Piedmont Buys 901 N Glebe for $176M
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Piedmont Office Realty Trust has scooped up 901 N Glebe in Ballston for $176M. (To illustrate our point, we thought we'd put in a picture of a person instead of a building: Here's Piedmont CEO Don Miller, who spoke at our DC Real Estate Summit in 2011.) Transwestern's Gerry Trainor repped the seller (an affiliate of Dweck Properties) and tells us the Atlanta-based REIT should benefit from several below-market leases scheduled to roll over in the next few years. Gerry adds that there were about 20 offers for the 334k SF property (which traded at a 6% cap rate), a sign that region-wide, high-quality product is still in demand.