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CHICAGO — Piedmont Office Realty Trust Inc. (NYSE: PDM) has entered into a binding agreement to sell its largest asset, Aon Center, located at 200 E. Randolph St. in downtown Chicago, for $712 million, or $260 per square foot. The buyer is the 601W Cos., a private real estate investment company. The sale is expected to close early in the fourth quarter. Constructed in 1972, Aon Center is a 2.7 million-square-foot, 83-story office tower that is currently 86 percent leased. Situated on 3.5 acres in Chicago’s East Loop, Aon Center offers views of the city, Lake Michigan and Millennium Park. Last week, Piedmont announced that the Kraft Heinz Co., a global food and beverage giant, will relocate its Chicago headquarters from Northfield, Ill., to five floors of the building. “The successful sale of Aon Center will be the culmination of Piedmont’s long-term strategy of transforming the asset into one of Chicago’s most prestigious office towers,” says Piedmont president and CEO Donald Miller. “We have been fortunate to attract a number of distinguished tenants to Aon Center such as KPMG, Microsoft, United Health Group, Integrys, the Federal Home Loan Bank of Chicago and, most recently, Kraft Heinz. Additionally, we have also …

NEW YORK — SL Green Realty Corp. (NYSE: SLG) has entered into a definitive agreement to acquire a 90 percent interest in The SoHo Building, an office and retail property in Manhattan, for approximately $230 million. The investment stake is based on the property’s gross asset valuation of $255 million. Located at 110 Greene St., the 13-story SoHo Building is one of the tallest buildings in the SoHo historic district. Retail space at the building, situated along Greene and Mercer streets, offers tenants high visibility on two of the strongest performing retail streets in Manhattan. The seller is a joint venture controlled by the family of the late real estate entrepreneur Tony Goldman. “This transaction presents SL Green with a unique opportunity to acquire and further enhance the property into one of the most compelling multi-use assets in downtown New York,” says SL Green Managing Director Brett Herschenfeld. “The property is truly fitting of its iconic name.” SL Green plans to complete improvements to the property as it reintroduces it to the marketplace. The transaction is expected to close in the third quarter, subject to customary closing conditions. The purchase increases SL Green’s office footprint in SoHo. SL Green’s retail …

ATLANTA — Cousins Properties Inc. (NYSE: CUZ) has signed a 15-year build-to-suit lease with tech firm NCR Corp. (NYSE: NCR) to develop NCR’s $200 million world headquarters in Midtown Atlanta. Formerly based in the Atlanta suburb of Duluth in Gwinnett County, NCR’s new headquarters will be located within Tech Square, a multi-block campus of office buildings and retailers located on Spring Street near Georgia Tech. “We are thrilled to be working with NCR to build their world headquarters in Midtown Atlanta,” says Larry Gellerstedt, president and CEO of Cousins Properties. “This is an exceptional opportunity for Cousins to develop and own a cutting-edge, skyline-enhancing trophy tower in Atlanta’s leading technology district.” NCR has pre-leased 100 percent of the planned 485,000-square-foot office building. Cousins recently closed on the acquisition of the land at Centergy North, an office campus within Tech Square. “I have stated very publicly that NCR’s bold, ambitious move to establish a state-of-the-art world headquarters campus in Midtown is a critical first step in a larger goal to create a ‘Silicon Valley of the East’ right here in Atlanta,” says Bill Nuti, chairman and CEO of NCR. “We are currently advocating for other tech leaders and innovative companies to …

KEY WEST, FLA. — DiamondRock Hospitality Co. (NYSE: DRH) has acquired the fee simple interest in the 184-suite Sheraton Suites Key West hotel in Key West for $94 million, or $511,000 per guestroom. “We are very excited about our acquisition of this all-suites hotel, which represents our second acquisition in the highest RevPAR market in the United States,” says Mark Brugger, president and CEO of DiamondRock. “With 480-square-foot guestrooms, the hotel features some of the largest rooms in the market. The hotel is in excellent condition and features direct access to Smathers Beach, the largest and most popular beach in Key West.” DiamondRock is finalizing its plans to reposition and re-launch the hotel as an independent lifestyle resort. As part of the repositioning plan, the company is developing a $5 million capital plan to improve the arrival experience, lobby, pool and guestrooms. Renovations are expected to be minimally disruptive. The conversion to an independent hotel is expected to take place in late 2016 after initial upgrades are completed. Upon stabilization, the company expects to improve the hotel’s profit margins by approximately 500 basis points. By comparison, the Sheraton’s profit margins are currently almost 1,000 basis points lower than DiamondRock’s other …

YOUNTVILLE, CALIF. — Ashford Hospitality Prime Inc. (NYSE: AHP) has closed on the acquisition of the leasehold interest in the Bardessono Hotel and Spa in Yountville, located 60 miles north of San Francisco, for $85 million. Ashford Prime completed the deal through a stock offering, cash, and $2 million in key money. Remington Lodging will manage the luxury property, which includes 62 rooms and suites. The purchase price represents an estimated 12-month capitalization rate of 5.2 percent on net operating income and an estimated forward 12-month EBITDA multiple of 16.5x. On a trailing 12-month basis as of May 31, the Bardessono Hotel and Spa achieved revenue per available room (RevPAR) of $554.01, with 81.9 percent occupancy and an average daily rate of $676.12, according to unaudited financial data provided by the undisclosed sellers. Yountville Investors LLC developed the property on land owned by the Bardessono family, according to The Press Democrat, a local newspaper based in Santa Rosa, Calif. “We are extremely excited to add this trophy asset to our portfolio,” says Monty Bennett, chairman and CEO of Ashford Hospitality Prime. “The award-winning Bardessono Hotel and Spa provides us with a foothold in Napa Valley, one of the strongest and …