Piedmont Secures Two Major Atlanta Renewals
Two significant lease renewals have helped prop up Piedmont Office Realty Trust's leasing efforts in Atlanta.
Cloud computing giant VMware renewed and expanded its presence at 1155 Perimeter Center West to 215K SF, Piedmont reported in its second-quarter earnings.
That renewal makes up a big block of the 517K SF in leasing that Piedmont executed this past quarter, including two separate deals with WeWork: 71K SF at SunTrust Center in Orlando and 29K SF at Arlington Gateway outside of Washington.
“We continue to witness strong demand from tenants in our office buildings located within dense mixed-use nodes that have excellent transportation accessibility and unique amenity offerings,” Piedmont CEO Brent Smith said in a release.
Smith recently ascended to the CEO position after longtime head Don Miller retired at the end of June. Piedmont earned an $8.15M profit on more than $125M in revenues during the second quarter.
The REIT also closed the purchase of Galleria 100, an 18-story office tower in the Cumberland/Galleria submarket, for $95.1M. That deal gives Piedmont a trio of office towers in that complex, which include Galleria 200 and 300.
Piedmont also renewed Bio-Medical Applications of Georgia for 48K SF at Galleria 100.
