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Piedmont Sells 5000 Corporate Ct. for $39M

HOLTSVILLE, NY-The 264,482-square-foot class A office building in Suffolk County has changed hands from Piedmont Office Realty Trust to Government Properties Income Trust, according to Real Capital Analytics.

By Jacqueline Hlavenka | Updated on September 15, 2011

HOLTSVILLE, NY-Publicly-traded REIT Piedmont Office Realty Trust has closed the sale of 5000 Corporate Court in Holtsville, NY to an institutional investor for $39.25 million, the company confirmed on Thursday. Jones Lang LaSalle’s managing director Joe Garibaldi, who represented the owner, tells GlobeSt.com that he cannot disclose the investor due to confidentiality agreements, but Real Capital Analytics lists the buyer as Newton, MA-based Government Properties Income Trust, a REIT that focuses on federal and state government assets.

Garibaldi, along with JLL’s New York Capital Markets team, managing director Peter Nicoletti, vice president Tom Walsh and executive vice president and head of the firm’s Long Island office, Ray Ruiz, represented the owner. Piedmont’s Wil Stone, senior vice president of capital markets also represented the owner on the transaction.

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