Falcon Completes Significant Number of Lease Transactions in 2009
Falcon Real Estate is pleased to announce the closing of 2009 with more than 2.9 million square feet of lease transaction activity for the year. Scott Sweeney, Executive Vice President of Falcon Real Estate commented, “We are proud of our 2009 leasing activity which was successfully accomplished in a very difficult real estate market. Our client’s benefited from Falcon’s asset management expertise and from the local market knowledge we were able to leverage by having six offices located in major markets across the country.”
The 2009 Falcon leasing activity consisted of thirty separate lease transactions for total lease revenue of $91 million. Sweeney added, “Because of the economic uncertainty faced by businesses during the year, the majority of the leasing activity was associated with tenant renewals and was shorter-term in nature. Our efforts were focused on maintaining cash flow at the property level and minimizing out-of-pocket leasing costs.” Falcon ended the year with slightly more than 13.5 million square feet of commercial real estate under management.