RE: FedEx Ground Renewal — Corporate Decision
Hi team,
Just heard back from corporate. They've approved the renewal at $16.50/SF NNN for the 5-year option on Buildings 1-2. We'd like to begin the amendment process — can you have outside counsel draft the docs?
Also, we may need an additional 30,000 SF in Q1 2027 for a new sorting line. Is there availability at the campus?
Best,
Jennifer Marsh
VP Real Estate & Facilities, FedEx Ground
Agent Activity
Jamie Renewal confirmed at $16.50/SF NNN. This is a $1.50/SF increase from the current $15.00 rate — 10% uplift. Annual rent goes from $3.3M to $3.63M.
Shannon Building 3 at Glendale has 42,000 SF vacant — fits the 30k+ expansion ask. Flagging for follow-up.
Kai Looping in Tom Nguyen at Snell & Wilmer to draft the lease amendment. Updated the contact record.