Piedmont Office Realty Trust Secures Large Renewal in Irving, TX
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.
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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.
Details
News Market Reaction – PDM
The recorded move for PDM in the trading session of this news was +0.84%.
Data tracked by StockTitan Argus. Session date unavailable.
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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
“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
Contact: Sarah Heimlich
Company: Piedmont Office Realty Trust
Phone: 770 418 8800
Email: investor.relations@Piedmontreit.com
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