Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from [Unidentified Analyst] - Citigroup.
Unidentified Analyst - Citigroup
Bill, you started some new developments during the quarter, obviously not very large deals and 100% leased, but I'm just wondering, as you look out later into the year how you look at deploying capital for external growth in an environment where you're issuing equity and selling assets and whether in the future we could expect you to sort of warehouse that cash rather than spending it on new projects.
William P. Hankowsky
Right. The two developments that started - I just want to comment on them for a second one was a transaction that we had worked on a long time. As George mentioned, it was in our JV structure, and actually the deal was signed awhile back and the construction commenced in the fourth quarter. And the second transaction, which we did in Minneapolis, actually involves an existing tenant in existing space who had a need to expand. So not only did we give them some expansion space, some 70,000 square feet, but we also renewed their existing lease for 15 years, so it was kind of a blended transaction in the sense of achieving multiple goals.
As I look forward, there may be one transaction out there that would be analogous to the one I just described in Minneapolis, which is to say with an existing tenant who needs some expansion and the only way to sort of solve it is to expand where they are and extend the lease in the building they're in, but other than that we're basically shut down right now. And it would be very difficult to see a situation where we would undertake additional development at this point.
Unidentified Analyst - Citigroup
And as for the leasing you achieved in the development pipeline during the quarter, would you characterize that as predominantly new demand from existing tenants in your markets? Was that demand that you were capturing away from other landlords? Maybe you can just give us some anecdotal examples of where that leasing came from.
William P. Hankowsky
Well, I can tell you that two of the very large industrial ones were new to the market and they were demands that were in the market and we were successful in getting them to pick our buildings over competitive space, so we were very happy to have that happen.
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