Piedmont profits $31M on Energy Corridor property

HOUSTON – Piedmont Office Realty Trust sold 1200 Enclave Pkwy. for $48.75 million, or $326 per sf. The Griffin Capital Corporation, on behalf of Griffin Capital Essential Asset REIT Inc., purchased the 149,683-sf property which was constructed in 1999 and is situated on 5.36 acres.

Today it is 100 percent leased to Schlumberger Technology Corporation through 2024. Annualized rent is $2.9 million or $19.94 per sf.

Piedmont acquired the Class A asset, located in the heart of the Energy Corridor submarket, in March 2011 for $18.5 million, or $124 per sf, when it was 18 percent leased.

Source: Piedmont Office Realty Trust