Piedmont Announces First Quarter 2018 Leasing and Capital Markets Activity
April 19 2018 - 4:36PM
ATLANTA - April 19, 2018 -
Piedmont Office Realty Trust (NYSE: PDM) announced today that it
completed almost 350,000 square feet of total leasing at its
properties during the first quarter of 2018. In addition to
the leasing executed throughout its current portfolio,
approximately 150,000 square feet of additional leasing was
completed at properties included in the 14-property portfolio sale
which closed in January of 2018. This additional leasing, which was
commenced by Piedmont, resulted in the realization of $4.5 million
of incremental sale proceeds and gains on sale, bringing the total
proceeds from the portfolio sale to over $430 million.
Significant leasing activity completed at
properties owned at the end of the quarter included:
- In Orlando, FL - Holland
& Knight LLP executed a renewal of its approximately 51,000
square feet at SunTrust Center in CBD Orlando for 5+ years through
2024; and Robinhood Markets, Inc. signed an 8-year renewal and
expansion for a total of approximately 28,000 square feet at 500
TownPark in the Lake Mary submarket through 2026;
- In Metro New York - Amneal
Pharmaceuticals, LLC negotiated a lease expansion of approximately
40,000 square feet at 400 Bridgewater Crossing in the Bridgewater,
NJ submarket for 6+ years through 2024;
- In Boston - Smithsonian
Institution executed a new, 10-year lease of approximately
33,000 square feet at 5 & 15 Wayside Road, through 2028;
and,
- In Atlanta - Rule, Joy,
Trammell + Rubio, LLC renewed approximately 23,000 square feet at
Galleria 300 for 11+ years through 2030.
"Our leasing results were solid, especially
considering that the first quarter is typically our lightest
leasing quarter each year," said C.A. "Bo" Reddic, IV, Executive
Vice-President of Real Estate Operations for Piedmont. "More
importantly, though, is the leasing completed during the quarter
included average cash rent rollups of 8% and accrual basis rent
increases of over 20%," Reddic added.
During the first quarter, Piedmont also acquired,
for $28 million, 501 West Church Street, a value-add asset located
in the sports entertainment district of Orlando, FL, in close
proximity to Piedmont's existing downtown Orlando assets, CNL
Center I and II and SunTrust Center. 501 West Church Street is an
approximately 182,000 square foot, five-story office property
adjacent to the Amway Center, the Orlando City Soccer Stadium and
the proposed Orlando Magic Sports and Entertainment
Complex.
About Piedmont Office Realty
Trust:
Piedmont Office Realty Trust, Inc. (NYSE: PDM) is
an owner, manager, developer, and operator of high-quality, Class A
office properties located in eight major cities in the eastern half
of the U.S. The $5 billion portfolio is comprised of approximately
17 million square feet of office space. The Company is a
fully-integrated, self-managed real estate investment trust (REIT)
with local management offices in each of its major markets and is
investment-grade rated by Standard & Poor's (BBB) and Moody's
(Baa2). For more information, see www.piedmontreit.com.
Contact: Stephanie
Scurlock
Company: Piedmont Office Realty Trust
Phone: 1 770 418
8800
Email:
investor.relations@Piedmontreit.com
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Piedmont Office Realty Trust, Inc. via
Globenewswire
Piedmont Office Realty (NYSE:PDM)
Historical Stock Chart
From Mar 2024 to Apr 2024
Piedmont Office Realty (NYSE:PDM)
Historical Stock Chart
From Apr 2023 to Apr 2024