Piedmont Office Realty Trust, which specializes in high-quality Class A office buildings with 73 properties as of Sept. 30 2009, announced terms for its IPO on Thursday. The Johns Creek, GA-based company plans to raise $306 million by offering 18 million shares at a price range of $16-$18. At the mid-point of the proposed range, Piedmont Office Realty Trust will command a market value of $3 billion. Piedmont, which was founded in 1997 and booked $589 million in sales over the last 12 months, plans to list on the NYSE under the symbol PDM. Estimated net proceeds of approximately $282 million will be used for working capital, including capital expenditures related to renewing leases and acquiring new properties. Morgan Stanley and J.P. Morgan are the lead underwriters on the deal, which is expected to price on Tuesday, Feb. 9. Piedmont is the sixth company to file terms for its upcoming IPO this week.
