NEWTON, Mass.--(BUSINESS WIRE)--The RMR Group Inc. (Nasdaq: RMR) today announced the execution of 89 new and renewal leases totaling approximately 2.3 million square feet during the three months ending December 31, 2020 for its managed clients. This includes 26 new leases for a total of approximately 380,000 square feet, and 63 renewal leases for a total of approximately 1.9 million square feet.
Adam Portnoy, President & Chief Executive Officer, made the following statement:
“During the last three months of 2020, RMR saw solid leasing activity, executing nearly 2.3 million square feet of leases on behalf of our managed clients with a weighted average lease term of approximately seven years. Despite the impact of the pandemic, RMR’s aggregate leasing activity for 2020 totaled approximately 8.8 million square feet executed in 315 leases across our platform.”
The RMR Group provides property management services nationwide for nearly 1,300 properties with approximately 92 million square feet of office, industrial, medical office, life science and retail space. RMR exclusively provides property management services to its managed clients and does not offer stand-alone property management services to third-parties.
About The RMR Group
The RMR Group Inc. (Nasdaq: RMR) is a holding company and substantially all of its business is conducted by its majority owned subsidiary, The RMR Group LLC, or RMR. RMR is a leading U.S. alternative asset management company, unique for its focus on commercial real estate (CRE) and related businesses. RMR’s vertical integration is buttressed by its more than 600 real estate professionals in over 30 offices nationwide who manage $32 billion in assets under management and leverage 35 years of institutional experience in buying, selling, financing and operating CRE. RMR is headquartered in Newton, MA and was founded in 1986. For more information, please visit www.rmrgroup.com.