Piedmont Completes Sale of One Lincoln Park
20 März 2024 - 10:14PM
Piedmont Office Realty Trust, Inc. ("Piedmont") ("Company")
(NYSE:PDM), an owner of Class A office properties located primarily
in the Sun Belt, announced today that it has completed the sale of
One Lincoln Park, located at 8401 North Central Expressway in
Dallas, TX for $54 million, or $210 per square foot, in an all-cash
transaction to a financial institution who plans to use the
building as its headquarters. The building is a 10-story,
approximately 257,000-square foot, office building which was 59%
leased at the end of fourth quarter 2023. The net
proceeds from the sale were used to pay off the approximately $50
million remaining balance of the Company’s 2024 Senior Unsecured
Notes that mature in March.
Commenting on the transaction, C. Brent Smith, Piedmont’s
President, and Chief Executive Officer, said, “We are pleased to
harvest the value in a high-quality asset through the disposition
of One Lincoln Park to an all-cash buyer. Proceeds were
immediately redeployed to pay off our remaining 2024 Notes on
an earnings-neutral basis. Furthermore, Piedmont will be
retained as property manager, resulting in a seamless transition
for existing tenants and the buyer, as well as a positive outcome
for stockholders.”
About Piedmont Office Realty TrustPiedmont
Office Realty Trust, Inc. (NYSE: PDM) is an owner, manager,
developer, redeveloper, and operator of high-quality, Class A
office properties located primarily in the Sunbelt. Its
approximately $5 billion portfolio is currently comprised of
approximately 17 million square feet. The Company is a fully
integrated, self-managed real estate investment trust (REIT) with
local management offices in each of its markets and is
investment-grade rated by S&P Global Ratings (BBB-) and Moody’s
(Baa3). Piedmont is a 2023 ENERGY STAR Partner of the Year. For
more information, see www.piedmontreit.com.
Contact: Sarah
Heimlich Company:
Piedmont Office Realty TrustPhone:
770 418 8800Email:
Investor.relations@Piedmontreit.com
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