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May 30, 2014
17:04 EDTPDMPiedmont Office Realty disposes four assets totaling $34M
Piedmont Office Realty Trust announced that it has continued its strategic objective of concentrating its portfolio in fewer markets by disposing of four assets, totaling approximately 450,000 square feet during the past 30 days. With the completion of the dispositions, approximately 90% of the company's revenues are now derived from its nine target markets with approximately two-thirds coming from central business district or urban infill properties. Commenting on the transactions, Raymond L. Owens, Piedmont's Executive Vice President of Capital Markets, stated, "The strong liquidity for commercial property that we are currently observing has allowed us to accelerate the exiting of certain non-strategic assets and markets, while reducing our exposure to certain suburban submarkets. Our disciplined approach to portfolio management has been rewarded in that we were able to realize better pricing on these assets today than if we had sold them earlier in the cycle. The combined gross proceeds from the sales of the four properties totaled $34 million."
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