Catellus and marchFIRST Agree to Terminate Lease.Business Editors/Real Estate Writers SAN FRANCISCO--(BUSINESS WIRE)--Jan. 16, 2001 Catellus Development Corporation Catellus Development Corporation is a real estate landowner that was spun off of the real estate holdings of Santa Fe and Southern Pacific Railroad. They are one of the largest landowners in California. (NYSE NYSE See: New York Stock Exchange :CDX CDX Companion Dog Excellent (AKC Obedience Title) CDX Cyber-Defense Exercise CDX Central Data Exchange CDX Community Development Exchange (UK community development organization) CDX Commercial Data Exchange ) announced today that it has signed an agreement with marchFIRST to terminate its lease for a 270,000 square foot office building at Mission Bay. Under the terms of the agreement, all obligations for either party are terminated and Catellus retains the initial security deposit of $4.5 million plus accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. . Catellus is continuing its plans to develop and lease the building. Catellus Development Corporation (NYSE:CDX) is one of the nation's premier diversified real estate development companies. The Company specializes in developing, managing and investing in a broad range of product types including industrial, residential, office, retail and major urban development projects. It owns one of the largest portfolios of developable land in the Western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century capable of supporting over 49.7 million square feet of new commercial development and an estimated 14,800 residential lots and units. More information about Catellus is available at www.catellus.com. This release includes a forward-looking statement forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. about our plans for the development and leasing of property that is subject to risks and uncertainties that could cause our actual results, performance, or achievements to differ materially from those expressed in or implied by the statement. In particular, among the factors that could cause actual results to differ materially are changes in the real estate market or in general economic conditions in San Francisco; competition in the real estate industry; increases in the cost of construction; and the availability of financing to meet our capital needs, the variability of interest rates, and our ability to use our collateral to secure loans. For more information about these and other risk factors, please review our report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended September 30, 2000, filed with the Securities and Exchange Commission. |
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