Piedmont Office Realty Trust Secures Large Renewal in Irving, TX

Rhea-AI Summary

Piedmont Office Realty Trust (NYSE: PDM) announced a lease renewal with a major pharmaceutical retailer for roughly 164,000 square feet at 750 W. John Carpenter Freeway, Irving, Texas, extending through 2028. This renewal addresses the company's largest lease expiration for 2022, now leaving just 5% in scheduled expirations for the year. Renovations at the property will include a lobby redesign, tenant amenities, and expanded outdoor spaces, enhancing the work experience.

Positive

• Secured lease renewal with a significant tenant through 2028.
• Only 5% of scheduled expirations remaining in 2022.
• Commencing renovations to improve tenant experience.

Negative

• None.

Atlanta, March 17, 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 it has secured a lease renewal through 2028 with a national pharmaceutical retailer for approximately 164,000 square feet at 750 W. John Carpenter Freeway in Irving, Texas. This renewal addresses Piedmont’s largest 2022 expiration with positive economic metrics and currently leaves only 5% in scheduled expirations in the Company’s portfolio for the remainder of 2022.

“We are excited to build upon our valued relationship with an important tenant at this strategic office location,” said Joe Pangburn, Piedmont’s Executive Vice President – Southwest Region. “The sustainability focused, LEED Gold project provides an unmatched onsite amenity set that will be further modernized to ensure the best-in-class work experience for all our tenants at the building.”

750 W. John Carpenter Freeway is located in the heart of Irving with direct visibility from State Highway 114. Piedmont is commencing renovations at the project including a lobby redesign, a tenant amenity lounge, enhanced food service offerings, and expanded outdoor collaboration space. The property also provides tenants with a 100-person conference center and a large, on-site fitness facility in addition to a tenant shuttle for direct access to the Toyota Music Factory and other nearby food and retail amenities.

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 (Baa2). Piedmont is a 2021 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 recent event did Piedmont Office Realty Trust announce regarding its leases?

Piedmont Office Realty Trust announced a lease renewal with a national pharmaceutical retailer through 2028 for approximately 164,000 square feet.

How many lease expirations does Piedmont have left in 2022 after the recent lease renewal?

After the lease renewal, Piedmont has only 5% of scheduled expirations left in 2022.

What renovations are planned for the property at 750 W. John Carpenter Freeway?

Planned renovations include a lobby redesign, tenant amenity lounge, enhanced food service, and expanded outdoor collaboration space.

What is the significance of the lease renewal for Piedmont Office Realty Trust?

The lease renewal addresses Piedmont's largest expiration in 2022, providing stability and positive economic metrics for the company.