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 Noteson 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 Trust
Piedmont 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 Trust
Phone: 770 418 8800
Email: Investor.relations@Piedmontreit.com
