Piedmont Office Realty Trades Properties in Dallas
- Feb 05, 2015
Atlanta-based Piedmont Office Realty Trust recently completed two Dallas-area transactions: the acquisition of Park Place on Turtle Creek and the sale of 3900 Dallas Parkway.
The 177,169-square-foot Park Place on Turtle Creek is a Class A office property located at 2911 Turtle Creek Blvd. in the Uptown/Turtle Creek submarket of Dallas. The transaction also included an adjoining five-level parking structure. At the time of the acquisition, the building was 88 percent leased.
3900 Dallas Parkway is a 120,107-square-foot office property located in Plano. Jeff Staubach and Andy Leatherman of JLL represented the buyer, while Piedmont Capital Markets Director Karen Purdy represented her company.
“We are very pleased to announce the completion of these two transactions, as they clearly demonstrate Piedmont’s ability to successfully execute our capital markets strategy. We were able to opportunistically sell one non-core asset to help fund a growth-enhancing investment in a high-quality asset, purchased at an attractive basis and located in one of the best urban infill submarkets in Dallas,” said Joseph Pangburn, Piedmont executive vice president of the Southwest region, in an official statement.
Image Courtesy of Piedmont Office Realty Trust via Official Website