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."