welcome Good call. Bobby. today's you, everyone, and to Thank morning,
strategic last years improve entire submarkets our team thank that my our over and repositioning efforts to like well for the expertise. Before and their leverage and mark portfolio predecessor, moment as I unwavering starting as my would remarks, the in transform, XX a prepared Don platform to focus Piedmont Miller, the take the
great supported and to a the honored my phenomenal commitment as hard-working tenants, me company's first by lead CEO call I'm the proficient unmatched the have company, estate knowing that And managers, fine professionals, constituents. talented entire such organization on to of such team, ongoing I add and opportunity I'm stockholders real let comfort a take our And a earnings for to professional Board service Directors. have you to of veteran provide executives and
to of On capital our summary I'd market today's quarter. followed for second call, a like the company's the leasing review and by achievements strategy
an financial Finally, Bobby our Bowers, XXXX provide our and quarterly performance Financial Chief overview our guidance. review will Officer, of
Since times differently the announcement than do been predecessor. of Piedmont's what several CEO transition, I asked my will I've
severely our regretfully note comparison, diminished strategy. I admit to will While having a golf corporate change material to nothing in by I'm game that pleased
As I've Piedmont been many of strategy. of change know, corporate evolution involved our in in will deeply you the
targeted of operating enabling the submarkets. our involved operate today, many evolution scale in been you in us footprint As eight boots know, to deeply XX from to meaningful in of all approach our markets our the ground placing build from in retail cities to in broaden the platform, we the our to focusing markets, Piedmont, core
opportunities those pipeline share, to will acquisitions value-enhancing over assets proceeds. redeploy pace continue accomplish bolt-on months XX I promising which which build What that at a next strategic endeavor to recycle of valued into and with is to accelerate to significant to fully to XX we noncore the we market continue see acquisition the and
some our initiatives. and of reiterate strategic objectives me Let ongoing our
markets properties hubs. that premium own look of mixed-use and to First, amenity our packages A Class offer environments transportation close core around portfolio concentrated proximity and are in we a operate to develop, in office major
valued recycling core by investments into markets. grow in capital to and out assets fully going our strategic of noncore financially We're business the compelling
was market and transacted meaningful share now own our in densifying in northwest We X% cap disposition in redeployed into rate. in submarket cap environment. square strategic D.C. of over acquisition Southwest quarter billion giving an at first the Atlanta accrual a mid-X strategic approximately us example, rapidly its X.X For rate feet the submarket the this accrual in
capture all across in Glenridge capital U.S. our Orlando, in downtown believe flow revenue redevelopment Highlands rental as portfolio incremental opportunities can and we'll assets, and development such to Third, in cash well-located Downtown particularly rate of scale and that have the drive Minneapolis amenitizing growth. Perimeter and occupancy we We will Plaza where enhance and and XXX Atlanta, in Orange enhancing large-scale Bank projects Central rent South by deliver appreciation. we our
Last, programs consumption. company's sustainability as report this and we well benchmark for other fall, as outlining data track our to released be water inaugural annual and the policy, progress our establishing portfolio-wide focus will environmental, governance social performance, utility sustainability and on towards record goals electrical, long-term increase including our providing
environment be my colleagues more couldn't development our leasing, provide to are excited about and Piedmont's line On best-in-class colleagues and any office the and redevelopment, and today questions and amenitized objectives. strategic provide I tenants I investors to Overall, with growth on and ahead. outperformance. all stockholders, investing, reach capital encourage to I consistent analysts with professional regarding our the our with committed opportunities financial fronts, out
continue. and business and second look accretive of quarter that half by execution. Atlanta's the I'm capital the continued Galleria, lease of quality the the quarter. strategic back with along momentum market adjacent report to performance, as executed and year, to beyond From we're pleased turning success portfolio all and amount it in complementary operating characterized property Now the the strong confident in of Piedmont's we the leasing is solid top, second the was to to can acquisition areas
completed closely square with accomplished quarter, related to total of more leasing, just approximately new during feet leasing volume XXX,XXX Looking we half that under of tenants. the to
square XXXX. was in for XXXX industry-leading largest XXX,XXX an lease headquartered Alto. totaled feet building and renewal years company a West in Our Atlanta executed through Perimeter quarter The with at expansion lease the technology during Palo X VMware, our Center
the You a a building and no rent may presence backfills foot expansion, accrual notice expands a square XX,XXX virtually it cash VMware's space Arby's/Wendy's soon-to-be-vacated of and rollup. meaningful the that with this portion downtime at lease with and
share to that dense, excited The its mixed-use some achieving neighboring are the rates by in driven prospects the amenities, remaining the submarket. vying highest for superior this is and available space the to access asset's rail and unique we're additional property transportation, popularity environment building. walkable, in Furthermore, highway several resulting on-site of in
leading During leases entered provider. we the first WeWork, with two also this quarter, co-working with leases our global into
of is growth. One Orlando given exceptionally WeWork's in Orlando entry marks Florida this well, should the country the job location particularly Central and perform leases into believe market. We in the leads
years Orlando's activation asset, the the in building. the food outdoor lobby of renovations of at a approximately our square and one we lower are with a of XX,XXX pedestrian former Orlando conjunction of backfilling South an kicking SunTrust collaboration Avenue. Downtown In over the amenity the encompassing communal substantial tenant for terrace enhancement boast which park first expansion dramatic located and unique XXXX, complete, in space in XX will building feet central packages asset lease Once this the best lease, several Orange adjacent including the Orlando. district XXX large landmark will be and in off hall, April business This floors of commences outdoor spaces, to
properties The of submarket feet Rosslyn-Ballston at of in is D.C. XX,XXX for Corridor square second for years the XX Arlington lease our Gateway, one
of alternative many traditional for overall is portion with previously discussed tenants that are you, leasing to of space we some our we've believe their needs. an co-working demanding As
operator tenants average smaller locations tenant feet, our expands Since to serve base allows in partnering scale XX,XXX market. tenant under our in operators services size attract just us and and leverage certain is the the square with to co-working target
business segment corporate-wide to to As we said intend our X% in co-working industry finds have accordingly, model currently diversification, to revenue. before, X% strength we limit the to our our exposure of and
We building, and with to intend limit also any exposure our market operator. single
the office lease for an Class square Lastly, second where Center during million more years another I, again, control in than new submarket, located was square major three Labs the Orlando's AA approximately we SAI over in the of CBD XX,XXX CNL top buildings. area four completed X.X feet at for feet XX also quarter
at our for there indicators activity note leasing take Looking X of. quarter, were positive the to
good exception perhaps challenging. First, D.C. in all our of Washington, submarkets, an Downtown activity remaining most with extremely the being and was select
of in abatement we straight-line increase for strong a XX.X% than less we And of saw Second, a year, most rents. and are that for in roll-off a markets. while vacant XX.X% space remain rents accrual a has tenant steady, been concessions in decrease in leasing costs third, beginning cash improvement seeing
XX take our feel City the XXX square-foot Broad coming foot the those to York, New with I both next healthy. Downtown to of York and on in like with you lease minute are over also lease In expirations two XXX,XXX to being the which at square New conditions months, XX sizable the of New building update a York. summary, State up lease continue market
the a with their department call. been conclusion and hope state effect and for the to be next occupant the in and and the new the majority of space earnings We will prior their to in state's been continue state new delayed, to building. lease the work renewal added The eventually finalize lease closely has lease tenant of new renewal to has the
negotiated. us believe The result earlier note, addition a the space an lengthened in leasing process expectations, time our than additional on the by of but line we late user the initially beyond state unfortunately more will group renewal has in positive this
lengthy a anticipated negative last we has cash had an slightly the increase originally than rents process impact budgeted. this higher have accrual-based, delaying While months enjoyed in rents, straight-line of few
to scheduled accrual executed, a years rollup during and year. the the and to cash with a leases if term, expected the actively in also large and city discussions the significant engaged space state rollup in We're again, in each lease. city be from is we of in expire their XX design are estimate in rents rents of second to these city on XX Both as of quarter lease advanced leases next
transaction in million. now of land We May for the XXX during to building acquisition quarter. development disposition price X.X-acre closed a and was adjacent activities. an Galleria did total The second one site and close Turning $XX.X purchase
the which We in Northwest office enables growing now amenity-rich the fastest A is Atlanta us the among Class submarket are area. in pleased submarket. This this project, of largest the majority products this market to in the among to have control shares
square is now is feet entertainment at the with and with of retail, community, our nearly access the ramping mixed-use and million Battery billion of market, acquisition, SunTrust Theater. headquarters an the and walkable half Rocky hometown represents growing, direct development hotel, X vibrant, Braves, which as mixed-use home Atlanta nearly largest up as well residential Atlanta amenities including Coca-Cola Park, this a large-scale The Galleria, area in X.X in a our of With that the to
products office in to Looking and of targeted growth mature long-term node, forward, continue an expect nonstrategic accessible have submarkets. job recycling and should assets Each our amenity-rich, you A are rental on easily positive focus into accretively submarkets rate posses Piedmont to these outlooks. transportation and Class
larger disposition in two likely asset most XXX Enclave XXXX West Monroe our Market candidates Philadelphia; include our and Our Street near-term in Houston. in assets Chicago;
and in Boston, development numerous actively and the acquisition of transactions. Orlando pipeline Our these Dallas, and Atlanta, potential we're markets resides primarily of evaluating
At some over the of this and the I'll highlights the financial the to our of through turn call you walk Bobby? Bobby rest quarter point, to guidance the year. for of
