Trust Management CEO Rahul Rana said that with new tenants moving in assets at multiple locations such as Gaithersburg and Denver, the company is confident of achieving overall portfolio occupancy growth by the end of this year.
After the signing of the new lease agreement, combined with the previous rental activities, the occupancy rate of office buildings has increased significantly from 33% before renovation to more than 85%.
The Trust noted that the net leaseable area of the Grade A office building is 325,455 square feet and completed a comprehensive asset enhancement plan last October. The building is equipped with a flexible separation of 1,800 square feet conference center, as well as two lounges. TheTrust signed a 43,000-square-foot lease with another engineering consulting firm Village Centre Station I in mid-June, which is also a new tenant for the office building.
Prime US REIT announced that it has signed a new office lease of about 120,000 square feet in the Waterfront at Washingtonian office building in Gaithersburg, Maryland, Washington.
Trust issued an announcement before the market opening on Thursday (July 10) saying that the lease was signed at the end of June and the lease term is 11 years. The tenant is an advanced clean energy and fuel design engineering company in the United States.
As of 10:13 a.m., Prime U.S. REIT shares rose 5.73% to $0.166.