65 Leases Executed for a Weighted Average Lease Term of Nine Years
The RMR Group (Nasdaq: RMR) announced the execution of 65 leases for approximately 1.9 million square feet on behalf of its clients during the three months ended March 31, 2023, including 28 leases with new tenants for approximately 433,000 square feet. The 65 leases executed had an average roll up in rents of 1% and a weighted average lease term of 9.1 years.
Adam Portnoy, President & Chief Executive Officer, made the following statement:
“Despite a challenging economic environment for commercial real estate, RMR achieved strong leasing activity of 1.9 million square feet while maintaining relatively flat rent rates, ending the quarter with a combined occupancy rate of nearly 96%.”
The RMR Group provides asset and property management services nationwide for over 1,300 properties with approximately 114 million square feet of office, industrial, medical office, life science and retail space. RMR exclusively provides property management services to its clients and does not offer standalone property management services to third-parties.
About The RMR Group
The RMR Group is a leading U.S. alternative asset management company, unique for its focus on commercial real estate (CRE) and related businesses. RMR’s vertical integration is supported by approximately 600 real estate professionals in more than 30 offices nationwide who manage over $37 billion in assets under management and leverage more than 35 years of institutional experience in buying, selling, financing and operating CRE. RMR benefits from a scalable platform, a deep and experienced management team and a diversity of direct real estate strategies across its clients. RMR is headquartered in Newton, MA and was founded in 1986. For more information, please visit www.rmrgroup.com.
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Christopher Ranjitkar
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(617) 219-1473
