With the aim to tap local market opportunities in the
southwest region, real estate investment trust (REIT)
Piedmont Office Realty Trust Inc.
) opened an office in Dallas, Texas. Notably, this marks the
company's second office in the southwest region, the other being
in Washington, D.C.
Joseph H. Pangburn will head the office as the Executive Vice
President for the southwest region, supervising the operations of
Texas and Arizona. His administration comprises all the
activities including development, leasing and asset management
specifically pertaining to the portfolio in such regions.
Recently, Piedmont completed the acquisition of three Class-A
office buildings in Las Colinas and Greater Preston Center --
submarkets of Dallas. The company acquired a 10-storied office
building measuring 260,000 square-foot and a 4 storied office
building covering 105,000 square foot in Las Colinas, while
in Greater Preston Center it purchased a 10 storied office
building covering 262,000 square foot with an attached 6-level
Further, on Dec 11, 2013, Piedmont announced its decision to
build an 11-story Class A office building zoning 302,000 square
foot in Houston, Texas. The building to be known as "Enclave
Place" is expected to start construction in Mar 2014 with a
target to reach completion by mid 2015.
Hence, the latest move by this Georgia based company further
enhances its footprint in the southwest region.
Notably, Piedmont is scheduled to report its fourth-quarter
2013 results on Feb 6 after the close of the trading session. The
company currently carries a Zacks Rank #3 (Hold.)
PIEDMONT OFFICE (PDM): Free Stock Analysis
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Some better-ranked REIT stocks include
QTS Realty Trust, Inc.
Rexford Industrial Realty, Inc.
Sabra Health Care REIT, Inc.
). All these stocks carry a Zacks Rank #1 (Strong Buy).