2013-03-04 23:06:14 -
ATLANTA - March 4, 2013 - Piedmont Office Realty Trust (NYSE: PDM) announced
today that it has completed the purchase of Arlington Gateway, a twelve-story,
Class-A office property located at 901 North Glebe Road in Arlington, VA.
Piedmont acquired the 333,948 square-foot office building from Arlington Gateway
Investor, LLC for approximately $175.6 million or $526 per square foot.
Constructed in 2005, this LEED Gold and Energy Star Certified trophy property is
located in the desirable Rosslyn-Ballston Corridor (RB) and is 99% leased
exclusively to non-government tenants. Anchor tenants include leading global
professional services company, Towers Watson and the law firm of Nixon &
Vanderhye.
Arlington Gateway Investor, LLC was represented in this transaction by Gerry
Trainor, Executive Managing Director with Transwestern Institutional Commercial
Group. Piedmont represented itself in this acquisition with a
team headed by
Bob Wiberg - and including Wil Stone and Justin Caudill.
Considered among the top buildings in the Ballston submarket, Arlington Gateway
occupies a prominent corner at the intersection of Fairfax Drive and North Glebe
Road. This location affords excellent transportation options with the Ballston
Metro station two blocks away and a future Metrorail entry on-site. In
addition, the ramps to I-66, the main east-west commuting artery, are located
within 1,000 feet of the property. Arlington Gateway offers an amenity-rich
environment with many retail and dining options in and around the property.
Complementing Arlington Gateway's office use is an on-site garage and the
adjacent Westin Arlington Gateway hotel, which offers 336 guest rooms and
10,000 square feet of meeting facilities.
"Acquiring a building with the superior quality of Arlington Gateway is great
addition to our portfolio," said Bob Wiberg, Executive Vice President,
MidAtlantic Region and Head of Development for Piedmont. "The RB Corridor is
one of the most desirable and high performing submarkets in the Washington D.C.
region. Arlington Gateway's strong position in this submarket, evidenced by its
99% leased status, makes this an ideal strategic investment for Piedmont," added
Wiberg.
"This acquisition demonstrates Piedmont's strategic deployment of capital into
one of our concentration markets," added Raymond L. Owens, Executive Vice-
President, Capital Markets for Piedmont. This transaction will provide us with
stable income from a high quality office building, and it builds upon our
critical mass in a submarket that we feel has strong long-term growth
potential," Owens continued.
About Piedmont: Piedmont Office Realty Trust, Inc. (NYSE: PDM) is a fully-
integrated and self-managed real estate investment trust (REIT) specializing in
high-quality, Class A office properties located primarily in the ten largest
U.S. office markets, including Chicago, Washington, D.C., New York, Los Angeles,
Boston, and Dallas. As of December 31, 2012, Piedmont's 74 wholly-owned office
buildings were comprised of over 20 million rentable square feet. The Company is
headquartered in Atlanta, GA, with local management offices in each of its major
markets. Piedmont is investment-grade rated by Standard & Poor's and Moody's and
has maintained a low-leverage strategy while acquiring and disposing of
properties during its fourteen year operating history. For more information,
see www.piedmontreit.com.
Contact: Kerry Hughes
Company: Piedmont Office Realty Trust
Phone: 1 770 418 8678
Email:
Kerry.Hughes@Piedmontreit.com
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Source: Piedmont Office Realty Trust, Inc. via Thomson Reuters ONE
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