Saban Real Estate entered into a binding contract to acquire One Independence Square building in Washington, D.C. from Piedmont Office Realty Trust, Inc. for approximately $170 million.
January 20, 2019
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Saban Real Estate entered into a binding contract to acquire One Independence Square building in Washington, D.C. from Piedmont Office Realty Trust, Inc. (NYSE:PDM) for approximately $170 million on December 21, 2018. The sale price is approximately $508 per square foot. The transaction is subject to customary closing conditions and is expected to close during the first quarter of 2019.
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.
Saban Real Estate entered into a binding contract to acquire One Independence Square building in Washington, D.C. from Piedmont Office Realty Trust, Inc. for approximately $170 million.
PIEDMONT OFFICE REALTY TRUST, INC. 
