Photo from MUST

MUST’s fifth-largest tenant terminates lease at 500 Plaza Drive in New Jersey

The tenant has already paid MUST a termination fee of US$4m.

The Children’s Place, Manulife US REIT’s (MUST) fifth-largest tenant by gross rental income, has terminated its lease at 500 Plaza Drive, Secaucus, New Jersey, United States.

The tenant paid MUST a termination fee of US$4m.

In a bourse filing, MUST said the lease at 500 Plaza Drive was supposed to expire on 31 May 2029, but the tenant decided to end its lease early and vacate the 197,949 square feet of space on 31 May 2024.  

The Children’s Place will still pay rent until the end of its lease.

“The leases include a one-time early termination option, which the tenant has chosen to exercise,” MUST said.

As the fifth largest tenant of MUST, The Children's Place contributes 3.3% of the REIT’s overall gross rental income.

Meanwhile, the REIT’s manager said it is already working to secure new leases to fill the space occupied by The Children's Place.
 

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!