Manulife US Reit inks 2 tenant-leasing agreements in the US

MANULIFE US Real Estate Investment Trust has secured a US real estate enterprise as a long-term tenant at its Plaza office building in Secaucus, New Jersey, it said on Wednesday.

On March 13, the new tenant signed the lease for roughly 53,000 square feet for its headquarters with a 12-year tenure and positive rental reversion, the Reit said.Separately, insurer AXA in January renewed about 40 per cent of its expiring 100,000 sq ft lease at Plaza. This was a result of a right-sizing exercise by AXA, Manulife US Reit said.

As a result of the new tenant's lease deal and AXA's renewal, 3.5 per cent of leases by net lettable area and 3.9 per cent by gross rental income will expire in 2020 versus 5.7 per cent by NLA as at Dec 31, 2019, the Reit said.

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