Two Independence Square. Photo by Piedmont Office REIT
WASHINGTON, DC–By any measure, the Atlanta-based Piedmont Office Realty Trust had a busy quarter for its Washington DC-based holdings. We will get to those transactions in a moment.
The big news, though, is the possibility that the REIT has found a buyer for Two Independence Square, a 605,897-square-foot building at 300 E St. SW, that is leased by NASA until August 2028 following its renewal in 2011.
Cushman & Wakefield began marketing the property earlier this year and a source tells us that it has found a buyer: a JV among several investors including an investment fund in South Korea, Kiwoom Securities and Meritz Securities, both of which are also based in South Korea.
The agreed upon purchase price is $385.6 million or $665 per square foot. GlobeSt.com has not had an inquiry immediately returned from Piedmont REIT. We will update this story if/when we hear back.
Now onto the REIT's busy third quarter in the area.
The company executed three new major leases:
- A technology division of a large, multi-national company took 87,786 square feet in an 11-year new lease through 2028 at 4250 North Fairfax Dr. in Arlington,
- The Cadmus Group signed a 25,068 square foot, 10+ year new lease through 2027 at 3100 Clarendon Blvd. in Arlington,
- The National Association of County & City Health Officials signed a 23,047 square foot, 11-year new lease through 2028 at 1201 Eye St., NW in Washington, DC.
Piedmont also sold three office buildings in the Shady Grove Office complex in Rockville, MD, exiting from the submarket.
It sold 9200, 9211, 9221 Corporate Boulevard, three 4-story office buildings totaling approximately 340,000 square feet and an adjacent parking garage for $26 million.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
