Piedmont Completes Sale of One Lincoln Park
The building is a 10-story, approximately 257,000-square foot, office building which was 59% leased at the end of fourth quarter 2023.
- The building is a 10-story, approximately 257,000-square foot, office building which was 59% leased at the end of fourth quarter 2023.
- The net proceeds from the sale were used to pay off the approximately $50 million remaining balance of the Company’s 2024 Senior Unsecured Notes that mature in March.
- Commenting on the transaction, C. Brent Smith, Piedmont’s President, and Chief Executive Officer, said, “We are pleased to harvest the value in a high-quality asset through the disposition of One Lincoln Park to an all-cash buyer.
- Furthermore, Piedmont will be retained as property manager, resulting in a seamless transition for existing tenants and the buyer, as well as a positive outcome for stockholders.”