Piedmont Office Realty Trust Signs Long-Term Lease In Houston Market
ATLANTA and HOUSTON- January 3, 2012 - Piedmont Office Realty Trust, Inc. (NYSE: PDM) announced today the completion of a new 12 year, 105,432 square foot lease with Schlumberger Technology Corporation, a wholly-owned subsidiary of Schlumberger Limited (NYSE:SLB), at its 1200 Enclave Parkway property in Houston, TX. The Class-A property, located in the prominent Enclave office park in Houston's Energy Corridor, will serve as the Houston financial hub for the subsidiary of the world's leading oilfield services company.
"We are fortunate to have secured such a reputable tenant as Schlumberger Technology Corporation for this recently acquired property. After purchasing the building at 18% occupancy level earlier this year, this lease will take the occupancy level to approximately 80% today," said Damian Miller, Vice President for Piedmont Office Realty Trust. "We believe that we were successful in offering a creative solution suitable to the needs of this tenant, and feel confident that Schlumberger employees will enjoy the desirable park-like setting that the Enclave offers," added Miller.
The tenant was represented by Mark Russell and Steve Biegel of Studley. The owner was represented by Chip Colvill and Ronnie Martin of Colvill Office Properties.
"The completion of this lease solidly affirms our strategy of acquiring well-positioned properties in select markets which provide positive income growth potential through lease-up activity," added Raymond L. Owens, Executive Vice-President, Capital Markets for Piedmont. "Improved dynamics in the energy sector have led to improved leasing activity overall. This transaction will provide our shareholders with stable income from a high quality property leased to an investment-grade tenant," Owens continued.
Piedmont also owns nearby 1430 Enclave Parkway, a fully leased 312,564 square foot, Class-A property, and an adjacent land parcel, consisting of approximately 4.7 acres, available for development.
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 .
Contact: Kerry Hughes
Phone: 1 770 418 8678