The brick and glass building has four tenants and is 83% leased. Koninklijke Philips Electronics NV, a global electronics company, leases 119,999 sf or approximately 61% of the building. The company's lease, which expires in June 2012, includes one three-year extension option.
Edelman, a public relations firm, leases 20,822 sf or approximately 11% of the building. Its lease, which expires in August 2014, includes an option to negotiate a renewal during the second to last year of the lease term based on then-current market rates. The remaining lease space is leased to two retail tenants, one of which is West Travel Inc., also known as Cruise West.
"The property's immediate neighborhood is experiencing dynamic growth that includes high-end residential and mixed-use projects that will further enhance the area's progression into a live-work location," says Hines REIT president Charles Hazen.
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