Piedmont Office Realty Trust (NYSE: PDM) announced today that it has completed a lease extension with the National Park Service (NPS) for approximately 220,000 square feet of space that it currently occupies at 1201 Eye Street NW in Washington, D.C. The extended lease runs through July 2017.
Eugene Kenney Senior Director, at Cushman & Wakefield (C&W), Peter Marcin and Matt Lynch, formerly of C&W, and Ken Mulrane of Piedmont handled the lease negotiations.
“We are very pleased to have retained a quality tenant such as the National Park Service, particularly during a period of time best characterized by a decreasing demand for large blocks of space in the DC office market,” said Ken Mulrane, SVP of Piedmont Office Realty Trust. “Although the NPS will reduce its footprint by approximately 46,000 square feet in 2015, we are extremely satisfied with this transaction as it requires no capital outlay, yet allows us to extend our relationship with this reputable government agency,” added Mulrane.
NPS first moved into the class A, ENERGY STAR certified office building in 2001, signing on as the lead tenant prior to the property’s completion. The building is centrally located in downtown Washington D.C., one block from Franklin Park and the new CityCenter project, and within walking distances to three Metro stations - McPherson Square, Metro Center and Gallery Place-Chinatown. It features windows on three sides of the building covering 85% of the building’s perimeter. Its unique design provides up to 14 corner offices per floor and has a remaining balance of approximately 92,000 square feet of prime office space available for lease.
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About Piedmont: Piedmont Office Realty Trust, Inc. (NYSE: PDM) is a fully-integrated and self-managed real estate investment trust (REIT) specializing in the ownership and management of high-quality Class A office buildings located primarily in ten of the largest U.S. office markets, including Atlanta, Boston, Chicago, Dallas, Houston, Los Angeles, Minneapolis, New York, Central Florida and Washington, D.C. Approximately 60% of its tenants are investment grade-rated or governmental tenants, and many others are blue chip or nationally-recognized companies. The Company is headquartered in Atlanta, GA, with local management offices in each of its major markets. Investment grade-rated by Standard & Poor's (BBB) and Moody's (Baa2), Piedmont has maintained a relatively low leverage strategy throughout its fifteen year operating history. For more information, see www.piedmontreit.com.