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Piedmont Office Realty under contract to sell Calif. building for $160M

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Piedmont Office Realty under contract to sell Calif. building for $160M

Piedmont Office Realty Trust Inc. agreed to sell the 21-story office building at 800 N. Brand Blvd. in Glendale, Calif., for approximately $160.0 million under a binding contract entered into with an unnamed third party during the third quarter.

The office real estate investment trust said the sale of the approximately 527,000-square-foot, 90%-leased property would cap off its exit from the U.S. West Coast.

During the third quarter, the REIT closed on more than 613,000 square feet of property leasing. Piedmont disclosed more than 87,000 square feet of leasing of vacant space in the Washington, D.C., market.

The REIT noted that it signed leases with Reservoir International, Rapid7 Inc., Global Connections to Employment Inc. and Applied Predictive Technologies at its properties in D.C.; TZ Insurance Solutions LLC at its Boston property; and Health Catalyst Inc. at its Minneapolis property.

Piedmont also renewed or expanded the property leases with Morgan Stanley Smith Barney Financing LLC and R-T Specialty LLC in Atlanta, Switch Commerce LLC in Dallas and Children's Hospital Los Angeles in Los Angeles.