2012-10-19 14:58:57 -
Kerry Hughes, Piedmont
(770) 418 8678, Kerry.Hughes@Piedmontreit.com
Nicole Garrison-Sprenger, U.S. Bank Public
(612) 303- 0731, firstname.lastname@example.org
U.S. BANCORP RENEWS 400,000 SF HEADQUARTERS IN MINNEAPOLIS, MN
ATLANTA and MINNEAPOLIS (October 19, 2012) - Piedmont Office Realty Trust, Inc.
(NYSE: PDM) announced today that it has completed a 10 year, 395,493 square-
foot lease renewal with U.S. Bancorp (NYSE: USB) at its 800 Nicollet Mall
property in Minneapolis, MN, commencing in June, 2014.
Minneapolis-based U.S. Bancorp is the parent of U.S. Bank National Association,
the 5th largest commercial bank in the United States. Employees of the U.S.
Bancorp have worked in the office tower that bears its name, U.S. Bancorp
Center, since 2000. The bank employs more than 10,000 employees in the Twin
Cities - up nearly 13 percent since the start of 2008. Including U.S. Bancorp
Center at 800 Nicollet Mall, U.S. Bank occupies more than 2.8 million square
feet of space in the metro area.
"As a proud Twin Cities-based company, we're happy to renew our commitment to
our headquarters city of Minneapolis," said Elliot Jaffee, Minnesota market
president for U.S. Bank. "Not only are we keeping the same amount of space, we
are upping our commitment by another decade."
U.S. Bancorp renewed and will retain the same amount of space in 800 Nicollet
Mall that it occupies today, just less than 400,000 square feet. The new lease
carves out Piper Jaffray, which U.S. Bancorp spun off in 2003. Piper Jaffray
renegotiated its own direct lease with Piedmont earlier this year.
Russ Nelson and Tina Hoye of Nelson Tietz & Hoye represented the tenant in the
transaction. Piedmont Senior Vice President Ken Mulrane, CFA, facilitated
negotiations on behalf of the owner. "The headquarters presence of such a highly
regarded tenant as U.S. Bancorp has helped to make our building and Nicollet
Mall a notable Minneapolis landmark," said Mulrane. "We have appreciated and
valued a positive and long-term relationship with many people at the bank and
look forward to that continuing in the years ahead," he added.
"In a time of ongoing economic uncertainty, we are very pleased to have
continued to transact a combination of large new leases and lease renewals
throughout our portfolio, such as this one with U.S. Bancorp," said Piedmont
President and Chief Executive Officer Donald A Miller, CFA. "We believe that
this success is not only a testament to the quality and desirable locations of
our properties, but also the value that we place on our tenant relationships and
the commitment to upholding our reputation as a superior owner/operator,"
U.S. Bancorp Center opened in 2000 and is situated in the Nicollet Mall Business
District in downtown Minneapolis. The building offers an array of public spaces
and an indoor Skyway which connects the street level and second floor with
neighboring buildings, creating an inviting retail environment and busy
crossroads of downtown pedestrian traffic in all seasons.
"We are thrilled that Richard Davis and U.S. Bancorp leadership have provided
further evidence of their strong commitment to the Greater MSP region, through
this long term extension of their Headquarters facility lease in downtown
Minneapolis", commented Michael Langley, President and CEO of GREATER MSP,
Minneapolis Saint Paul's Regional Economic Development Partnership. "This
decision reinforces the strength of our region as a global leader in financial
services, as well as home to more corporate headquarters, per capita, than any
region in the United States. These long term commitments not only strengthen
our regional economy, but provide great jobs and prosperity for thousands of our
residents for many years to come, continued Langley. "We also compliment
Nelson, Tietz, and Hoye on their successful representation of U.S. Bancorp on
the transaction with Piedmont."
U.S. Bancorp Center has earned both the prestigious Energy Star Label and
Building Owners and Manager Association's (BOMA) 360 designation. Additionally
it was selected as a TOBY (The Office Building of the Year awarded by BOMA)
Regional winner and International finalist in 2009. U.S. Bancorp Center has
also submitted for LEED Gold Certification and expects to receive the
designation in coming months.
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, Dallas, Los
Angeles and Boston. As of September 30, 2012, Piedmont's 74 wholly-owned office
buildings were comprised of approximately 20.5 million rentable square feet. The
Company is headquartered in Atlanta, GA with local management offices in each of
its major markets. Investment-grade rated by Standard & Poor's and Moody's,
Piedmont has maintained a low-leverage strategy while transacting $5.9 billion
and $1.7 billion in property acquisitions and dispositions, respectively, during
its fourteen year operating history. For more information, see
About U.S. Bancorp: Minneapolis-based U.S. Bancorp (NYSE: USB), with $352
billion in assets as of September 30, 2012, is the parent company of U.S. Bank
National Association, the 5th largest commercial bank in the United States. The
Company operates 3,086 banking offices in 25 states and 5,080 ATMs and provides
a comprehensive line of banking, brokerage, insurance, investment, mortgage,
trust and payment services products to consumers, businesses and institutions.
U.S. Bancorp and its employees are dedicated to improving the communities they
serve, for which the company earned the 2011 Spirit of America Award, the
highest honor bestowed on a company by United Way. Visit U.S. Bancorp on the web
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Source: Piedmont Office Realty Trust, Inc. via Thomson Reuters ONE