1200 Enclave Parkway, Houston, TX
ATLANTA, GA - Piedmont Office Realty Trust (NYSE: PDM)
announced it has completed the strategic sale of 1200 Enclave Parkway in
Houston, TX for $48.75 million, or $326 per square foot.
 |
| Karen Purdy |
The Griffin Capital Corporation, on behalf of Griffin
Capital Essential Asset REIT, Inc., purchased the 149,683 square-foot property
which was constructed in1999 and is situated on 5.36 acres.
Piedmont acquired the Class-A asset located in the heart of
the Energy Corridor submarket in March of 2011 for $18.5 million, or $124 per
square foot, when it was 18% leased.
 |
| Robert Williamson |
The owner was represented by Jeff Hollinden and Robert
Williamson of HFF, as well as Piedmont's Karen Purdy,
Director-Capital Markets. The buyer was self-represented.
"The sale of 1200 Enclave Parkway effectively
demonstrates one of Piedmont's core operating strengths and the benefits of
having a value-add component within our capital markets strategy.
"Our
opportunistically timed acquisition of this substantially vacant quality
Class-A property in a desirable submarket, allowed us to purchase the building
at an attractive basis, leverage our local market presence to lease up the
property, and then sell it at an ideal time in the real estate cycle,"
said Raymond L. Owens, Executive Vice President, Capital Markets for Piedmont.
"Our execution of this strategy enables us to create value for our shareholders. Piedmont will continue to look for similar opportunities within our select major office markets," added Owens.
 |
| Jeffrey Hollinden |
"Our execution of this strategy enables us to create value for our shareholders. Piedmont will continue to look for similar opportunities within our select major office markets," added Owens.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
Kerry Hughes
Company: Piedmont Office Realty Trust
Phone: 1 770 418 8678
www.piedmontreit.com.
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