This article is from the Australian Property Journal archive
A strong office leasing market has boosted the Tishman Speyer Office Fund with 33 leases in the first three months of the year.
The leases covered over 335,000 sq ft of office space, including 189,225 sq ft of renewals and 148,566 sq ft of new and expansion leases.
At March 31, the portfolio was 93.0% leased compared with 92.1% at 31 December 2005.
In New York, two new leases, representing 33,507 sq ft of office space, were signed at CitySpire.
A new lease covering 31,000 sq ft was signed by Globe OP Financial, previously a subtenant of Thomson Financial.
In San Francisco, at 595 Market Street a new lease covering 2,933 sq ft of retail space was signed, resulting in the building being 99.3% leased at 31 March 2006.
At One Bush Street, 3,800 sq ft of leasing transactions saw the percentage leased over the three months to March 31, 2006 remain unchanged at 92.0%. Interest for much of the remaining 8% remains strong. 550 Terry Francois Boulevard remains 100% leased with no rollover until 2017.
In the San Francisco Peninsula Market, three leases representing a total of 78,300 sq ft of office space were signed at Bayside Towers.
In the Chicago Market, at the AT&T Corporate Center 14,600 sq ft of leases were signed over the past three months, comprising 8,700 sq ft of new leases and 5,900 sq ft of renewals.
As of March 31, 2006, the percentage leased at the USG Building remained unchanged at 83.6% and the AT&T Corporate Center saw a slight increase from 95.7% at December 31, 2005 to 96.2%.
In Seattle, four leasing transactions were signed at 520 Pike Tower comprising 5,444 sq ft of new leases and a 776 sq ft expansion by APCO Worldwide.
In Philadelphia, the leasing effort at Bala Plaza continued upon its recent successes with over 148,000 sq ft of leasing transactions during the first quarter of 2006.
In Milwaukee, six transactions, representing 9,000 sq ft of new leases and 20,000 sq ft of renewal leases signed in the first quarter of 2006.
The occupancy rate at Plaza East remained essentially unchanged at 84.4% as compared to year-end.
In Metropolitan Washington DC, TSO owns an interest in one Metropolitan Washington DC asset, Lakeside at Loudoun Tech.
Loudoun County had a vacancy rate of 11.6% at March 31, 2006 compared to 11.8% at 31 December 2005. Lakeside remains 100% leased with minimal near term rollover.
On February 28, 2006 TSO paid an 8.50 cent per ordinary unit distribution.
By Adam Parsons
