Piedmont REIT Signs over 500,000 SF of Leases Second Quarter-to-Date and Raises Full Year Leasing Guidance from 1.4 - 1.6 million SF to 1.8 - 2.0 million SF
YTD Leasing of over 850,000 SF
Atlanta, June 02, 2025 (GLOBE NEWSWIRE) -- Piedmont Office Realty Trust, Inc. ("Piedmont' or 'the Company") (NYSE:PDM), an owner of Class A office properties located primarily in the Sunbelt, announced today, that the Company is participating in this week's Nareit REITWeek Investor Conference in New York City. The Company has completed over 500,000 square feet of leasing thus far in the second quarter, with 350,000 square feet related to new tenants. Approximately 70% of the new tenant leases are for currently vacant space and year-to-date leasing volume now totals over 850,000 square feet. Of note, the Company signed two new, large transactions in excess of 10 years – 93,000 square feet with a global professional services firm specializing in risk, strategy and people at Three Galleria Office Tower in Dallas and 84,000 square feet with a global frozen food distributor at the Company's recently repositioned 9320 Excelsior building in suburban Minneapolis.
Commenting on second quarter operational success to date, Brent Smith, Piedmont's President and Chief Executive Officer, said, "The portfolio's leasing momentum accelerated during April and May with the team executing over half a million square feet of leases despite the turbulent economic backdrop. To date, we have not witnessed a slowdown in leasing demand or decision making. Piedmont's client pipeline remains robust with over 400,000 square feet of leases currently in legal documentation with more than half for currently vacant space. In addition, we have 2.6 million square feet of leases in the proposal stage, further evidence that the investments that we have made in our portfolio, combined with a 'best-in-class' service and sustainability mindset, are resonating with a broad range of tenants. At this time, we are increasing our 2025 leasing guidance to 1.8 to 2.0 million square feet from our initial guidance of 1.4 to 1.6 million square feet. We continue to emphasize that Piedmont is uniquely positioned to capitalize on the growing demand for highly-amenitized, well-located work environments operated by a financially stable landlord."
About Piedmont Office Realty Trust
Piedmont Office Realty Trust, Inc. (NYSE: PDM) is an owner, manager, developer, redeveloper, and operator of high-quality, Class A office properties located primarily in the Sunbelt. Its approximately $5 billion, predominantly unencumbered portfolio is currently comprised of approximately 16 million square feet. The Company is a fully integrated, self-managed real estate investment trust (REIT) with local management offices in each of its markets and is investment-grade rated by Moody's (Baa3) and Fitch (BBB-). Piedmont is a 2024 ENERGY STAR Partner of the Year – Sustained Excellence. For more information, see www.piedmontreit.com.
Contact: Sarah HeimlichCompany: Piedmont Office Realty TrustPhone: 770 418 8800Email: Investor.relations@Piedmontreit.com
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
44 minutes ago
- Yahoo
Newmark Arranges $675 Million Refinancing for Independence Plaza in Manhattan
NEW YORK, June 10, 2025 /PRNewswire/ -- Newmark Group, Inc. (Nasdaq: NMRK) ("Newmark" or "the Company"), a leading commercial real estate advisor and service provider to large institutional investors, global corporations, and other owners and occupiers, announces it has arranged a $675 million loan on behalf of Vornado Realty Trust and Stellar Management for the refinancing of Independence Plaza, a 1,328-unit multifamily property located in the Tribeca neighborhood of Manhattan. Newmark Co-President of Global Debt & Structured Finance Jordan Roeschlaub and Vice Chairman Nick Scribani secured the financing from Deutsche Bank, Wells Fargo, Bank of America and Morgan Stanley. Co-President of Global Debt & Structured Finance Jonathan Firestone and Director John Caraviello also supported the transaction. Independence Plaza is a 1,328-unit residential complex totaling 1.4 million square feet across three 39-story residential towers, a series of townhomes, on-site parking garage and four contiguous blocks of retail frontage. About Vornado Realty Trust (NYSE: VNO)Vornado Realty Trust ("Vornado") is a fully-integrated Real Estate Investment Trust and is a preeminent owner, manager and developer of real estate assets. Vornado's portfolio is concentrated in the nation's key market — New York City — along with premier assets both Chicago and San Francisco. Vornado is also the real estate industry leader in sustainability policy. The company owns and manages over 26 million square feet of LEED certified buildings and received the Energy Star Partner of the Year Award, Sustained Excellence 2024. About Stellar ManagementFounded in 1985, Stellar Management is a New York City based real estate investment and management firm. With over 13,000 apartments and nearly three million square feet of office and retail space under the firm's corporate umbrella, Stellar is an active market participant focused exclusively on New York City. Since its inception, Stellar has built its superior track record on owning and managing properties for a diverse array of residential, retail and office users. Stellar Management employs a direct, hands-on approach to value investing by marrying its best-in-class management operation with in-house construction and development teams. The vertical integration of management, development and ownership is a central tenet of the firm's investment and management philosophy and enables Stellar to quality control every step of the design, development and execution process. With a fully integrated real estate platform, Stellar is able to provide stakeholders accountability across the many facets of real estate investment. About NewmarkNewmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended March 31, 2025, Newmark generated revenues of over $2.8 billion. As of March 31, 2025, Newmark and its business partners together operated from 165 offices with approximately 8,100 professionals across four continents. To learn more, visit or follow @newmark. Discussion of Forward-Looking Statements about NewmarkStatements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company's business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K. View original content to download multimedia: SOURCE Newmark Group, Inc. Sign in to access your portfolio
Yahoo
an hour ago
- Yahoo
Warren Buffett Said Apple's Steve Jobs Asked, What Should We Do With 'All This Cash'? — Then Did Nothing That Buffett Told Him What to Do
Long before Warren Buffett became one of Apple's (NASDAQ:APPL) biggest shareholders, he had a rare one-on-one with the company's legendary co-founder—and offered up a piece of financial advice Steve Jobs simply... ignored. In a 2012 interview with CNBC, Buffett shared a surprising weekend phone call he received "one Saturday" from Jobs himself. The Apple CEO opened with a now-iconic question: "We've got all this cash. What should we do with it?" Don't Miss: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. Buffett, never short on ideas when it comes to cash, walked Jobs through the standard playbook. "There's only four things you could do," Buffett told CNBC. "Stock buybacks, dividends, acquisitions... and sitting with it." Jobs ruled out acquisitions. He wasn't interested. Buffett then pivoted to buybacks. "I would use it for repurchases if I thought my stock was undervalued," Buffett said he told Jobs. "How do you feel about that?" Jobs didn't hesitate. "I think our stock's really undervalued," he replied. It was trading around $200. Buffett's follow-up was blunt: "Well, you know, what better can you do with your money?" Trending: Maximize saving for your retirement and cut down on taxes: . But Jobs didn't act. "He didn't do anything," Buffett said. "He just liked having the cash." Buffett later learned Jobs had apparently told others that Buffett agreed with doing nothing. "That was not the case," Buffett added with a laugh. Jobs passed away in 2011, and it wasn't until 2012 under Tim Cook's leadership that Apple began a massive buyback program. Over the next decade, Apple would go on to repurchase more than $467 billion in shares—one of the most aggressive capital return programs in corporate history. Buffett, for his part, didn't start buying Apple until Q1 2016, years after that Saturday phone call. At the time, Apple stock traded at about 10 times trailing earnings. Buffett admitted he didn't know much about iPhones, but he understood customer loyalty—and Apple had plenty of it. It paid off. By 2025, Apple is Berkshire Hathaway's largest holding, with about 300 million shares in the portfolio. Even after trimming the position in 2024, it still makes up roughly a quarter of Berkshire's equity has repeatedly praised Tim Cook's leadership. At Berkshire Hathaway's (NYSE:BRK, BRK.B)) 2025 annual shareholders meeting, he stated, "I'm somewhat embarrassed to say Tim Cook has made Berkshire a lot more money than I've ever made for Berkshire." He added, "Nobody but Steve could have created Apple, but nobody but Tim could have developed it like it has." So, what happens when the Oracle of Omaha gives you advice and you ignore it? In Apple's case, things still turned out just fine. But if Jobs had listened back then, Apple might've gotten a head start on making shareholders very, very happy—with no new product launch required. Read Next: Maximize saving for your retirement and cut down on taxes: . Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? This article Warren Buffett Said Apple's Steve Jobs Asked, What Should We Do With 'All This Cash'? — Then Did Nothing That Buffett Told Him What to Do originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
Blackstone's $500 Billion Power Play: Why Europe Could Be the Next Big Investing Frontier
Blackstone (NYSE:BX) is gearing up for a decade-long, $500 billion investment spree across Europea bold signal that the world's largest alternative asset manager sees the continent's shifting economic backdrop as fertile ground for long-term bets. CEO Steve Schwarzman, speaking with Bloomberg, said Europe is starting to embrace pro-growth reforms, which could unlock a wave of new opportunities. That optimism isn't isolated. At last week's SuperReturn conference in Berlin, heavyweights like Permira, BC Partners, and Brookfield also pointed to Europe as a market worth leaning into, especially with dealmaking elsewhere under pressure. Warning! GuruFocus has detected 4 Warning Signs with BX. Blackstone's timing might be strategic. The firm already manages $100 billion in UK investments and holds a commanding position in European real estate, including one of its most profitable calls ever: a concentrated bet on urban warehouses. Its London officeonce the firm's only outpost outside New Yorknow houses 650 employees and is set to move into a new building in Mayfair. One of its newer projects, a data center site in Northern England, could become the largest of its kind in Europe. Schwarzman also credited the UK government for being really focused on making big-ticket investments easier to executea key signal for peers monitoring regulatory risk. But Blackstone isn't stopping at Europe. The firm is also starting to see the Middle East as more than just a capital source. Cities like Riyadh and Dubai, fast becoming global business hubs, are now being eyed as active investment destinations. Schwarzman pointed out that the pace of development in the region is reshaping the opportunity set. In a world where global capital is getting choosier, Blackstone's pivot toward new geographies may be less about chasing yieldand more about being early in the next wave of structural transformation. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
