Piedmont Office Realty Trust Signs Avnet to Lease Extension at ASU Research Park
Technology Firm Extends Five Years in Tempe, Ariz.
NORCROSS, Ga. (June 4, 2008) -- Piedmont Office Realty Trust has signed a lease extension with technology supply firm Avnet Inc., in the Arizona State University Research Park.
Arizona-based Avnet has occupied the entire 132,000-square-foot building at 8700 Price Road in Tempe since it was built in 2000. Piedmont, owner of the building, has now extended Avnet’s lease for five additional years, until 2015. Terms were not announced.
“This extension is a good example of our corporate emphasis on providing optimal long-term real-estate solutions for quality tenants,” said Damian Miller, asset manager, who represented Piedmont. Avnet was represented by William Littleton of Colliers International.
Avnet is one of the world’s largest industrial distributors of electronic parts, enterprise computing and storage products and embedded subsystems.
Piedmont is a public, nontraded REIT specializing in Class-A office properties. As of Dec. 31, Piedmont owned 83 buildings, totaling more than 21 million square feet, in 23 states and Washington, D.C. Across the portfolio, Piedmont properties are approximately 94 percent leased. For more information, see www.piedmontreit.com.