Announcements
NPRO – ENTERS INTO NEW LEASE CONTRACT AT STRANDEN 5, AKER BRYGGE
Norwegian Property has entered into a lease contract with the Grieg Group for an area in excess of 1 700 square meters at Stranden 5 at Aker Brygge. The lease length is 12 years and the tenant is expected to move in year end 2014/2015 when the current refurbishment project is completed. The rent is agreed on market terms and reflects both the attractiveness of Aker Brygge and the standard of the building after a planned refurbishment.
The Grieg Group is a privately owned business with its headquarters in Bergen. The group has a long and proud tradition from the maritime business. The Grieg Group operates globally within several businesses and has around 1 900 employees in Norway, Europe, the US, Canada, South America and Asia. The groups operations comprise shipping, shipbroking, offshore engineering services, investment consulting, private equity investments, asset management and green recycling of vessels.
The building Stranden 5 (previously the Kaibygg I) is currently undergoing a major refurbishment as part of the whole Aker Brygge transformation. In the ongoing projects Stranden 1, 3 and 5 total office space comprise around 58 000 square meters. Including the contract with the Grieg Group long term contracts have been entered into for about 46 500 square meters of offices. Currently only around 11 500 square meters of offices remain to be let in the projects. The projects in Stranden 1 and 5 will be completed around year end 2014 / 2015.
“We are very pleased with the new lease contract. As a result of the new contract with the Grieg Group and the previously announced contracts only about 3 000 square meters of offices remain to be let in Stranden 5. Total letting ratio including also retail and storage for the project is 77 per cent one year before completion." says Norwegian Property’s CEO Olav Line.
“Our businesses are growing as a result of improved market positions and strategic investments in long term sustainable businesses. Important criteria for the decision to relocate to Aker Brygge have been to find modern and representative offices with good functionality and environmental solutions that inspire to strengthen synergies across the Grieg Group,” says Elisabeth Grieg, chair of the board in the shipping acitivity Grieg Star og the Grieg Group.
For further information, please contact:
Olav Line, CEO, Norwegian Property, phone +47 48 25 41 49
Aili Klami, EVP Leasing and Marketing Norwegian Property, phone +47 95 26 45 55