Piedmont Reports on Fourth Quarter and Annual Capital Markets and Leasing Activities
Previously reported transactional activity during the fourth quarter included the following:
- The value-add acquisition of
9320 Excelsior Boulevardin Minneapolis, MN, for $48.7 million, which represents a substantial discount to replacement cost. 9320 Excelsior Boulevardis a 7-story, 268,000 square foot, Class AA office building built in 2010 that is in close proximity to Piedmont'sNorman Pointe I property. The building, which offers 20,000 square feet of on-site amenities, is currently 100% leased to Cargill, Inc.whose lease is scheduled to expire in 2023;
- The acquisition of
25 Burlington Mall Roadin Boston, MAfor approximately $74.0 million. 25 Burlington Mall Roadis a 6-story, approximately 288,000 square foot office building situated within one mile of over 800,000 square feet of shopping, dining and entertainment options, as well as, Piedmont’s other Burlingtonsub-market holdings. The acquisition brings Piedmont’s market share of this Bostonsubmarket’s Class A office space to 40%. 25 Burlington Mall Roadis approximately 89% leased to a diverse tenant roster anchored by Lahey Hospital & Medical Centerand Bank of America Merrill Lynch.
- The sale of
800 North Brand Boulevardin Glendale, CAfor approximately $160.0 millionin total proceeds. 800 North Brand Boulevardis a 527,000 square foot, 21–story, 90% leased, office building constructed in 1990. The sale completed Piedmont’s exit from the West Coast.
In addition to the capital transactions above, the Company entered into a binding, non-refundable contract to sell the
Leasing highlights during the fourth quarter of 2018 included the following:
Washington, D.C.- Bipartisan Policy Center renewed its 38,000 square foot lease through 2033 at 1225 Eye Street;
Houston- Schlumberger Technology Corporation signed an expansion for an additional 28,000 square feet through 2028, bringing their total square footage at 1430 Enclave Parkwaysto 254,000 square feet;
Chicago- Utilities, Inc. signed a 27,000 square foot new lease through 2034 at 500 West Monroe Street, and NNR Global Logistics USA, Inc.completed a 10,000 square foot new lease through 2030 at Two Pierce Place;
Orlando- JPMorgan Chase Bank, N.A.executed a renewal and expansion totaling 26,000 square feet through 2025 at CNL Center I; and
Boston- HERE North America executed a renewal of approximately 23,000 square feet through 2024 at 5& 15 Wayside Road.
Discussing Piedmont’s results for the year and fourth quarter,
Commenting further on this year’s capital transactions and leasing results,
Forward Looking Statements
Certain statements contained in this press release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Company intends for all such forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act, as applicable. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “estimate”, "may," "will," "expect," "intend," "anticipate," "believe," "continue" or similar words or phrases that are predictions of future events or trends and which do not relate solely to historical matters. Certain matters discussed in this press release are forward-looking statements that are subject to certain risks and uncertainties that could cause the actual results or performance to differ materially from those discussed in such statements. Additional risks are discussed in the Company's filings with the
Contact: Stephanie Scurlock
Company: Piedmont Office Realty Trust
Phone: 1 770 418 8800
Source: Piedmont Office Realty Trust, Inc.