Piedmont Office Realty Trust becomes sole owner of $500m office tower

Piedmont Office Realty Trust has completed the purchase of Galleria 400 and Galleria 600, two office towers totaling approximately 860,000 square feet and an adjacent 10.2-acre land parcel entitled for 1 million square feet of additional development for a total of $231.2 million.

The acquisition is located within The Galleria, a master-planned, mixed-use development in northwest Atlanta with prominent visibility from I-75 and I-285.  Since 2015, Piedmont has assembled 2.1 million square feet of office space across five buildings along with three development sites, consolidating the project’s multi-tenant office buildings and 6,000-space structured parking facilities under a single owner for the first time. Piedmont’s total investment in The Galleria is just under $500 million, which represents a si