Travel + Leisure Chooses Piedmont’s 501 W. Church Building in Downtown Orlando for New Headquarters Location
Piedmont Office Realty Trust (NYSE:PDM) announced that Travel + Leisure Co (NYSE:TNL) has signed a lease for Piedmont’s 501 W. Church building in downtown Orlando for its new headquarters.
The lease covers the entire 182,000 square foot, 5-story building through 2040 and will bring approximately 900 jobs to downtown Orlando.
Piedmont will renovate and rebrand the building to meet Travel + Leisure’s needs, adding modern amenities such as a fitness center, conference center, and café. This move marks the largest lease in downtown Orlando since 2019.
Piedmont collaborated with local officials and economic partners to secure the lease and plans to complete renovations by 2025.
- Lease agreement with Travel + Leisure Co for an entire building through 2040.
- Relocation of approximately 900 jobs to downtown Orlando boosts local economy.
- Renovation and rebranding of the building to include modern amenities.
- Largest lease in downtown Orlando since 2019.
- Collaboration with local government and economic partners for securing the lease.
- Significant costs associated with renovation and rebranding of the building.
- Long-term commitment through 2040 may limit flexibility for Piedmont.
- Potential risks if Travel + Leisure's business performance declines.
Will Result in the Relocation of Approximately 900 Jobs to Downtown Orlando
Atlanta, May 14, 2024 (GLOBE NEWSWIRE) -- Piedmont Office Realty Trust, Inc. ("Piedmont") (NYSE:PDM), an owner of Class A office properties located primarily in the Sunbelt, and the largest owner of office properties in Orlando, announced today that Travel + Leisure Co (NYSE:TNL), the world’s leading membership and leisure travel company, has chosen Piedmont’s 501 W. Church building located in downtown Orlando for its new corporate headquarters. Travel + Leisure has signed a new lease for the entirety of the 5-story, approximately 182,000 square foot building through 2040 and will ultimately employ approximately 900 individuals at the property. Piedmont plans to renovate and rebrand the building in anticipation of Travel + Leisure’s 2025 commencement, adding signage and modern amenities including a new fitness center, conference center and café, to create an office experience uniquely tailored for Travel + Leisure’s employees, and adding to the vibrancy and economics of downtown Orlando.
“We are honored that a world class company such as Travel + Leisure has chosen 501 W. Church for its headquarters location,” said Alex Valente, Executive Vice President for Piedmont’s Southeast region. “We very much appreciate the collaboration and support from Mayor Dyer’s administration and the Orlando Economic Partnership to help attract the largest lease in downtown Orlando since 2019.”
Piedmont was represented on the transaction internally by Alex Valente and Ben Mullenix and advised externally by Michael Phipps & Colin Morrison of CBRE. Travel + Leisure was advised by Greg Katz and Jason Warren of Stream Realty Partners and Mike Hopper of Newmark.
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
Contact: Sarah Heimlich
Company: Piedmont Office Realty Trust
Phone: 770 418 8800
Email: Investor.relations@Piedmontreit.com
FAQ
What is the new headquarters location for Travel + Leisure Co?
How many jobs will be relocated to downtown Orlando with the new headquarters?
What is the duration of the lease signed by Travel + Leisure Co?
What amenities will be added to the 501 W. Church building?
When is the anticipated commencement date for Travel + Leisure Co’s new headquarters?
What is the significance of this lease for downtown Orlando?
