ProLogis Pre-Leases 190,000 Square Feet at ProLogis Parc Zama I
TOKYO, Dec. 15 /PRNewswire-FirstCall/ -- ProLogis (NYSE: PLD), a leading global provider of distribution facilities, announced today that it has pre- leased approximately 190,000 square feet (17,600 square meters) near Tokyo to Arata Co., Ltd., a wholesale distributor and third-party logistics provider.
Arata will occupy the space at ProLogis Parc Zama I, a five-story distribution facility totaling more than 1.2 million square feet (113,000 square meters) currently under construction in the city of Zama, near Tokyo. Construction commenced in April 2008 and Arata is expected to occupy the space upon completion in June of 2009.
"Arata is a valued customer and we are pleased to have been selected as their distribution space provider in Zama," said Mike Yamada, co-President of ProLogis in Japan. "This is our second lease with the company; Arata currently occupies approximately 129,000 square feet (12,000 square meters) at ProLogis Parc Funabashi in the city of Funabashi, near Tokyo."
The city of Zama is a central logistics hub in Japan's Kanagawa Prefecture, providing convenient access to the greater Tokyo and greater Nagoya areas. ProLogis Parc Zama I is strategically located 25 miles from downtown Tokyo along Route 246, a major north-south highway, and the Tomei Expressway, a high-speed motorway that connects to Tokyo, Nagoya and Osaka. The park also is near a commuter train station, which provides access to the area's well-qualified workforce.
"Because of ProLogis Parc Zama I's location and many sustainable features -- including a photovoltaic system, a seismic isolation system and rainwater recycling system -- we are in discussions with several additional customers for distribution space at the facility. We expect to have the majority of the building leased prior to its opening," added Yamada.
ProLogis' Japan portfolio totals 38.2 million square feet (3.5 million square meters) of industrial space owned, managed or under development. Major customers in the country include DHL, Nippon Express, Panasonic Logistics, Askul, Hitachi Transport System, Seiyu/Wal-Mart, Yamato Logistics, FedEx and Nikon.
ProLogis is the world's largest owner, manager and developer of distribution facilities, with operations in 136 markets across North America, Europe and Asia. The company has $40.8 billion of assets owned, managed and under development, comprising 548 million square feet (51 million square meters) in 2,898 facilities as of September 30, 2008. ProLogis' customers include manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises with large-scale distribution needs. For additional information about the company, go to http://www.prologis.com.
Released December 15, 2008