Piedmont Office Realty Trust Secures 3.4 Million SF of National Leasing in 2012
Announces Approximately 900,000 SF of Leasing in the Fourth Quarter
ATLANTA - January 22, 2013 - Piedmont Office Realty Trust (NYSE: PDM) announced today that it completed 3.4 million square feet of total leasing transactions in 2012. It also reported that 897,973 square feet was signed in the fourth quarter.
Significant leasing highlights of transactions greater than 25,000 square feet for the quarter included:
Minneapolis , MN - US Bancorp signed a 395,493 square foot, 10-year lease renewal through 2024 at Piedmont's US Bancorp Center, located at 800 Nicollet Mall in Minneapolis, MN.
Washington DC - Lockheed Martin Corporation completed a 115,315 square foot, 5-year lease renewal through 2019 at 9221 Corporate Boulevard in Rockville, MD.
Chicago, IL -Standard Parking Corporation signed a 40,793 square foot, 12- year new lease through 2025 at Piedmont's Aon Center, located at 200 E. Randolph Street in Chicago, IL.
Atlanta, GA - Wells Fargo Bank, N.A. completed a 5+ year new lease for up to 45,000 square feet through 2018 at Glenridge Highlands Two, located at 5565 Glenridge Connector in Atlanta, GA.
Dallas, TX - Taleris, LLC signed a 27,938 square foot 6+ year new lease through 2019 at 6031 Connection Drive in Irving, TX.
Also in Dallas, U.S. Medical Development, Inc. signed a 12,757 square foot 10-year new lease, as well as a 14,266 square foot, 5+ year lease renewal at Las Colinas Corporate Center I, located at 6333 N. State Highway 161 in Irving, TX. The two transactions total 27,023 square feet and have coterminous lease expirations of 2022.
Boston, MA - Bank of America, N.A. completed a 26,417 square foot, 10-year lease renewal through 2024 at 1414 Massachusetts Avenue in Cambridge, MA.
"Considering the challenges that continued to linger in the office real estate market throughout 2012, we are pleased by the solid leasing completed in the fourth quarter that allowed us to accomplish 3.4 million square feet in total leasing transactions for 2012, " said C.A. "Bo" Reddic, IV, Executive Vice-President of Real Estate Operations for Piedmont. "Looking to the year ahead, we are encouraged by some recent signs of economic recovery, including improved employment numbers...and are hopeful that will lead to continued net absorption in the office markets where Piedmont has a presence," added Reddic.
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, Los Angeles, Boston, and Dallas. As of December 31, 2012, Piedmont's 74 wholly-owned office buildings were comprised of over 20 million rentable square feet. The Company is headquartered in Atlanta, GA, with local management offices in each of its major markets. Piedmont is investment-grade rated by Standard & Poor's and Moody's and has maintained a low-leverage strategy while acquiring and disposing of properties during its fourteen year operating history. For more information, see www.piedmontreit.com.
Contact: Kerry Hughes
Company: Piedmont Office Realty Trust
Phone: 1 770 418 8678
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Source: Piedmont Office Realty Trust, Inc. via Thomson Reuters ONE