ATLANTA and HOUSTON - December 11, 2013 - Piedmont Office Realty Trust (PDM) announced today that it will develop "Enclave Place", a 302,000 square foot, 11-story Class A office building in Houston, Texas. Construction is anticipated to commence in March 2014, and is targeted for completion during the second quarter of 2015.
Piedmont stated that the building will be constructed on a 4.7 acre development site adjacent to and immediately north of Piedmont`s 1430 Enclave Parkway building in the Enclave business park - a deed restricted and architecturally controlled corporate business environment in Houston`s Energy Corridor. The Enclave is home to noted corporate users such as Sysco, Schlumberger Technology, Technip, Dow Chemical and Gulf States Toyota.
In addition to Piedmont`s Bob Wiberg, Joe Pangburn and Jason Williams, the development team is comprised of the following local firms: Gensler (Architect), PM Realty Group (Project Manager), and Tellepsen Builders (General Contractor). Colvill Office Properties will be responsible for leasing the project.
"We are very excited about this Houston development project, as it is located in one of the top office leasing markets in the U.S.," said Donald A. Miller, CFA, President and Chief Executive Officer for Piedmont Office Realty Trust. "We intend to capitalize on the vitality of the market, due in large part to its burgeoning oil and gas businesses, and convert our well-located land into a growth vehicle - both from an income and value standpoint - for our investors" 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.
Contact: Kerry Hughes
Company: Piedmont Office Realty Trust
Phone: 1 770 418 8678
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Source: Piedmont Office Realty Trust, Inc. via GlobeNewswire