{"id":1004036125,"date":"2012-01-31T05:50:36","date_gmt":"2012-01-31T13:50:36","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004036125"},"modified":"2022-12-08T05:52:23","modified_gmt":"2022-12-08T13:52:23","slug":"irs-re-ups-on-532-ksf-of-fresno-office-space","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/irs-re-ups-on-532-ksf-of-fresno-office-space\/","title":{"rendered":"IRS Re-Ups on 532 KSF of Fresno Office Space"},"content":{"rendered":"

January 31, 2012<\/strong>
\nBy Nicholas Ziegler, News Editor<\/em>
\n\"\"<\/a><\/p>\n

The Internal Revenue Service, acting through Government Properties Income Trust, just signed a 10-year, 531,976-square-foot lease renewal at 5045 E. Butler Ave. in Fresno, Calif. Marcy Owens Test and William Hill of Jones Lang LaSalle Inc.\u2019s Government Investor Services group represented the building owner, Government Properties Income Trust, while the GSA was self-represented.<\/p>\n

\u201cThe owners, Government Properties Income Trust, have a long-standing relationship with the IRS and are pleased it will continue into the future,\u201d Test, who is a senior vice president with JLL, said. \u201cThis lease is meaningful for the City of Fresno as the government is committing to another ten years and we appreciate their efforts in completing this lease renewal prior to its expiration.\u201d<\/p>\n

Additionally, Government Income Properties Trust closed a five-year, $350 million unsecured term loan on the same day as the closing of the Fresno deal. The loan matures on Jan. 17, 2017, and was signed at LIBOR plus 175 basis points. At the time of the deal, the agency said it would use the proceeds to repay part of its outstanding debts from an existing $550 million credit facility as well as to possibly fund future acquisitions.<\/p>\n

A report by the Building Managers and Owners Association that was released earlier this month found Fresno to be the most inexpensive office market in the country \u2013 out of the 278 markets surveyed \u2013 on the basis of total fixed and operating expenses. Total operating expenses include all expenses incurred to operate office buildings, including utilities, repairs\/maintenance, cleaning, administrative, security and roads and grounds. Fixed expenses include real estate taxes, property taxes and insurance. In Fresno, the average was $4.25 per square foot, defeating second-place finisher Jackson, Miss., which came in at $4.97.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Internal Revenue Service, acting through Government Properties Income Trust, just signed a 10-year, 531,976-square-foot lease renewal in Fresno, Calif.<\/p>\n","protected":false},"author":1201,"featured_media":1004038661,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21808,21742,21747,15],"tags":[],"class_list":["post-1004036125","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-featured","category-latest","category-office","category-west"],"acf":[],"yoast_head":"\nIRS Re-Ups on 532 KSF of Fresno Office Space - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/irs-re-ups-on-532-ksf-of-fresno-office-space\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IRS Re-Ups on 532 KSF of Fresno Office Space\" \/>\n<meta property=\"og:description\" content=\"The Internal Revenue Service, acting through Government Properties Income Trust, just signed a 10-year, 531,976-square-foot lease renewal in Fresno, Calif.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/irs-re-ups-on-532-ksf-of-fresno-office-space\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-01-31T13:50:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T13:52:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/01\/013112-5045-E.-Butler-Ave.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"480\" \/>\n\t<meta property=\"og:image:height\" content=\"305\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nicholas Ziegler\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/irs-re-ups-on-532-ksf-of-fresno-office-space\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/irs-re-ups-on-532-ksf-of-fresno-office-space\\\/\"},\"author\":{\"name\":\"Nicholas Ziegler\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/ff3a837f33daecfcf8978b405eaae20c\"},\"headline\":\"IRS Re-Ups on 532 KSF of Fresno Office Space\",\"datePublished\":\"2012-01-31T13:50:36+00:00\",\"dateModified\":\"2022-12-08T13:52:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/irs-re-ups-on-532-ksf-of-fresno-office-space\\\/\"},\"wordCount\":292,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/irs-re-ups-on-532-ksf-of-fresno-office-space\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2012\\\/01\\\/013112-5045-E.-Butler-Ave.jpg\",\"articleSection\":[\"Brokerage\",\"Featured\",\"News\",\"Office\",\"West\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/irs-re-ups-on-532-ksf-of-fresno-office-space\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/irs-re-ups-on-532-ksf-of-fresno-office-space\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/irs-re-ups-on-532-ksf-of-fresno-office-space\\\/\",\"name\":\"IRS Re-Ups on 532 KSF of Fresno Office Space - 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