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Unisource Stays Put

Unisource Worldwide Signs 7-Year Lease Extension
By Christopher Gerlach
October 25, 2002 | 1:37 P.M.

Unisource Worldwide Inc. signed a seven-year lease extension for its 168,800-square-foot industrial warehouse located at 109 Stevens St. in Jacksonville, FL. Unisource has been the sole tenant in the building since it was built in 1958, utilizing the space to manufacture envelopes and plastic straws. The building, renovated in 1969, utilizes approximately 60% of the space for storage and the remaining 40% for manufacturing. The lease, which will expire on Sept. 30, 2009, includes one 5-year renewal option. The owner, Lexington Corporate Properties Trust (NYSE: LXP), has increased the annual net rent payable in 2003 to $541,172 and will increase that number by 2.75% annually over the next six years.

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News | Unisource Stays Put