World`s Largest Food Company to Remain in U.S. Headquarters to 2021
Atlanta and Los Angeles, October 28, 2013 - Piedmont Office Realty Trust, Inc. (PDM) announced today that Nestlé USA has extended a 400,892 square foot lease at its 800 North Brand Boulevard property in Glendale, CA through 2021. The world-renowned food company will remain the lead tenant of the prominent 21-story, metro Los Angeles tower which has served as its U.S. headquarters since 1990. Piedmont acquired the Class-A property in 2002.
Nestlé USA, with 2012 sales of $10 billion, is part of Nestlé S.A. in Vevey, Switzerland - the world`s largest food company with a commitment to Nutrition, Health & Wellness - with 2012 sales of $98 billion.
"We are pleased to remain the lead tenant of 800 North Brand Boulevard, and look forward to many more years in our Glendale headquarters," said Judy Cascapera, Chief People Officer, Nestlé USA.
Joe Pangburn, Senior Vice President, Asset Management represented Piedmont in the transaction. R. Todd Doney, Vice Chairman of CBRE`s downtown Los Angeles office, represented Nestlé USA.
"Completing a lease extension of this size is a major win for both parties, and a testament to our mutual long-standing relationship with Nestlé USA," said Donald A Miller, CFA, President and Chief Executive Officer for Piedmont. "We look forward to continuing this positive and collaborative working relationship with Nestlé and its affiliates in the years ahead," added Miller.
About Piedmont: Piedmont Office Realty Trust, Inc. (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, Boston, Los Angeles and Dallas. As of September 30, 2013, Piedmont`s 77 wholly-owned office buildings were comprised of over 21 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 fifteen year operating history. For more information, see www.piedmontreit.com.
About Nestlé USA: Named one of "The World`s Most Admired Food Companies" in Fortune magazine for sixteen consecutive years, Nestlé provides quality brands and products that bring flavor to life every day. From nutritious meals with Lean Cuisine® to baking traditions with Nestlé® Toll House®, Nestlé USA makes delicious, convenient, and nutritious food and beverage products that make good living possible. That`s what "Nestlé. Good Food, Good Life" is all about. Nestlé USA, with 2012 sales of $10 billion, is part of Nestlé S.A. in Vevey, Switzerland - the world`s largest food company with a commitment to Nutrition, Health & Wellness - with 2012 sales of $98 billion. For product news and information, visit Nestleusa.com or Facebook.com/NestleUSA.
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Source: Piedmont Office Realty Trust, Inc. via Thomson Reuters ONE
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