PRINCETON, N.J.--(BUSINESS WIRE)--Chambers Street Properties (“Chambers Street” or the “Company”) (NYSE:CSG), a real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties, today announced it has executed three office lease renewals.
This included an early renewal and 12-year lease extension with Nuance Communications, Inc. (“Nuance Communications”) for all 200,605 square feet at the Company’s One Wayside Road office property, extending the scheduled lease expiration through 2030. This lease extension will result in an increase in the property’s straight-line rent. Nuance Communications is a world leader in speech recognition software. One Wayside Road is a Class A office building located in Burlington, MA on Route 128 directly across from the Burlington Mall.
Chambers Street also signed an early lease renewal and extension for an additional 12-year, six month term with Royal Caribbean Cruises, LTD. (“Royal Caribbean”) for all 128,540 square feet at the Company’s Miramar II building, extending the scheduled lease expiration to 2028. This lease extension will result in an increase in the property’s straight-line rent. Royal Caribbean is the world’s largest global cruise line. Miramar II, located in Fort Lauderdale, Florida, is a Class A office building that sits adjacent to FL Route 75 at the Miramar Parkway exit.
A five-year lease renewal and extension was signed with Magna Exteriors and Interiors USA, Inc. (“Magna”) for all 101,055 square feet at the Company’s Fairforest VI building located in Spartanburg, South Carolina.
“We are pleased that Nuance Communications, Royal Caribbean and Magna have chosen to retain our properties as their critical-use facilities in the U.S. In securing these long-term lease extensions and renewals, we are maintaining 100% occupancy at these properties through 2030, 2028 and 2020 respectively,” said Philip L. Kianka, Executive Vice President and Chief Operating Officer at Chambers Street. “As part of an extremely active year in our leasing efforts, today’s announcement brings total year-to-date 2015 leasing volume to over 900,000 square feet.”
Chambers Street also completed a 47,000 square foot expansion with DNV GL at its 22535 Colonial Parkway office property in Houston, Texas. A new 10-year lease term for both the expansion space and the existing space began upon delivery of the expansion. The extension resulted in an increase in straight-line rent for the property.
About Chambers Street Properties (NYSE:CSG)
Chambers Street is a real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties, leased to creditworthy tenants. As of March 31, 2015, Chambers Street owned or had a majority interest in 127 properties located across 19 U.S. states, France, Germany, and the United Kingdom encompassing approximately 37.6 million rentable square feet.
For additional information, please visit www.ChambersStreet.com.