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Piedmont, NY State Enter Short-Term Renewal of 480k-SF Lease
Piedmont Office Realty Trust has entered into a four-month extension with its portfolio’s largest tenant, New York State, at its 60 Broad St. property. The current lease of 480,708 square feet expired on March 31 and it was extended on a short-term basis to allow negotiations to conclude on an orderly basis.
Negotiations cover “a significant majority” of the 480,708-square-foot space, Piedmont said. In an SEC filing last August, Piedmont acknowledged that the renewal could come with “a potential modest square footage contraction” from the tenant’s existing footprint.
“We believe that we will execute the renewal in the near future,” said C. Brent Smith, the non-traded REIT’s president and CIO. The state’s 60 Broad tenancy, covering multiple state agencies housed at the one-million-square-foot property, represents 3% of Piedmont’s leasable square footage.
New York State has been a tenant at 60 Broad since 1997. Atlanta-based Piedmont acquired the property in 2003.
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