Subsequent Events

9 Months Ended

Sep. 30, 2020

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Fourth Quarter Dividend Declaration

On October 28, 2020, the Board of Directors of Piedmont declared a dividend for the fourth quarter of 2020 in the amount of $0.21 per common share outstanding to stockholders of record as of the close of business on November 27, 2020. Such dividend will be paid on January 4, 2021.

Subsequent to September 30, 2020, Piedmont sold a portfolio of three assets located in New Jersey: 600 Corporate Drive, located in Lebanon, New Jersey; and 200 and 400 Bridgewater Crossing, located in Bridgewater, New Jersey, for approximately $130 million, or $176 per square foot. Upon completion of the sale, Piedmont no longer owns properties in New Jersey.

Also subsequent to September 30, 2020, Piedmont acquired the 222 South Orange Avenue building, an approximately 127,000 square foot office building connected to Piedmont's 200 South Orange Avenue asset located in downtown Orlando, Florida, for $20 million, or $157 per square foot. The 222 South Orange Avenue building is located along the Orange Avenue entrance to Piedmont's existing 200 South Orange Avenue property, sharing several physical connection points, including an atrium. Piedmont plans to immediately begin a redevelopment of the property to reposition the asset to a standard consistent with 200 South Orange Avenue.