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Piedmont Office sells 3 Calif. assets after Q1

PiedmontOffice Realty Trust Inc. sold a trio of office assets in Californiaafter the end of the first quarter.

The company, in reporting its first-quarter earnings, saidit sold the roughly 176,000-square-foot building at 1055 E. Colorado inPasadena for $61.3 million and the approximately 134,000-square-foot facilityin Brea, dubbed FairwayCenter II, for $33.8 million. It also sold the roughly173,000-square-foot building at 1901 Main St. in Irvine for $66.0 million.

The Pasadena and Brea assets, which were respectively soldApril 21 and April 28, were 99% leased and 97% leased. Meanwhile, the Irvineproperty was sold May 2 and was 100% leased.

Piedmont said the transactions wrap up several reverse 1031exchanges with three office assets it purchased during the 2015 fourth quarter.