Acquisitions and Development Projects

12 Months Ended

Dec. 31, 2016

Business Combinations [Abstract]

Acquisitions and Development Projects

Acquisitions and Development Projects

During the year ended December 31, 2016, Piedmont acquired three properties and a 99% interest in a joint venture owning two properties using proceeds from the sales of other properties, proceeds from the $500 Million Unsecured 2015 Line of Credit, and cash on hand, as follows:

Property		Metropolitan Statistical Area	Date of Acquisition	Ownership Percentage Acquired		Rentable Square Feet (Unaudited)	Percentage Leased as of Acquisition (Unaudited)		Net Contractual Purchase Price  (in millions)
CNL Center I and CNL Center II		Orlando, Florida	August 1, 2016	99	%	622,488	95	%	$	166.7
One Wayside Road		Boston, Massachusetts	August 10, 2016	100	%	200,605	100	%	$	62.9
Galleria 200		Atlanta, Georgia	October 7, 2016	100	%	431,614	89	%	$	69.6
750 West John Carpenter Freeway	(1)	Dallas, Texas	November 30, 2016	100	%	314,714	78	%	$	50.6

⁽¹⁾  Including 3.5 acres of adjacent developable land.

In addition to these acquisitions, during the year ended December 31, 2016, Piedmont constructed the 500 TownPark building, a 134,400 square foot, approximately 80% pre-leased four-story office building located in Lake Mary, Florida. Approximately $24.0 million and $1.0 million was recorded in construction in progress related to this project as of December 31, 2016 and 2015, respectively.

Also during 2016, Piedmont substantially completed the redevelopment of the 3100 Clarendon Boulevard in Arlington, Virginia, from governmental use into Class A private sector space, and the construction of Enclave Place in Houston, Texas, a 300,900 square foot office building.