Piedmont Office REIT Sells 13-Building Portfolio To Bridge
Atlanta-based Piedmont Office Realty Trust has sold off a baker's dozen of its office buildings, including one in Atlanta, to a Salt Lake City investment firm.
An Atlanta subsidy of Bridge Investment Group purchased 13 office buildings scattered across the country from Piedmont Office REIT for an undisclosed sum. The portfolio involves more than 2M SF and includes Suwanee Gateway One, a 143K SF low-rise office building in the northern suburb of Metro Atlanta.
Other buildings in the portfolio include Desert Canyon 300 in Phoenix, 2001 NW 64th St. in Fort Lauderdale, Florida, and Windy Point I and II in Schaumburg, Illinois.
Bridge Commercial Real Estate CEO Jeff Shaw said the portfolio fits into the firm's overall strategy of buying suburban office properties in prospering U.S. cities. The firm plans to infuse capital to update the building to include collaborative workspaces, gyms and conference rooms.
Bisnow previously reported plans by Piedmont Office REIT to sell 14 assets in a deal that would top $425M, earning some $40M to its bottom line. A second buyer for one asset was not identified.