Manulife US REIT bags 53,000 sqft lease for New Jersey property

It has a tenure of 12 years.

Manulife US REIT (MUST) clinched a real estate enterprise in the US to sign a 53,000 sqft lease for their headquarters in Plaza in Secaucus, New Jersey, according to a press release.

The new tenant has a portfolio of more than 260 properties primarily on the East Coast. The lease has a tenure of 12 years and positive rental reversion on 13 March.

Separately, in January, AXA renewed around 40% of its expiring 100,000 sqft lease in the office property as a result of a right-sizing exercise.

With these renewals, only 3.5% of leases by net lettable area (NLA) and 3.9% by gross rental income (GRI) will expire in 2020, versus 5.7% by NLA as of 31 December 2019.

As at 13 March, MUST had executed about 138,000 sq ft of leases, which comprised 2.9% of the firm’s portfolio by NLA. It also has tenures averaging 7.8 years and rental reversions of 8.1%. Its portfolio also has a committed occupancy of 96.4%.