Piedmont Office Realty Trust Signs New Long-Term Lease with Chrysler Group in Detroit Market
ATLANTA and DETROIT, MAY 5, 2011 - Piedmont Office Realty Trust, Inc. (NYSE: PDM) today announced the completion of a new long-term lease with Chrysler Group LLC for 210,000 square feet at its1075 West Entrance property in close proximity to Chrysler Group LLC's Auburn Hills, MI. headquarters. Chrysler Group will occupy the entire building, effective July 2011.
The tenant was represented by Brian Piergentili of UGL Equis. The owner was represented by A.J. Weiner and Mike Carl of Jones Lang LaSalle.
"We are extremely pleased to welcome Chrysler Group to our portfolio of tenants," said Damian Miller, Vice President for Piedmont Office Realty Trust. "This deal could not have been accomplished without the diligence of many people, most notably the efforts of Denise Schinella of Chrysler Group," he added. "We are appreciative of the professional and cooperative partnership we have established with Chrysler Group, and look forward to expanding this relationship in the future."
"Completing a new lease of this size provides great optimism on several levels," said Bo Reddic, Executive Vice President of Real Estate Operations for Piedmont. "Not only does it demonstrate a positive sign of resurgence in the commercial real estate industry, but it also exhibits a signal of economic growth in the Detroit market itself."
About Chrysler Group LLC:
Chrysler Group LLC, formed in 2009 from a global strategic alliance with Fiat S.p.A., produces Chrysler, Jeep, Dodge, Ram, Mopar and Fiat vehicles and products. With the resources, technology and worldwide distribution network required to compete on a global scale, the alliance builds on Chrysler Group's culture of innovation, first established by Walter P. Chrysler in 1925, and Fiat's complementary technology that dates back to its founding in 1899.
Headquartered in Auburn Hills, Mich., Chrysler Group's product lineup features some of the world's most recognizable vehicles, including the Chrysler 300, Jeep Wrangler, Dodge Challenger and Ram 1500. Fiat contributes world-class technology, platforms and powertrains for small- and medium-size cars, allowing Chrysler Group to offer an expanded product line including environmentally friendly vehicles.
About Piedmont: Piedmont Office Realty Trust, Inc. (NYSE:PDM), is a fully integrated and self-managed real estate investment trust specializing in Class-A office properties, located primarily in the ten largest U.S. office markets. As of December 31, 2010, Piedmont wholly owned 75 office buildings located in 19 metropolitan areas across the United States and comprised of over 20 million square feet. At December 31, 2010, Piedmont's office properties were 89.2 percent leased. The Company is headquartered in Atlanta, Georgia with regional property management offices in several major US office markets, including Boston, Chicago, New York City, Washington, D.C., and Los Angeles. Rated as an investment-grade company by Standard & Poor's and Moody's, Piedmont has maintained a low-leverage strategy while acquiring its properties. For more information, see www.piedmontreit.com.
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