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Subsequent Events
6 Months Ended
Jun. 30, 2015
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events

Third Quarter Dividend Declaration

On July 29, 2015, the board of directors of Piedmont declared dividends for the third quarter of 2015 in the amount of $0.21 per common share outstanding to stockholders of record as of the close of business on August 28, 2015. Such dividends are to be paid on September 18, 2015.

Acquisition

On July 24, 2015, Piedmont acquired 80 Central Street, an approximately 150,000 square foot, Class A, office building located in Boxborough, Massachusetts, adjacent to Piedmont's existing 90 Central Street asset, which shares some common building systems and amenities. The building, which is currently 93% leased to seven tenants, was acquired for $13.5 million ($90 per square foot).

Dispositions

On July 16, 2015, Piedmont entered into a binding contract to sell Aon Center, a 2.7 million square foot trophy tower located at 200 East Randolph Street in downtown Chicago, Illinois and 86% leased to multiple tenants for a gross sales price of $712 million (approximately $260 per square foot). In conjunction with the closing early in the fourth quarter 2015, Piedmont anticipates receiving net sales proceeds of approximately $640 million, net of buyer-assumed lease abatements and approximately $48 million in contractual tenant capital improvements and leasing commissions. Piedmont intends to use the proceeds to enhance its balance sheet through the pay-down of debt and to position Piedmont to potentially fund strategic acquisitions and/or selective share repurchases, depending upon the opportunities that arise.

On July 28, 2015, Piedmont entered into a binding contract to sell Chandler Forum, an approximately 150,000 square foot building located in Phoenix, Arizona and leased to a single tenant. The transaction is anticipated to close during the third quarter of 2015.

Also on July 28, 2015, Piedmont closed on the sale of the Eastpoint I and II buildings totaling approximately 171,000 square foot of office space for $18.5 million ($108 per square foot). The buildings were constructed in 2000 and were approximately 90% leased.