Located on Rockledge Dr., the two eight-story buildings areconnected totaling approximately 407,000 sf. They are currentlyempty. Asking rates will be in the low $40s per sf, Raymond Owens,executive vice president of Capital Markets for Piedmont, tellsGlobeSt.com. "As we lease up these buildings, their long term valuewill be realized."

Piedmont acquired the buildings with a buy-and-hold mindset. Thecompany wants to increase its footprint here and is positioningitself for the long-term. Another factor in the acquisition is thatit allows Piedmont to leverage its operating capabilities in thearea.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.