Adventus Realty Trust Provides Leasing Update for Columbia Centre III (Chicago)

August 10, 2022

Adventus Realty Trust by its Trustee, Adventus Realty Services Inc. (the “Trust” or the “Company”) is pleased to report leasing has been strong over the past three months in the entire portfolio; however, it has been particularly strong in Columbia Centre III (“CCIII”).

In the past week, Life Fitness executed a new 7 year lease for a total of 55,000 s.f. of leasing in CCIII. This will result in new leasing of 42,000 s.f. and a relocation and renewal of 13,000 s.f. by Life Fitness. Capital costs for this new lease will come from the cash reserve maintained by the Lender. Earlier in 2022 and as communicated to Unitholders on July 8, 2022, we also entered into a new lease with Chicago Mortgage Solutions for an additional 55,000 s.f.

The two new leases signed in 2022 take vacancy down to approximately 27% from in excess of 60% at the end of 2021, due to two significant lease terminations during COVID-19. Prior to COVID-19, CCIII had consistent vacancy below 10%.

We have previously reported that new tenant leasing was a significant problem during COVID-19 as businesses were not prepared to re-locate during COVID-19. The new tenant leasing for this property in 2022 is strong evidence that this problem area is now dissipating.

To move CCIII from value-add to stabilized status (below 20% vacancy), we need to execute additional new leasing of approximately 20,000-25,000 s.f. for this property. In this regard, we also have 3 proposals under negotiation for an additional 30,000 s.f. of new leasing, and one renewal almost complete for 15,000 s.f. for CCIII.

We will have more to report on 2022 Leasing Activity later this month in connection with our Q2 2022 Report to Unitholders.

About Adventus
Adventus is a Canadian based private Real Estate Investment Trust (REIT) and is focused on US income producing commercial real estate, in the suburban office markets of Chicago, Illinois and Atlanta, Georgia. For more information on Adventus, including our team, corporate strategy, photo gallery, details of our portfolio and press releases, we invite you to visit our website at www.adventusrealty.com. 

Cautionary Statements Regarding Forward-Looking Statements
This press release may contain forward-looking statements with respect to the REIT and its operations, strategy, financial performance and financial condition, as well as with respect to the previously disclosed acquisitions and future acquisitions of properties. These statements generally can be identified by the use of forward-looking terminology such as “anticipate”, “believe”, “plan”, “forecast”, “expect”, “intend”, “would”, “could”, “if”, “may” and similar expressions. The actual results and performance of the REIT and the acquisitions discussed herein could differ materially from those expressed or implied by such statements. Accordingly, readers should not place undue reliance on forward-looking statements. These cautionary statements qualify all forward-looking statements attributable to the REIT and persons acting on its behalf. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, changes in interest rates, competition and changes in securities or other laws or regulations or the application thereof. The cautionary statements qualify all forward-looking statements attributable to the REIT and persons acting on its behalf. 

Unless otherwise stated, all forward-looking statements speak only as of the date of this press release. Except as required by applicable law, the REIT specifically disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise. 

ADVENTUS REALTY TRUST
By its Trustee: ADVENTUS REALTY SERVICES INC.

Per: Rodney B. Johnston, FCPA, FCA
President and Chief Executive Officer

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