500 Plaza Drive in Secaucus, New Jersey. (Photo: Manulife US REIT)

Manulife US REIT has secured a new tenant at its office building in Plaza, Secaucus with a positive rental reversion.

The new tenant has signed a lease for about 53,000 square feet of space for their HQ on 13 March 2020.

The tenant is a US real estate enterprise with a portfolio of more than 260 properties primarily on the East Coast, said Manulife US REIT without giving further details.

The lease has a tenure of 12 years, and it was signed on 13 March 2020.

In January 2020, AXA renewed just 40.0% of its expiring 100,000-square feet lease as a result of a right-sizing exercise.

With these renewals, only 3.5% of leases by net lettable area (NLA), and 3.9% by gross rental income (GRI) will expire in 2020.

As at 13 March 2020, Manulife US REIT’s portfolio has a committed occupancy of 96.4% and a WALE by NLA of 5.7 years.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.