Mastern Premier REITs Extends Crystal Park Office Lease Contract for 12 Years

Maston Premier REITs announced on the 5th that it has signed a lease extension agreement with PricewaterhouseCoopers (PwC), a major tenant of the Crystal Park Office in Paris, France.

PricewaterhouseCoopers is a global consulting firm headquartered in the United Kingdom. It is the primary tenant occupying more than 60% of the Crystal Park Office. Through this agreement, the remaining lease term has been extended from approximately 4 years as of the end of last year to 12 years. The leased area will also expand from the current level of about 60% to approximately 65%.

This contract was signed on the 2nd (local time) after PwC, which had continuously expressed its intention to extend the lease, reached an agreement on the lease extension and expansion of the leased area. As a result, the Crystal Park Office is being recognized once again as an asset that meets the ‘Flight to Quality’ criteria.

Jo Yong-min, Head of Overseas Division at Maston Investment Management, said, “Despite the downturn in the global office leasing market, the vacancy rate of offices near the Paris Central Business District (CBD) is at its lowest level, and above all, we were confident in the quality of the asset, so we had no concerns about vacancies. This contract reconfirms that the Crystal Park Office is a highly preferred asset among tenants.”

Meanwhile, Maston Investment Management is currently considering the optimal timing for the sale of the Crystal Park Office, and it is expected that this lease extension will have a positive effect on future refinancing and sales strategies.

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