{"id":7772,"date":"2023-01-25T09:33:33","date_gmt":"2023-01-25T15:33:33","guid":{"rendered":"https:\/\/1reason.com\/re\/piedmont-office-realty-trust-completes-sales-of-cambridge-assets-and-extends-200-million-term-loan\/7772\/"},"modified":"2023-01-26T03:33:33","modified_gmt":"2023-01-26T09:33:33","slug":"piedmont-office-realty-trust-completes-sales-of-cambridge-assets-and-extends-200-million-term-loan","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/piedmont-office-realty-trust-completes-sales-of-cambridge-assets-and-extends-200-million-term-loan\/7772\/","title":{"rendered":"Piedmont Office Realty Trust Completes Sales of Cambridge Assets  and Extends $200 Million Term Loan"},"content":{"rendered":"<div> The combined proceeds of approximately $160 million from the two sales were used to pay off the outstanding balance on the Company\u2019s $600 million line of credit, leaving the full capacity of the line currently available. Additionally, during December, the Company addressed its largest near-term debt maturity by amending its $200 million unsecured term loan facility to extend the final maturity date to June 2025. All other terms of the facility remain unchanged.    <\/p>\n<p>Commenting on the transactions, C. Brent Smith, Piedmont\u2019s President and Chief Executive Officer, said, \u201cThe disposition of our Cambridge assets was a crucial step in our asset recycling strategy and rotated an approximately $100 million book gain from a non-strategic submarket accretively into our recent purchase of 1180 Peachtree Street, a skyline defining asset in the heart of Midtown Atlanta. These transactions delivered an exceptional outcome for Piedmont freeing up the full capacity on our $600 million line of credit and, in conjunction with the extension of our nearest debt maturity, favorably positions our balance sheet heading into 2023.\u201d<\/p>\n<p><strong>About Piedmont Office Realty Trust<\/strong><\/p>\n<p>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&amp;P Global Ratings (BBB) and Moody\u2019s (Baa2). Piedmont is a 2022 ENERGY STAR Partner of the Year. For more information, see <a href=\"http:\/\/www.piedmontreit.com\" rel=\"nofollow noopener\" target=\"_blank\" title=\"www.piedmontreit.com\">www.piedmontreit.com<\/a>.<\/p>\n<p>Contact: Eddie Guilbert<br \/>Company: Piedmont Office Realty Trust<br \/>Phone: 770 418 8800<br \/>Email: Investor.relations@Piedmontreit.com<\/p>\n<\/p>\n<p><img src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" class=\"lazyload\" data-src=\"https:\/\/ml.globenewswire.com\/media\/OTNjYzI4MWEtZTI0ZC00NDMyLTljNWQtMTYyZmQzNDU3NTg3LTEwMjIxMjM=\/tiny\/Piedmont-Office-Realty-Trust-I.png\"><\/div>\n","protected":false},"excerpt":{"rendered":"<div>\n<p>Atlanta, Dec. 20, 2022 (GLOBE NEWSWIRE) &#8212; Piedmont Office Realty Trust, Inc. (&#8220;Piedmont&#8221;) (NYSE:PDM), an owner of Class A office properties located primarily in the Sun Belt, announced today that it has completed the sales of its two Cambridge, MA assets, One Brattle Square and 1414 Massachusetts Avenue.<\/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\/7772"}],"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=7772"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/7772\/revisions"}],"predecessor-version":[{"id":7778,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/7772\/revisions\/7778"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=7772"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=7772"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=7772"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}