Chambers Street Properties Signs Building Expansion and Lease Extension

– Expands Property to Approximately 137,000 Square Feet –

– Extends Term with Ten Year Lease –

Business Wire

PRINCETON, N.J.--(BUSINESS WIRE)--

Chambers Street Properties (CSG), a real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties, announced it has reached an agreement with Norway-based Det Norske Veritas (DNV), to expand the property it leases at 22535 Colonial Parkway in Katy, Texas, a suburb of Houston.

The two-story expansion, totaling approximately 47,250 square feet, will increase the size of the existing office building to approximately 137,000 square feet. Additionally, a new four-story parking deck will be built adjacent to the building. The expansion will allow DNV to consolidate its operations and move 300 employees to the Katy property. Upon completion of the expansion, DNV’s lease will roll into a 10-year term for the entire property.

Chambers Street will oversee the general contracting services for the expansion project, which is expected to be completed by the summer of 2015. The expansion will be built to LEED Gold specifications and, like the existing property, will be ENERGY STAR certified.

“We’re delighted to be able to provide DNV with the additional space they need to bring their employees together into one Houston location and we look forward to working with the DNV team to deliver the space next year, and extend our relationship into the next decade” said Philip L. Kianka, Executive Vice President and Chief Operating Officer, Chambers Street.

DNV provides classification and technical assurance along with software and independent expert advisory services to the maritime, oil and gas, and energy industries as well as certification services to customers across a wide range of industries. DNV has about 300 locations in more than 100 countries, with annual revenues of about $3.4 billion.

About Chambers Street Properties (CSG)

Chambers Street is a real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties, leased to creditworthy tenants. As of March 31, 2014, Chambers Street owned or had a majority interest in 129 properties located across 20 U.S. states, France, Germany, and the United Kingdom encompassing approximately 35.8 million rentable square feet.

For additional information, please visit www.ChambersStreet.com.

Contact:
Institutional Relations
ICR, LLC.
Stephen Swett, 203-682-8377
Stephen.Swett@icrinc.com
or
Investor Relations
Chambers Street
609-806-2684
or
Media
For Chambers Street
Tim Gallen
Tim@Gallen.com
or
Andrew Neilly
Andrew@Gallen.com
925-930-9848

Rates

View Comments (0)