NORCROSS, GA-Locally based REIT Piedmont Office Realty Trust Inc. has obtained a $500-million unsecured line of credit which the company will use for possible property acquisitions and general corporate purposes. The line of credit, with Wachovia Capital Markets LLC and JP Morgan Securities Inc. as co-lead arrangers and book managers, is expandable to $1 billion with Wachovia's consent. It matures on Aug. 30, 2011.

When contacted, company officials made no further comment regarding the credit line. "This gives us flexibility as we continue to manage and shape our portfolio of properties for our investors," says Piedmont Office Realty Trust CEO Donald Miller.

The new line of credit was obtained as the company neared the expiration date of two smaller lines of credit. Those lines of credit, which had no outstanding balances, were terminated. As of June 30, the company was carrying a 26.2% debt to real estate assets on a cost basis.

Piedmont, which was formerly known as Wells Real Estate Investment Trust, currently owns 82 buildings with more than 21 million sf in 23 states and Washington, DC. Properties include the corporate headquarters of such organizations as US Bancorp, NASA and Nestle USA. The portfolio is 94% leased.