Piedmont Office Realty Trust Leases Kimley-Horn Over 60,000 Square Feet in Downtown Orlando

Rhea-AI Summary

Piedmont Office Realty Trust (NYSE: PDM) announced a significant lease with Kimley-Horn and Associates for approximately 61,000 square feet at their 200 and 222 South Orange Avenue buildings in downtown Orlando, effective through 2034. This marks the largest office lease in downtown Orlando since 2019. The properties, featuring sustainable LEED Gold certification and enhanced amenities, are strategically located with expanded outdoor collaboration spaces. Piedmont's portfolio encompasses approximately 16 million square feet and is valued at around $5 billion.

Positive

• Secured a 61,000 square foot lease with Kimley-Horn, enhancing tenant relationships and ongoing partnerships.
• Largest office lease signed in downtown Orlando since 2019, indicating strong demand for office space.
• Properties feature LEED Gold certification, indicating a commitment to sustainability and attracting environmentally conscious tenants.
• Recent enhancements to buildings provide improved amenities, likely increasing tenant satisfaction and retention.

Negative

• None.

Atlanta, May 11, 2022 (GLOBE NEWSWIRE) -- Piedmont Office Realty Trust, Inc. (“Piedmont") (NYSE:PDM), an owner of Class A office properties located primarily in the Sunbelt, today announced that Kimley-Horn and Associates, Inc. (“Kimley-Horn”), has leased approximately 61,000 square feet at its 200 and 222 South Orange Avenue buildings in downtown Orlando through 2034. The lease is the largest office lease signed in downtown Orlando since 2019 and will be Kimley-Horn’s second location with Piedmont as they also lease approximately 80,000 square feet in Piedmont’s Dallas portfolio.

“We are excited to build upon our valued relationship with Kimley-Horn at this strategic office location,” said Alex Valente, Piedmont’s Executive Vice President – Southeast Region. “This sustainability focused, LEED Gold project provides an unmatched amenity experience, including an activated outdoor community park and tenant collaboration spaces that truly create a unique office environment for tenants and visitors alike. The connectivity of 200 and 222 South Orange offers one of downtown Orlando’s largest floorplates, which allowed us to provide a flexible and efficient space for Kimley-Horn encompassing an entire floor across both buildings.”

200 South Orange Avenue is a 30-story, approximately 650,000 square foot, LEED Gold, Class A trophy office tower located in the heart of downtown Orlando, easily accessible via I-4, SR 408, and the adjacent Church Street SunRail station.  Piedmont has recently completed a major transformation of the building including, a lobby renovation, enhanced food service offerings, and expanded outdoor collaboration space. In late 2020, Piedmont acquired 222 South Orange Avenue an approximately 130,000 square foot office building that shares an atrium with 200 South Orange Avenue and is connected to the 200 South Orange tower on floors 4-8 across the atrium, creating approximately 38,000 square foot floorplates.  Piedmont is currently working on the redevelopment of 222 that includes floor to ceiling glass curtain walls, a redesigned entryway and streetscape, and private tenant balconies overlooking the corner of Church Street and Orange Avenue.

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 16 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 (Baa2). Piedmont is a 2022 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

FAQ

What is the significance of the lease signed by Piedmont Office Realty Trust on May 11, 2022?

The lease with Kimley-Horn is significant as it is the largest office lease in downtown Orlando since 2019, indicating strong market demand.

How large is the office lease that Piedmont signed with Kimley-Horn?

Piedmont signed a lease for approximately 61,000 square feet at its 200 and 222 South Orange Avenue buildings.

Which properties are involved in the Kimley-Horn lease deal?

The lease involves the 200 and 222 South Orange Avenue buildings located in downtown Orlando.

What are the expected benefits of the recent enhancements at Piedmont's properties?

The enhancements are expected to improve tenant satisfaction and retention through better amenities and an upgraded office environment.

What type of sustainability certification do Piedmont's properties hold?

Piedmont's properties hold LEED Gold certification, showcasing their commitment to sustainability.