Prime US Reit signs 40,000 sq ft lease at Class A office building in Colorado

[SINGAPORE] The manager of Prime US Real Estate Investment Trust (Reit) has signed a new 11-year lease for around 40,000 sq ft of space with ratings agency S&P Global at Village Center Station I in Denver, Colorado. 

The new lease will take committed occupancy at the nine-storey Class A office building to 80 per cent, from 63 per cent, the manager said in a bourse filing on Monday (Apr 6). 

This is the start of a long-term partnership with S&P Global to curate a new workplace for its employees in the Denver area, said Rahul Rana, chief executive officer of the manager. 

It follows a series of long-term leases at other assets, including Park Tower in California and Waterfront at Washingtonian in Maryland. 

The manager said it sees “robust leasing interest” from tenants seeking well-located, “amenity-rich” office environments. 

For example, an incoming tenant at Waterfront at Washingtonian has requested for an additional 24,000 sq ft in space before its lease commencement, bringing the Reit’s portfolio occupancy even higher upon completion, it said. 

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In its latest earnings statement for FY2025, the manager had also increased the distributable income payout ratio amid stronger leasing momentum and higher committed occupancy. The ratio was raised from 10 per cent to 50 per cent for the advanced distribution, and a further 65 per cent for the period beginning Oct 6. 

Units of Prime US Reit closed flat on Monday at US$0.173, before the news.