With the aim to tap local market opportunities in the southwest region, real estate investment trust (REIT) Piedmont Office Realty Trust Inc. (PDM - Free Report) 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 parking structure.
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.)
Some better-ranked REIT stocks include QTS Realty Trust, Inc. (QTS - Free Report) , Rexford Industrial Realty, Inc. (REXR - Free Report) and Sabra Health Care REIT, Inc. (SBRA - Free Report) . All these stocks carry a Zacks Rank #1 (Strong Buy).