Norwegian Property extends lease contract with NAV in Oslo (NO)

Norwegian Property has agreed with NAV (the Norwegian Labour and Welfare organisation) to extend the existing lease contract in Ibsenkvartalet (C.J.Hambros plass 2) for 5 years from 1 October 2011.

The lease contract comprises approximately 9,200 m². The extended lease contract implies a rental uplift of approximately 14%.

The extension is agreed based upon "as-is" terms, i.e. no investment obligations for the lessor.

Director leasing and market Market Aili Klami says in a comment: "NAV's space in Ibsenkvartalet comprise approximately 20% rental space up for renewal in 2011. We secure a public tenant for five years on better terms. The new contract confirms that the Oslo rental market is improving."

Source: Hugin

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