Griffin Capital Essential Asset REIT Executes New Lease Transaction in Herndon, Virginia
July 28, 2019 | Griffin Capital Essential Asset REIT, Inc.
Griffin Capital Essential Asset REIT, Inc. (the “Company” or “REIT”) announced a 270,000 square foot lease at its 10-story office building located at 13820 Sunrise Valley Drive in Herndon, Virginia to a Fortune 100 company. The lease, contracted for a period of twelve years, is expected to commence in April 2020 after renovation of the building common areas and completion of the tenant’s premises.
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The property was originally purchased in June 2015 as part of a portfolio acquisition. The previous tenant, Time Warner Cable Southeast LLC, consolidated elsewhere in 2018 after it was purchased by Charter Communications, Inc. The previous tenant bought out its remaining lease term which enabled the REIT to commence improvements immediately thereafter. The surrounding micro market is benefitting greatly from the anticipated completion of the METRO rail line, which connects Herndon to Dulles Airport and The District.
Michael Escalante, Chief Executive Officer of the REIT stated, “We are pleased to have added such a high-profile, long-term tenant to our portfolio, and we believe our capital investment into the property, among other items, solidified the tenant’s interest in occupying the soon-to-be state-of-the-art building and environs. The completion of this lease demonstrates the management team’s tenacity and persistence in executing new lease transactions with credit-worthy tenants, which add value to the portfolio.”
About Griffin Capital Essential Asset REIT
Griffin Capital Essential Asset REIT, Inc., is a self-managed, publicly registered, non-listed Real Estate Investment Trust (REIT) that reports its Net Asset Value (NAV) daily. Its portfolio of net-lease assets consists of single-tenant, business essential properties throughout the United States, diversified by corporate credit, physical geography, product type, and lease duration. As of June 30, 2019, Griffin Capital Essential Asset REIT owns 101 properties located in 25 states totaling 27.2 million in rentable square feet, representing a total REIT capitalization of $4.7 billion. Griffin Capital Securities, LLC, Member FINRA/SIPC, is the dealer manager for Griffin Capital Essential Asset REIT.
Additional information is available at www.gcear.com.
Source: Business Wire, July 24, 2019
