Cigna Renews Lease at Two Liberty Place

by Steve Lubetkin, Globest.com
Parkway Properties says it signed a 322,000 square foot 12-year renewal lease with Cigna Health and Life Insurance Company at Two Liberty Place in Philadelphia, PA.

"The early renewal of Cigna at Two Liberty Place secures the asset's anchor tenant through 2027 at a positive mark-to-market," says M. Jayson Lipsey, executive vice president and chief operating officer of Parkway. "With this important renewal, we have further stabilized the asset and believe we are well-positioned to exit Parkway's one remaining non-core market."

Cigna's renewal at Two Liberty Place, located in the central business district of Philadelphia, stabilizes about 34 percent of the building through October 31, 2027. Parkway expects Cigna to vacate the space it did not renew on or about May 31, 2016.  As of July 1, 2015, Two Liberty Place was 99.2 percent occupied, or 89.4 percent occupied pro forma for Cigna's contraction.  The Cigna lease represents an approximately four percent positive cash renewal spread from the expiring rate. Parkway has a 19-percent ownership interest in Two Liberty Place, which is owned in part by Parkway Properties Office Fund II.
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