Seritage Growth Properties Signs 123,000 Square Foot Lease with Amazon at The Collection at UTC
03 Mai 2022 - 2:15PM
Business Wire
Amazon to Occupy Two Full Floors of the
Property
Seritage Growth Properties (NYSE: SRG) (the “Company”) a
national owner and developer of 170 residential and mixed-use
properties, and Invesco Real Estate, a global real estate
investment manager, today announced Amazon.com, Inc. (NASDAQ: AMZN)
(“Amazon”) has signed a lease for 123,000 square feet at The
Collection at UTC in La Jolla, California, with plans to create
more than 700 corporate and tech jobs over the coming years. The
Collection at UTC is now 93% leased.
The Collection at UTC is a premier mixed-use project comprising
approximately 13 acres and 212,000 square feet of Class A office,
retail and restaurant space. Amazon will occupy the entire top two
floors of The Collection, joining a diverse group of world-class
tenants that includes Williams Sonoma, Pottery Barn Kids, Pacific
Catch, CB2, Blue Bottle Coffee, Ideal Image, Madison Reed and more.
The Collection represents a reimagining of former department store
space into a dynamic array of uses and experiences that will define
21st century work and leisure. It is the first step in a
multi-pronged vision to activate the broader site for a world class
campus that includes life sciences, tech and residential uses.
“Amazon’s commitment to The Collection is a testament to the
quality of the asset and its exceptional location. We will continue
to partner with the city of San Diego as we expand The Collection
to create more spaces for the community, its residents and
businesses to interact,” said Andrea Olshan, President and Chief
Executive Officer. “This agreement marks our largest office lease
to date, is a significant step toward achieving our vision of The
Collection as a premier mixed-use destination and is symbolic of
the larger opportunity to create tech and life science hubs within
our portfolio.”
About Seritage Growth Properties
Seritage is principally engaged in the ownership, development,
redevelopment, management and leasing of diversified and mixed-use
properties throughout the United States. As of December 31, 2021,
the Company’s portfolio consisted of interests in 162 properties
comprised of approximately 19.2 million square feet of GLA or
build-to-suit leased area (approximately 17.2 million at share),
approximately 3.9 million of which is held by unconsolidated
entities (approximately 1.9 million at share), approximately 600
acres held for or under development and approximately 9.4 million
square feet of GLA or approximately 800 acres to be disposed
of.
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate
investment management business with $91.8 billion in real estate
assets under management, 582 employees and 21 regional offices
across the U.S., Europe and Asia (as of December 31, 2021). Invesco
Real Estate was established in 1983 and today invests across the
risk return spectrum, from core to opportunistic; in equity and
debt; listed and direct; locally and globally. Invesco Real Estate
is a business name of Invesco Advisers, Inc., an indirect, wholly
owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent
investment management firm dedicated to delivering an investment
experience that helps people get more out of life. NYSE: IVZ;
http://www.invesco.com.
Forward-Looking Statements
This document contains forward-looking statements within the
meaning of the federal securities laws. Forward-looking statements
relate to expectations, beliefs, projections, future plans and
strategies, anticipated events or trends and similar expressions
concerning matters that are not historical facts. In some cases,
you can identify forward-looking statements by the use of
forward-looking terminology such as “may,” “should,” “expects,”
“intends,” “plans,” “anticipates,” “believes,” “estimates,”
“predicts,” or “potential” or the negative of these words and
phrases or similar words or phrases that are predictions of or
indicate future events or trends and that do not relate solely to
historical matters. Forward-looking statements involve known and
unknown risks, uncertainties, assumptions and contingencies, many
of which are beyond the Company’s control, which may cause actual
results to differ significantly from those expressed in any
forward-looking statement. Factors that could cause or contribute
to such differences include, but are not limited to: declines in
retail, real estate and general economic conditions; competition
and related challenges in the real estate and retail industries and
the ability of the Company’s top tenants to successfully operate
their businesses; failure to achieve expected occupancy and/or rent
levels within the projected time frame or at all; the Company’s
historical exposure to Sears Holdings and the effects of its
previously announced bankruptcy filing; the litigation filed
against the Company and other defendants in the Sears Holdings
adversarial proceeding pending in bankruptcy court; risks relating
to redevelopment activities and potential acquisition or
disposition of properties; the process and results of the Company’s
review of strategic alternatives; the impact of ongoing negative
operating cash flow on the Company’s ability to fund operations and
ongoing development; contingencies to the commencement of rent
under leases; environmental, health, safety and land use laws and
regulations; the terms of the Company’s indebtedness and
availability or sources of liquidity; possible acts of war,
terrorist activity or other acts of violence or cybersecurity
interests; the Company’s relatively limited history as an operating
company and; the impact of the COVID-19 pandemic on the business of
the Company’s tenants and business, income, cash flow, results of
operations, financial condition, liquidity, prospects, ability to
service the Company’s debt obligations and ability to pay dividends
and other distributions to shareholders. For additional discussion
of these and other applicable risks, assumptions and uncertainties,
see the “Risk Factors” and forward-looking statement disclosure
contained in the Company’s filings with the Securities and Exchange
Commission, including the Company’s annual report on Form 10-K for
the year ended December 31, 2021. While the Company believes that
its forecasts and assumptions are reasonable, the Company cautions
that actual results may differ materially. The Company intends the
forward-looking statements to speak only as of the time made and do
not undertake to update or revise them as more information becomes
available, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20220503005760/en/
Media: Jon Keehner / Andrew Siegel Joele Frank, Wilkinson
Brimmer Katcher 212-355-4449
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