In December 2013, Piedmont acquired One Lincoln Park, a LEED Gold rated 262,000 square foot Class-A office building with the objective of repositioning the 74% leased property through an aggressive capital and marketing campaign. Despite being the newest building in a prestigious submarket of Dallas, the asset was purchased at almost a 20% discount to replacement cost. More importantly, by investing in common areas and showcasing the building's highway access, oversized structured parking and unique walkable amenity base, we generated substantial leasing and cash flow growth achieving stabilized occupancy in just twelve months. Today the full leased leased building benefits from its location within the densely populated urban-infill community of Preston Center recognized for its premium restaurants, hotels and retail including the two million square foot NorthPark Center, a top 5 US retail center, located across the street from the building.

Since 2015, Piedmont has acquired all five office towers, comprising 2.1 million square feet, and 12 acres of developable land in The Galleria, a master-planned, mixed-use development with prominent visibility at the pin-corner of I-75 and I-285, within a 10 minute walk of SunTrust Park and The Battery. Prior to Piedmont’s acquisition, fragmented ownership has restricted potential activation and prohibited the opportunity to introduce new additional retail, hotel, or residential components to the complex. Piedmont will masterplan the development, focus on the office portion of the repositioning and collaborate with specialized operators to optimize the mixed-use environment at The Galleria. Our total investment in The Galleria Atlanta is just under $500 million, or approximately $215 per square foot, which represents over a 50% discount to estimated replacement cost. Furthermore, the size and scale of the project gives Piedmont the opportunity to significantly enhance the project through redevelopment while maintaining a competitive low basis -- a great example of how Piedmont’s positions itself to drive incremental value and cash flow growth for investors through redevelopment. Enhancements to The Galleria, which hosts almost 7,000 workers on a daily basis, will elevate and energize each building’s interior and outdoor common areas, beginning the dramatic transformation of The Galleria. Our approach to modernizing the buildings’ lobbies, cafeterias, fitness and conference center, and adding additional walkable amenities, in combination with the existing one million square feet of retail and restaurant amenities within a twelve minute walk of the building, has already driven occupancy and will continue to attract employers looking to attract and retain today’s workforce.

In November 2016, we acquired 750 West John Carpenter Freeway, a 315,000 square foot building leased to two major U.S. corporations, CVS/Caremark and IBM, at more than a 45% discount to replacement cost. Despite being one of the newest buildings in the Las Colinas submarket, it maintained only 78% occupancy at purchase. Piedmont quickly worked to enhance the amenities at the property including the onsite café, fitness and conference centers with the goal of reposition the building. In just six months, those enhancements, in conjunction with the submarket's growing amenity base (over one million square feet of new retail / restaurant concepts at the Toyota Music Factory and Hidden Ridge developments a few minutes' drive from the property), drove occupancy to over 86%. Adding to the value-creation opportunity, the acquisition included a development parcel zoned for an incremental 400,000 square foot office building to further enhance our growth within this dynamic corporate submarket.

In 2016, we constructed 500 TownPark in the highly amentized "huburb" of Lake Mary in Orlando. The new 134,000 square foot building was initially approximately 80% pre-leased to a large insurance corporation. The land, acquired in 2013 and adjacent to our 400 TownPark property, provided the unique opportunity to develop an office building that generated yields 25% greater than a market priced acquisition. After delivering the building ahead of schedule and under-budget in early 2017, the property quickly stabilized in less than nine months. Furthermore, we own an additional 19 acres adjacent to our TownPark properties giving us the ability to add additional office buildings as well as a hotel and retail amenities, the addition of which would enhance the positioning of all our assets in the submarket.