Piedmont Office Realty Trust Signs over 600,000 SF of National Leasing in the Third Quarter
ATLANTA, GA, Oct 01, 2010 (MARKETWIRE via COMTEX) -- Piedmont Office Realty Trust (NYSE: PDM) today announced the completion of 647,323 square feet of leasing activity in the past 90 days. The Johns Creek, GA based Office REIT achieved this accomplishment by executing a combination of new leases, and lease renewals across its national property portfolio. Piedmont's largest leases, based on total square footage per market, are noted below:
Dallas, TX -- Financial software provider, Intuit signed a 166,238 square foot, 15-year renewal at 5601 Headquarters Drive in Plano, TX, commencing in the third quarter of 2011.
Chicago, IL -- Piedmont has signed three sizeable leases totalling 96,554 square feet in suburban Chicago. American Intercontinental University, Inc. completed a 60,085 square foot lease renewal at Two Park Center in suburban Hoffman Estates, IL for two additional years.
Piedmont also completed two new leases at its Two Pierce Place property in Itasca, IL. Dahlquist & Lutzow Architects, LTD. signed a 13,471 square foot 11-year lease and the Chicago Office Technology Group signed a 22,998 square foot 7-year lease at Piedmont's Two Pierce Place property in Itasca, IL. Both leases commence January, 2011.
Portland, OR -- IBM renewed a 73,405 square foot lease for an additional two years at 15350 SW Koll Parkway in Beaverton, OR.
Detroit, MI -- Starcom MediaVest Group, Inc. completed a 63,273 square foot, 9+ year renewal at 150 West Jefferson Avenue in Detroit, MI.
Northern New Jersey -- Futurewei Technologies completed a new 44,518 square foot, 6+ year lease at 400 Bridgewater Crossing in Bridgewater, NJ.
New York, NY -- The Internal Revenue Service (IRS) signed a new 37,601 square foot lease for 10 years at 5000 Corporate Court in Holtsville (Long Island), NY. This addition brings the total leasing activity to 191,476 square feet by the U.S. Government at this property in the past 2 years.
Cleveland, OH -- Austin Building and Design, Inc. (subsidiary of Kajima U.S.A., Inc) renewed its 21,869 square foot lease for 10 years at 6095 Parkland Boulevard (East Point II) in Mayfield Heights, OH.
Washington DC -- L-3 Communications Corporation completed a 16,046 square foot, 5-year lease renewal (on behalf of Engility Corp.) at 400 Virginia Avenue in Washington DC.
"We are pleased to welcome these new tenants and expand our relationship with the others at a time when challenging economic conditions are still having a negative impact on job growth and on the office real estate market," said C.A. "Bo" Reddic, IV, Executive Vice-President of Real Estate Operations for Piedmont. "I believe that our recent leasing success is largely attributed to our reputation as an owner/ manager, as well as the financial stability and strength of our balance sheet as a landlord," added Reddic.
About Piedmont: Piedmont Office Realty Trust is a public REIT specializing in Class-A office properties. As of June 30, 2010, Piedmont owned 73 office buildings, as well as two industrial and eight investments in unconsolidated joint ventures. The 73 wholly-owned office properties are located in 19 metropolitan areas across the United States and comprise approximately 20 million square feet. At June 30, 2010, Piedmont's office properties were 89.8 percent leased. For more information, see www.piedmontreit.com.
Contact: Kerry Hughes
Company: Piedmont Office Realty Trust
Phone: + 1 770 418 8678
SOURCE: Piedmont Office Realty Trust, Inc.