Piedmont Office Realty sells a property for $160M, buys one for $74M

|About: Piedmont Office Realty Trust (PDM)|By:, SA News Editor

Piedmont Office Realty Trust (NYSE:PDM) completes the sale of 800 North Brand Boulevard in Glendale, CA, for about $160M and buys 25 Burlington Mall Road in Burlington, MA, for $74M.

The deals are part of Piedmont's strategy of "disposing of select non-core and mature assets at low yields and reinvesting proceeds accretively into our strategic markets where Piedmont has an existing presence and dominant market share," says CEO Donald A. Miller.

Piedmont estimates that combined capital allocation decisions made in Q4 should realize about 3 cents per share annualized in FFO accretion as it pays down debt by about $35M.

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