Kore US Reit completes second full-floor spec-suite development at The Plaza Buildings with 50% pre-leased

[SINGAPORE] The manager of Kore US Reit said on Tuesday (Oct 13) that it has completed a full-floor spec-suite development, The Post at 10800 The Plaza Buildings in Bellevue, Washington.

This is the real estate investment trust’s (Reit) second such development at The Plaza Buildings, and its fourth full-floor spec-suite development in total.

Half of its six suites were leased prior to completion, with “strong leasing interest” in the remaining suites, said the manager.

The Post comprises 15,400 square feet across six studio suites alongside an amenity hub featuring collaborative workspaces, breakout areas and shared tenant amenities.

They are designed for small and mid-sized occupiers seeking flexibility and speed to occupancy, said the manager.

“Spec suites can reduce tenant fit-out requirements (by delivering ready-to-occupy space), where costs are typically borne by US office landlords, shorten vacancy periods and accelerate lease-up, supporting stronger occupancy and rental outcomes,” it added.

David Snyder, CEO of Kore US Reit Management, added that Spec suites not only accelerate their leasing and rental revenue, but also reduce the Reit’s “long-term capital expenditure associated with tenant turnover”.

Kore US Reit’s previous full-floor spec-suite developments include The Greenhouse at 10900 The Plaza Buildings, Ventuno at 1800 West Loop South in Houston and Iron Point in Sacramento.

They all achieved full lease-up after delivery, said the manager.

Units of Kore US Reit ended 1.3 per cent or US$0.002 down at US$0.15 on Tuesday prior to the news.