Creative Media & Community Trust Corporation (NASDAQ:CMCT), a real estate investment trust, announced on Wednesday that it has solidified its revenue prospects by extending a major lease agreement.
The company confirmed entering into a material definitive agreement on January 8, 2025, with Kaiser Foundation Health Plan, Inc., its largest tenant, to extend their lease of 236,692 rentable square feet of office space at 1 Kaiser Plaza in Oakland, California, through December 31, 2027.
The lease extension amendment, effective as of December 30, 2024, ensures that all of the tenant's existing square footage remains under contract. Prior to this extension, portions of the space were set to expire in February 2025 and February 2027. With this agreement, the combined lease will generate contractual base rents totaling approximately $11.6 million for 2025, $12.0 million for 2026, and $9.3 million for 2027 for Creative Media, inclusive of a three-month rent abatement in 2027.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.