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Piedmont profits $31M on Energy Corridor property Piedmont profits $31M on Energy Corridor property https://www.recenter.tamu.edu/news/newstalk-texas/?Item=74722014-06-25T15:42:00Z2013-05-03T10:00:00Z

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

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