ALLENTOWN, PA—Vancouver, BC-based City Office REIT signed Dun & Bradstreet Corp. to a new lease for the entire 178,330 square feet at its Corporate Parkway property in Allentown, PA.
D&B extended its lease maturity until January 31, 2027, and as part of the transaction, replaced one of its subsidiaries as the tenant on the lease.
"By acquiring well-located office properties at attractive metrics, leveraging strong relationships with our tenants and securing long term leases at improving rental rates, City Office believes it can create value for its shareholders," says James Farrar, the REIT's CEO, who also announced a lease transaction in Idaho. "The completion of these two transactions validates this investment philosophy by demonstrating the growing demand for office space in our markets and delivering long-term leases with credit tenants."
"We are very pleased to complete the Dun & Bradstreet Corp. lease extension. Both tenants are leading employers in their states and ideal long-term tenants," says Greg Tylee, president and COO of City Office REIT.
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