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Piedmont Office Realty Trust Sells Two Cambridge Assets for $160M Combined Proceeds
Atlanta, GA-based Piedmont Office Realty Trust, Inc. — an owner, manager, developer, redeveloper and operator of Class A office properties — has completed the sales of its two Cambridge, MA assets: One Brattle Square and 1414 Massachusetts Avenue.
The combined proceeds of approximately $160 million from the two sales were used to pay off the outstanding balance on the company’s $600 million line of credit, leaving the full capacity of the line currently available.
“The disposition of our Cambridge assets was a crucial step in our asset recycling strategy and rotated an approximately $100 million book gain from a non-strategic submarket accretively into our recent purchase of 1180 Peachtree Street, a skyline defining asset in the heart of Midtown Atlanta,” said C. Brent Smith, Piedmont Office Realty Trust, Inc.’s president and CEO.
Piedmont Office Realty Trust, Inc. has a $5-billion portfolio comprised of approximately 17 million square feet.
- ◦Sale/Acquisition
