at Windy Point II made this transaction truly a win-win for both parties," concluded Mr. Miller.
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 June 30, 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. Investment-grade rated by Standard & Poor's and Moody's, Piedmont has maintained a low-leverage strategy while transacting $5.9 billion and $1.7 billion in property acquisitions and dispositions, respectively, 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