Question-and-Answer Session
Operator
(Operator Instructions)
Our first question comes from Lou Taylor with Deutsche Bank. Please go ahead.
Lou Taylor - Deutsche Bank
Thanks, Denny. Denny, can you just talk about the timing of the properties going in to the JV? Does it look like they will go in when their venture funds and whatever is done will go in and then rest upon completion or is it going to be a different schedule?
Denny Oklak
That's correct, Lou. Once the venture closes, as I said which we anticipate in the next few days, some time shortly after that, the first property will go in. There's only one of the properties of the six properties that are completed today, and that's the Amazon property out in Buckeye Logistic Center in Phoenix and that will be funded and go in to the venture.
The rest of the five properties finish mostly in the fourth quarter this year, I think may be some late third quarter and fourth quarter and then upon completion of those properties, certificate of occupancy, they will go in to the venture.
Lou Taylor - Deutsche Bank
Great. Thank you.
Denny Oklak
Thanks, Lou.
Operator
Your next question comes from Michael Knott with Green Street Advisors. Please go ahead.
Michael Knott - Green Street Advisors
Hi, Denny. I didn't hear you address the office portfolio and I thought, I heard you say renewals were strong but it looked like in the office portfolio, renewals were actually weaker than they have been for some time. Can you just talk about that?
Denny Oklak
The office portfolio is -- there was a little bit of an occupancy decline in the quarter, but I think it really stayed pretty solid. I did mention, Michael, the very significant activity we've had on the office side in the speculative lease-ups, particularly the Monsanto lease in St. Louis which was really a great lease, also in the 45,000 square feet in our Regency Creek office building in Raleigh.
So there's good activity on the office side. We're very pleased. There wasn't really any significant expirations on the office side that I'm aware of.
Michael Knott - Green Street Advisors
That renewal rate doesn't cause you any concern, 55% renewal?
Denny Oklak
No, not really. I think that's, I wouldn't say that's a long term trend, Michael.
Matt Cohoat
And Michael, this is Matt. There was a couple of lease expirations, one in Chicago, that was anticipated. We knew that it was coming and they did not renew, but it was not across-the-board and one lease buyout as well, so that overall it was not across-the-board.
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