JENSEN BEACH, Fla., March 20 /PRNewswire/ -- Regency Affiliates, Inc.
(RAFI) is pleased to announce that it has been informed by Security Land &
Development Company Limited Partnership that the General Services
Administration has agreed to extend the term of its lease at 1500 Woodlawn
Drive, Woodlawn, Maryland through October 31, 2018. 1500 Woodlawn is a two
story office building and connected six story tower totaling approximately
717,000 square feet owned by Security Land and occupied by the Social Security
Administration of the United States Government.
The significant terms of the lease include a fixed annual gross rent of
approximately $12,754,000 (or approximately $17.79 per sq.ft.). Security Land
is responsible for all operating expenses of the building. Security Land is
also responsible for upgrading some of the building's common areas.
Regency Affiliates is a limited partner in Security Land. The general
partner of Security Land is an affiliate of Cafritz Interests, Inc. The
general partner was responsible for negotiating and executing the extension
with the GSA.
"We are extremely delighted by this development and applaud the Cafritz
group on their success," stated Laurence S. Levy, Regency Affiliates' Chairman
In addition to its interest in Security Land, Regency Affiliates owns 75%
of Iron Mountain Resources, Inc., the owner of approximately 70 million short
tons of previously quarried and stockpiled rock aggregate located at the site
of the Groveland Mine in Dickinson County, Michigan.
SOURCE Regency Affiliates, Inc.