Piedmont Closes $360M Sale, Exits Philadelphia
1901 Market St. is a 45-story, 800K SF building on three-quarters of an acre in downtown Philadelphia. Atlanta-based Piedmont acquired the property in 2003 and said it earned a nine-digit gain on its sale. Piedmont invested more than $110M in capital improvements on the Philadelphia property, including a new lobby and an outdoor piazza. The company is now focusing on markets in the Sun Belt.
“The sale of 1901 Market St. concludes a successful recycling story for Piedmont, allowing us to dispose of a long-term, 100%-leased asset in a non-strategic market where we believe the value potential during our ownership has been realized and to fully reinvest the proceeds accretively into our recent purchase of Dallas Galleria Office Towers,” Piedmont CEO Brent Smith said in a press release.
CBRE served as Piedmont’s financial and marketing adviser.