Piedmont Office Realty Trust has completed the sale of One Lincoln Park, located at 8401 North Central Expressway in Dallas, for $54 million, or $210 per square foot, in an all-cash transaction. The Dallas Morning News reports Triumph Financial purchased the property and intends to use it as its new headquarters. The building will be rebranded as One Triumph Place. The asset previously traded in 2013 for $56.7 million, according to CommercialEdge data.

The building is a 10-story, approximately 257,000-square-foot, office building which was 59% leased at the end of fourth quarter 2023.  The net proceeds from the sale were used to pay off the approximately $50 million remaining balance of the Company’s 2024 Senior Unsecured Notes that mature in March.

Piedmont’s Brent Smith added, “We are pleased to harvest the value in a high-quality asset through the disposition of One Lincoln Park to an all-cash buyer. Proceeds were immediately redeployed to pay off our remaining 2024 Notes on an earnings-neutral basis.”