GE Vernova Chooses Piedmont’s Atlanta Galleria for New Strategic Hub
Piedmont Office Realty Trust, Inc. has signed a new 77,000 square-foot lease with GE Vernova through 2036. The lease brings the leased percentage of the 2.1 million square foot complex to 90%. Piedmont has signed almost 800,000 square feet of new tenant leases at Galleria on the Park since 2020.
10/30/2023 - 04:15 PM
Atlanta, Oct. 30, 2023 (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 signed a new 77,000 square-foot lease through 2036 with GE Vernova, a planned 2024 spinoff of General Electric Company that will focus on electrifying the world while simultaneously working to decarbonize it. The company has selected 600 Galleria Parkway, a LEED-Gold designated property and one of five buildings owned by Piedmont in Atlanta’s Galleria on the Park, as one of its strategic U.S. locations.
"We are thrilled to welcome a world class company such as GE Vernova to Galleria on the Park,” said Alex Valente, Executive Vice President for Piedmont’s Southeast region. “Galleria’s vibrant environment, along with its unmatched, recently modernized onsite amenity set, and superior accessibility make it the ideal location for innovative companies such as GE Vernova that are focused on using quality office space to recruit and retain valuable talent in today’s competitive workplace. Including this lease, we have signed almost 800,000 square feet of new tenant leases at Galleria on the Park since 2020, including 10 new corporate or regional relocations. GE Vernova is the capstone to over 70 new deals at the project, addressing our last remaining large block of vacancy and taking the leased percentage of the 2.1 million square foot complex to 90% .”
Conveniently and uniquely connected to Truist Park and The Battery by a pedestrian bridge, Galleria on the Park’s 2.1 million square feet include five office buildings and three development sites surrounding a 6-acre, centrally located park, all with skyline views and with prominent visibility and direct access to major thoroughfares, I-75 and I-285. Since consolidating the ownership of The Galleria in 2019, Piedmont has been focused on enhancing the entire 20-acre project with the creation of a mixed-use setting offering tenants a differentiated nature of work including new food and beverage operators, a 10,000 SF on-site fitness facility – Ironworx Studio, employee engagement programming, transformed hospitality-infused building lobbies, and expansive conference facilities and outdoor collaboration spaces. Combined with convenient access to the Battery and Renaissance Waverly Hotel & Cobb Convention Center, as well as prominent signage opportunities facing I-75 and I-285, Galleria on the Park effortlessly connects to the vibrancy of the neighborhood and offers an unparalleled employee experience to its tenants. Piedmont focuses on building amenity-rich office environments (experiences) similar to Atlanta’s Galleria on the Park throughout its portfolio.
About Piedmont Office Realty Trust $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 2023 ENERGY STAR Partner of the Year. For more information, see www.piedmontreit.com .
Contact: Sarah Heimlich
What is the name of the company mentioned in the press release?
The company mentioned in the press release is Piedmont Office Realty Trust, Inc.
Who is the new lease signed with?
The new lease is signed with GE Vernova.
What is the duration of the lease?
The lease is through 2036.
What is the size of the lease?
The lease is for 77,000 square feet.
How much new tenant leases has Piedmont signed at Galleria on the Park since 2020?
Piedmont has signed almost 800,000 square feet of new tenant leases at Galleria on the Park since 2020.
What is the leased percentage of the 2.1 million square foot complex?
The leased percentage of the 2.1 million square foot complex is 90%.
Piedmont Office Realty Trust Inc
PDM Rankings
#4701 Ranked by Stock Gains
PDM Stock Data
Industry
Lessors of Nonresidential Buildings (except Miniwarehouses)
Sector
Real Estate and Rental and Leasing
Tags
Finance, Real Estate Investment Trusts, Real Estate and Rental and Leasing, Lessors of Nonresidential Buildings (except Miniwarehouses)
About PDM
piedmont office realty trust, inc. (nyse: pdm) is a fully integrated and self-managed real estate investment trust (reit) specializing in the ownership and management of high-quality class a office buildings located primarily in the ten largest u.s. office markets, including chicago, washington, d. c., new york, dallas, los angeles, and boston. piedmont's wholly-owned office buildings comprise approximately 21 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 (bbb) and moody's (baa2), piedmont has maintained a low-leverage strategy while transacting almost $6 billion and approximately $1.5 billion in property acquisitions and dispositions, respectively, during its fifteen year operating history.
