Bridge Office Fund Manager LLC and an unknown buyer completed the acquisition of 14 properties from Piedmont Office Realty Trust, Inc. for approximately $430 million,
January 04, 2018 at 04:00 am
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Bridge Office Fund Manager LLC and an unknown buyer entered into a binding contract to acquire 14 properties from Piedmont Office Realty Trust, Inc. (NYSE:PDM) for approximately $440 million on November 10, 2017. Bridge Office Fund Manager is buying 13 properties. An additional $5 million to $10 million of gross sales price is contingent upon certain leasing activity occurring within six months after the closing date of the transaction. The transaction is subject to customary closing conditions and is anticipated to close in January 2018. The proceeds from sale will be used to reduce debt. The sale for 12 out of the 13 properties that Bridge Office Fund is buying closed on January 3 and the sale for the 13th property will close in about 10 days.
Bridge Office Fund Manager LLC and an unknown buyer completed the acquisition of 14 properties from Piedmont Office Realty Trust, Inc. (NYSE:PDM) for approximately $430 million on January 4, 2018. Under the terms, the buyers paid $425.9 million and an additional $4.5 million in contingent proceeds. Piedmont used the proceeds from sale for the repayment of debts. Piedmont repaid the $300 million unsecured term loan that closed in 2013 and the $170 million unsecured term loan with no prepayment penalties.
Piedmont Office Realty Trust, Inc. is a fully integrated, self-managed real estate investment trust (REIT). The Company is an owner, manager, developer, redeveloper, and operator of Class A office properties located primarily in major United States Sunbelt markets. The Company conducts business through its wholly owned subsidiary, Piedmont Operating Partnership, L.P. (Piedmont OP). It owns and operates about 51 in-service office properties comprised of approximately 17 million square feet of primarily Class A office space which are 87.1% leased. It has one redevelopment asset comprising about 127,000 square feet in Orlando, Florida. The Companyâs portfolio of properties is primarily located in various metropolitan areas, including Atlanta, Dallas, Northern Virginia/Washington, D.C., Boston, Orlando, Minneapolis, and New York, and others.
Bridge Office Fund Manager LLC and an unknown buyer completed the acquisition of 14 properties from Piedmont Office Realty Trust, Inc. for approximately $430 million,
PIEDMONT OFFICE REALTY TRUST, INC. 
