NEWTON, MA-The RMR Office Property Fund LP announced that it has entered a 10-year lease extension through June 2032 with Clean Harbors, Inc. for its property at 42 Longwater Drive in Norwell, MA.
The property is a 104,000 square foot, three story office building that Clean Harbors fully occupies as its headquarters.
“This lease extension exemplifies the Fund’s strategy to create long term value by retaining tenants and entering long-term leases,” said Chris Bilotto, Portfolio Manager, The RMR Office Property Fund LP and Vice President, The RMR Group. “We have cultivated a deep relationship with Clean Harbors through proactive communication, which speaks to the strength of The RMR Group’s vertically integrated real estate platform.”
The RMR Office Property Fund LP (“The Fund”) is a private, open end core plus fund focused on the acquisition, ownership and leasing of a diverse portfolio of multi-tenant urban infill and suburban office properties located in non-gateway cities throughout the U.S. The Fund is managed by The RMR Group LLC, the majority owned operating subsidiary of The RMR Group Inc.
The RMR Group Inc. (Nasdaq: RMR) is a holding company and substantially all of its business is conducted by its majority-owned subsidiary, The RMR Group LLC. The RMR Group LLC is an alternative asset management company that was founded in 1986 to invest in real estate and manage real estate related businesses. RMR’s business primarily consists of providing management services to five publicly owned real estate investment trusts, or REITs, and three real estate related operating companies. As of September 30, 2018, The RMR Group LLC had approximately $30.1 billion of total assets under management, including more than 1,700 properties, and employed almost 600 real estate professionals in more than 30 offices throughout the United States; the companies managed by The RMR Group LLC collectively had over 52,000 employees. The RMR Group Inc. is headquartered in Newton, MA.