ATLANTA and DALLAS- December 18, 2013 - Piedmont Office Realty Trust (PDM) announced today that it has completed the purchase of two Class-A office buildings, located in two of the most prominent and desirable submarkets in Dallas - Las Colinas and Greater Preston Center.
In Las Colinas, Piedmont purchased 6565 MacArthur Boulevard in Irving, Texas. Constructed in 1998, the 10-story, 260,000 square-foot office building sits on a 10.3 acre site and is located in close proximity to Piedmont`s other assets in that submarket. In Greater Preston Center, Piedmont acquired One Lincoln Park, located at 8401 North Central Expressway at Northwest Highway. The Class A building resides on a 3.08 acre land parcel adjacent to Lincoln Park Shopping Center and NorthPark Center. The 262,000 square-foot, 10-story building with attached 6-level parking structure was completed in 1999. The properties are 85% and 74% occupied, respectively, and are home to an impressive group of high-credit corporate tenants.
"Both newly-acquired buildings are well located near attractive retail, restaurant and hotel amenities, and are adjacent to major commuter thoroughfares," stated Wil Stone, the SVP of Capital Markets for Piedmont who headed the team acquiring the properties. "The addition of these assets to our existing Dallas portfolio will further enhance our ability to accommodate our tenants` needs. 6565 MacArthur Blvd complements Piedmont`s ownership of five other buildings and two development sites near the intersection of Hwy 161/Hwy 114, and One Lincoln Park is in an irreplaceable urban-infill office location in the Dallas Metroplex," added Stone.
"We are very pleased to announce the completion of these two investment transactions at prices meaningfully below replacement cost, and their acquisitions strongly demonstrate our commitment to the Dallas market," said Donald A. Miller, CFA, President and Chief Executive Officer for Piedmont Office Realty Trust. "The positive employment growth in Dallas has led to a strong increase in corporate tenant demand and rising rental rates. We believe this will lead to an opportunity to increase cash flow through the lease-up of the remaining available space," 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 throughout its fifteen year operating history. For more information, see www.piedmontreit.com.
Forward Looking Statements
Certain statements contained in this press release constitute forward-looking statements within the meaning of the federal securities laws. This information is subject to risks and uncertainties, as well as known and unknown risks, which could cause actual results to differ materially from those projected or anticipated. Therefore, these statements are not intended to be a guarantee of the Company`s performance in future periods. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "believe," "continue" or similar words or phrases that are predictions of future events or trends and which do not relate solely to historical matters. Examples of factors that could cause the Company`s actual results and its expectations to differ materially from those described in the Company`s forward-looking statements are detailed in the Company`s most recent Annual Report on Form 10-K for the period ended December 31, 2012, and other documents the Company files with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company cannot guarantee the accuracy of any forward-looking statements contained in this press release, and the Company does not intend to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
|Company:||Piedmont Office Realty Trust|
|Phone:||+ 1 770 418 8678|
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Source: Piedmont Office Realty Trust, Inc. via GlobeNewswire