Date Posted: 9/12/2001
Prentiss Properties Trust Executes 81,224 Square Foot Lease With Deltek Systems, Inc.
Recent Park West at Dulles Corner Acquisition Now 100% Leased
DALLAS, Sept. 10 /PRNewswire/ -- Prentiss Properties Trust (NYSE: PP - news) announced today that is has executed an 81,224 square foot lease with Deltek Systems, Inc. (Nasdaq: DLTK - news) at its Park West at Dulles Corner building in Herndon, Virginia. Park West at Dulles Corner is a 151,748 square foot, Class A office building acquired by Prentiss Properties in early July of 2001. The building was vacant at the time it was purchased and is now 100% leased to Deltek Systems and Perot Systems 70,524 square feet executed in late July of 2001). The Deltek Systems lease has a 10-year term and will commence in March of 2002. Park West at Dulles Corner will serve as Deltek Systems' corporate headquarters. In addition, Deltek Systems has agreed to lease a to be determined amount of space at 2411 Dulles Corner Road, a nearby 177,000 square foot, Class A office building also owned by Prentiss.
Tom August, President and CEO of Prentiss Properties commented, ``Park West at Dulles Corner serves as an excellent example of Prentiss' value-added capabilities. We were able to fully lease a vacant building to two quality tenants in approximately 60 days, creating an FFO yield of over 14 percent. Our success is attributable to our local market knowledge gained through our ownership and management of approximately 10.5 million square feet in the Metropolitan D.C. area, including our role as property manager for Park West at Dulles.''
Deltek Systems is a leading provider of application software and solutions to project businesses and professional services firms. Deltek Systems was established in 1983 and serves a current client base of more than 7,500 organizations worldwide.
About Prentiss Properties Trust
Prentiss Properties Trust is a self-administered and self-managed real estate investment trust (``REIT''). It owns interests in 141 operating properties with approximately 16.8 million net rentable square feet and 5 development projects containing 676,000 net rentable square feet. Prentiss Property Services, the real estate services subsidiary of the Trust, is one of the 20 largest managers of office and industrial properties in the U.S., managing approximately 37.5 million square feet of office and industrial properties owned by Prentiss, its affiliates and third parties.
With its headquarters in Dallas, Texas, Prentiss Properties focuses on the ownership of office properties in Washington D.C., Chicago, Dallas, Austin, Northern California and Southern California. It is a full service real estate company with in-house expertise in areas such as acquisitions, development, facilities management, property management and leasing.
Additional information on Prentiss Properties Trust including an archive of corporate press releases and conference calls is also available on the Company's website.
Prentiss Property Trust
3890 West Northwest Hwy. Ste. 400
Dallas, TX 75220
www.prentissproperties.com
NYSE: PP
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