Mar 1, 2002 : Level 3 Gives up San Francisco building

📅 March 1, 2002 - Catellus Development Corporation (catellus.com), a San Francisco-based real estate company, today announced that it has signed an agreement with Level 3 Communications, LLC, a telecommunication and information services provider, to terminate its lease on two industrial buildings at Pacific Commons in Fremont, California.

Catellus said it will receive a termination payment equal to about 26 months of current base rent and Level 3 will be relieved of rent obligations for the remaining 19 years of the lease term. Reclaiming the real estate, Catellus will retain the tenant improvements Level 3 has made to the buildings.
Nelson C. Rising, Chairman and Chief Executive Officer of Catellus, commented, "While we are disappointed to lose Level 3 as a tenant, I am very pleased that we were able to reach an agreement that meets both of our needs. Level 3 will be relieved of its obligations and we will retain the flexibility to re-lease the buildings to other tenants and to continue the development of Pacific Commons."

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