Piedmont Office Realty Trust sells two Cambridge, Mass., assets

Piedmont Office Realty Trust has completed the sales of its two Cambridge, Mass. assets, One Brattle Square and 1414 Massachusetts Avenue. The combined proceeds are approximately $160 million.

“The disposition of our Cambridge assets was a crucial step in our asset recycling strategy and rotated an approximately $100 million book gain from a non-strategic submarket accretively into our recent purchase of 1180 Peachtree Street, a skyline defining asset in the heart of Midtown Atlanta,” said C. Brent Smith, Piedmont’s president and CEO. “These transactions delivered an exceptional outcome for Piedmont freeing up the full capacity on our $600 million line of credit and, in conjunction with the extension of our nearest debt maturity, favorably positions our balance sheet heading into 2023.”