Piedmont Unveils Q2 Leasing & Capital Market Activities - Analyst Blog
Piedmont Office Realty Trust Inc. PDM, the Johns Creek, GA-based real estate investment trust (“REIT”), announced leasing and capital market activities for second-quarter 2015 on Jul 14. During the quarter, the company leased around 600,000 square feet and closed 3 capital market transactions.
Leasing deals involving space of more than 20,000 square feet signed during the quarter were: one deal in Orlando, FL; 1 one in Chicago, IL; two in New York; two in Washington, D.C. and one in Detroit, MI.
Also, during the quarter, Piedmont closed 3 disposition transactions – Copper Ridge, located at 9 Polito Avenue in Lyndhurst, NJ, for around $50.6 million; 5601 Headquarters Drive in Plano, TX; and the 166,238-square foot office building and River Corporate Center, the 133,225-square foot, Class A building located at South River Parkway, Tempe, AZ.
Piedmont is engaged in acquisition, ownership, management and development of commercial real estate properties. Primarily focused on high-quality Class A office buildings located across major U.S. markets, the REIT mainly leases space to high-credit quality tenants. Given the positive amount of deal flow and successful execution of new as well as renewal leases, the company remains optimistic about the future.
Piedmont currently carries a Zacks Rank #2 (Buy).
Investors interested in the REIT industry may also consider stocks like Ashford Hospitality Trust, Inc. AHT, Pebblebrook Hotel Trust PEB and Sotherly Hotels Inc. SOHO. All these stocks sport a Zacks Rank #1 (Strong Buy).
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