Ft. Lauderdale, FL – August 11, 2011 – (RealEstateRama) — CBRE (NYSE:CBG) arranged a long-term, 50,000-square-foot lease on behalf of Piedmont Office Realty Trust at 5601 Hiatus Road, in Tamarac, Florida. The tenant, a large national insurance company, is taking the entire second floor of the two-story, 100,000-square-foot office building. The firm will occupy its new space in 1Q2012.
“5601 Hiatus offers unique benefits that were very attractive to the tenant. These included hurricane impact windows, a back-up generator and a generous parking ratio in excess of 6 spaces per 1,000 rented square feet. In addition, the building’s larger floor plate enables the insurance company to achieve greater efficiencies, allowing it to relocate and comfortably fit in excess of 60,000 square feet into 50,000 square feet and providing additional room for growth,” said Jay Adams, First Vice President at CBRE, who represented Piedmont Office Realty Trust.
Constructed in 2001, the building was recently converted from a single tenant to multi-tenant building. Convergys, which previously occupied the entire building now occupies the first floor and recently renewed its lease for 50,000 square feet.
CBRE’s Jarred Goodstein joined Adams on the team representing the property, along with Alex Valente from Piedmont Office Realty Trust.
About CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.
About CB Richard Ellis
Piedmont Office Realty Trust, Inc. (NYSE:PDM) is a fully-integrated and self-managed real estate investment trust (REIT) specializing in high-quality, Class A office properties located primarily in the ten largest U.S. office markets, including Chicago, Washington, D.C., New York, Dallas, Los Angeles and Boston. As of March 31, 2011, Piedmont’s 77 wholly-owned office buildings were comprised of approximately 21 million rentable square feet and were 87.3 % leased. The Company is headquartered in Atlanta, GA with local management offices in each of its major markets. Investment-grade rated by Standard & Poor’s and Moody’s, Piedmont has maintained a low-leverage strategy while acquiring over $5.8 billion in properties since 1998. For more information, see http://www.piedmontreit.com/.
elizabeth.cross (at) cbre (dot) com
lauren.crawford (at) cbre (dot) com