ATLANTA - August 5, 2014- Piedmont Office Realty Trust, Inc. (NYSE:PDM) announced today that Thomas R. Prescott, will be joining the company as its Executive Vice President for the Midwest Region. Prescott, who will report to Donald A. Miller, CFA, President & CEO for Piedmont, will be responsible for all regional leasing, asset management, acquisitions, dispositions, and development projects. Piedmont's Midwest Region is currently comprised of approximately 6.5 million square feet of office space, located primarily in metropolitan Chicago and Minneapolis.
"I am pleased to announce the addition of Tom Prescott to our team" said Donald A. Miller, CFA, President and Chief Executive Officer of Piedmont. "Tom's real estate background provides us with leadership depth and local-market experience we require in the areas of office leasing, asset management and development, particularly in a market as dynamic as Chicago."
A long-time resident of Chicago and a Minnesota native, Prescott brings nearly 30 years of senior level real estate experience to Piedmont. Since 2009, Prescott served as President of Metropolis Investment Holdings Inc., a Chicago-based investor and owner of Class A office properties, where he was responsible for overseeing the leasing, management and overall performance of the firm's 6 million square foot portfolio that included Bank of America Plaza in Dallas, Pennzoil Place in Houston, One Liberty Place in Philadelphia, 345 California Street in San Francisco and NBC Tower in Chicago.
Prior to Metropolis, Prescott was Senior Vice President for the Midwest Region for Forest City Enterprises. Earlier, he spent 15 years at Higgins Development Partners (formerly Walsh, Higgins & Company) where he was a Senior Vice President responsible for the development, leasing and management of more than 10 million square feet of office, industrial and mixed-use properties throughout the United States and Canada. Prescott also served as Senior Vice President of The Shaw Company where he oversaw the firm's brokerage and management operations and developed multiple office buildings, hotels, a research park and a 700-unit retirement community. Prescott is a recognized industry leader and a member of NAIOP and the Urban Land Institute.
"Piedmont has an impressive portfolio of exceptional office properties, not only in the Midwest, but across the country," said Prescott. "I'm looking forward to working with Don and other Piedmont professionals to increase Piedmont's presence and visibility in the Midwest and, ultimately, create value for Piedmont's shareholders."
Prescott, 57, earned his B.A. from the University of Minnesota, and his MBA from the Kellogg School of Management at Northwestern University. Prescott, along with his wife, Kim, and their three daughters will continue to live and work in the Chicago area, where they have resided since 1985.
About Piedmont: Piedmont Office Realty Trust, Inc. (NYSE:PDM) is a fully-integrated and self-managed real estate investment trust (REIT) specializing in the ownership and management of high-quality Class A office buildings located primarily in nine of the largest U.S. office markets, including Atlanta, Boston, Chicago, Dallas, Houston, Los Angeles, Minneapolis, New York and Washington, D.C. Approximately 60% of its tenants are investment grade-rated or governmental tenants, and many others are blue chip or nationally-recognized companies. The Company is headquartered in Atlanta, GA, with local management offices in each of its major markets. Investment grade-rated by Standard & Poor's (BBB) and Moody's (Baa2), Piedmont has maintained a relatively low leverage strategy throughout its fifteen year operating history. For more information, see www.piedmontreit.com.
Contact: Kerry Hughes
Company: Piedmont Office Realty Trust
Phone: 1 770 418 8678
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Source: Piedmont Office Realty Trust, Inc. via Globenewswire