Chambers Street Properties (NYSE:CSG), a real estate investment trust
focused on acquiring, owning and operating net leased industrial and
office properties, announced it has reached an agreement with
Norway-based Det Norske Veritas (DNV), to expand the property it leases
at 22535 Colonial Parkway in Katy, Texas, a suburb of Houston.
The two-story expansion, totaling approximately 47,250 square feet, will
increase the size of the existing office building to approximately
137,000 square feet. Additionally, a new four-story parking deck will be
built adjacent to the building. The expansion will allow DNV to
consolidate its operations and move 300 employees to the Katy property.
Upon completion of the expansion, DNV’s lease will roll into a 10-year
term for the entire property.
Chambers Street will oversee the general contracting services for the
expansion project, which is expected to be completed by the summer of
2015. The expansion will be built to LEED Gold specifications and, like
the existing property, will be ENERGY STAR certified.
“We’re delighted to be able to provide DNV with the additional space
they need to bring their employees together into one Houston location
and we look forward to working with the DNV team to deliver the space
next year, and extend our relationship into the next decade” said Philip
L. Kianka, Executive Vice President and Chief Operating Officer,
Chambers Street.
DNV provides classification and technical assurance along with software
and independent expert advisory services to the maritime, oil and gas,
and energy industries as well as certification services to customers
across a wide range of industries. DNV has about 300 locations in more
than 100 countries, with annual revenues of about $3.4 billion.
About Chambers Street Properties (NYSE: CSG)
Chambers Street is a real estate investment trust focused on acquiring,
owning and operating net leased industrial and office properties, leased
to creditworthy tenants. As of March 31, 2014, Chambers Street owned or
had a majority interest in 129 properties located across 20 U.S. states,
France, Germany, and the United Kingdom encompassing approximately 35.8
million rentable square feet.
For additional information, please visit www.ChambersStreet.com.
Copyright Business Wire 2014