Terreno Realty announces lease in California

Terreno Realty (TRNO) announced that it has executed a lease for 226,000 square feet in Newark, California with an Original Design Manufacturer of cloud computing hardware. The lease commenced November 1 and will expire May 2036. To facilitate the new lease, Terreno Realty Corporation terminated effective October 31, the in-place lease that was to expire June 2030 and received a negotiated early termination payment from the prior tenant of approximately $13.5M. In addition, Terreno Realty Corporation will record a net increase in revenue of approximately $4.4M for the three months ended December 31 from the write-off of the below-market lease and straight-line rent related to the early termination of the prior lease.