Piedmont Office Realty Trust, Inc. spent $119.3 million to acquire three buildings in the Dallas market before the close of 2013, the REIT reported on Wednesday.
Johns Creek, Georgia-based Piedmont acquired:
– 6565 North MacArthur Blvd in Irving on December 5, 2013 for $46.6M
6565 MacArthur Boulevard in Irving, Texas was constructed in 1998. The 10-story, 260,000 square-foot office building sits on a 10.3 acre site and is located in close proximity to Piedmont’s other assets in that submarket. The property is 93 percent leased.
– One Lincoln Park in Dallas on December 20, 2013 for $56.7M
One Lincoln Park is located at 8401 North Central Expressway at Northwest Highway. The Class A building resides on a 3.08 acre land parcel adjacent to Lincoln Park Shopping Center and NorthPark Center. The 262,000 square-foot, 10-story building with attached 6-level parking structure was completed in 1999. The property is 79 percent leased.
– 161 Corporate Center in Irving on December 30, 2013 for $16M
161 Corporate Center is adjacent to two other Piedmont-owned properties – Las Colinas Corporate Center I & II and contiguous to its third phase development parcel. Piedmont purchased the 4-story, 104,895 square-foot office building, which was constructed in 1998, for approximately $150 per square foot and at an initial Core FFO yield of approximately 8%. The property is currently 91% leased.