The new lease, which expires in 2007, was negotiated at a higher rent rate than the expired lease and is valued at nearly $14 million. As a result of the new lease, Urstadt annual funds from operations will increase by approximately .05 cents per share in 2001 and thereafter, said company officials.
Giffels was acquired by Arcadis Geraghty & Miller Inc. in 1999 and is anautomotive design and engineering firm. The building in the Detroit suburbs is 100% occupied.
UBP is a 30-year-old self-administered equity real estate trust. The companyowns 25 properties containing more than 3.3 million sf of space.
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