{"id":11248,"date":"2024-04-16T04:29:35","date_gmt":"2024-04-16T09:29:35","guid":{"rendered":"https:\/\/1reason.com\/re\/piedmont-completes-sale-of-one-lincoln-park\/11248\/"},"modified":"2024-04-16T23:29:35","modified_gmt":"2024-04-17T04:29:35","slug":"piedmont-completes-sale-of-one-lincoln-park","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/piedmont-completes-sale-of-one-lincoln-park\/11248\/","title":{"rendered":"Piedmont Completes Sale of One Lincoln Park"},"content":{"rendered":"
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\u2019s 2024 Senior Unsecured Notes that mature in March. <\/p>\n

Commenting on the transaction, C. Brent Smith, Piedmont\u2019s President, and Chief Executive Officer, said, \u201cWe 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.\u201d<\/p>\n

About Piedmont Office Realty Trust<\/strong>
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\u2019s (Baa3). Piedmont is a 2023 ENERGY STAR Partner of the Year. For more information, see www.piedmontreit.com<\/a>.<\/p>\n

Contact: Sarah Heimlich
Company: Piedmont Office Realty Trust
Phone: 770 418 8800
Email: Investor.relations@Piedmontreit.com<\/p>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

\n

Uses Sale Proceeds to Pay off Maturing Debt<\/p>\n

Atlanta, March 20, 2024 (GLOBE NEWSWIRE) — 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 at8401 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.<\/p>\n<\/div>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/11248"}],"collection":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/comments?post=11248"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/11248\/revisions"}],"predecessor-version":[{"id":11261,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/11248\/revisions\/11261"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=11248"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=11248"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=11248"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}