The RMR Office Property Fund Enters 10-Year Lease Extension for its 42 Longwater Drive Office Property in Norwell, MA

The RMR Office Property Fund LP (the Fund) today announced it has entered a 10-year lease extension through June 2032 with Clean Harbors, Inc. for its property at 42 Longwater Drive in Norwell, Massachusetts.

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Retrieved on: 
Tuesday, February 5, 2019
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Tags: 
Professional services, REIT, Finance, Construction & Property, Commercial Building & Real Estate, RMR
Geotags: 
United States, Massachusetts
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Summary
Key Points: 
  • The RMR Office Property Fund LP (the Fund) today announced it has entered a 10-year lease extension through June 2032 with Clean Harbors, Inc. for its property at 42 Longwater Drive in Norwell, Massachusetts.
  • This lease extension exemplifies the Funds 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.
  • The Fund is managed by The RMR Group LLC, the majority owned operating subsidiary of The RMR Group Inc.
    About 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 Office Property Fund LP (“the Fund”) today announced it has
entered a 10-year lease extension through June 2032 with Clean Harbors,
Inc. for its property at 42 Longwater Drive in Norwell, Massachusetts.
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.”

About The RMR Office Property Fund LP

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.

About 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, Massachusetts.

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