Manulife US REIT secures 65-month lease extension with insurance firm

Manulife US REIT (MUST) has secured a 65-month lease extension with ACE American Insurance Company (ACE), its fourth-largest tenant, at 10 Exchange Place in Jersey City, New Jersey.

Under the agreement, ACE will extend its lease expiry from December 2029 to May 2035, retaining its entire 117,280 square feet of office space at the same rental rate.

Exchange is a Grade A office asset situated along the Hudson Waterfront, the largest office submarket in Northern New Jersey.

The renewal will lift the property's weighted average lease expiry (WALE) from 3.7 years to 4.5 years.