Rentable Area 100,000 SF |
Useable Area 90,091 SF |
Load Factor 11% |
Lease Term 72 months |
Commencement Date 04/29/2013 |
Expiration Date 04/28/2019 |
TI Allowance $35.00 per RSF |
Landlord 705 Union Station, LLC |
Building Class Class A |
Floor / Suite Floors 3, 4, 8, 10 |
Parking ratio 5 per 1,000 |
Lease Structure Full Service |
Renewal options Two (2) Five (5) Year Options |
Expansion rights 24,000 SF w/24 months notice |
Total Deal Cost $14,768,415 |
NPV of Total Cost @ 8.0% $11,469,156 |
Key Lease Metrics | 1 | 2 | 3 | 4 | 5 | 6 | |
Period Ending | Average | 04/2014 | 04/2015 | 04/2016 | 04/2017 | 04/2018 | 04/2019 |
Months in Period | 12 | 12 | 12 | 12 | 12 | 12 | |
Base Rent per RSF | 23.58 | 11.50 | 24.00 | 25.00 | 26.00 | 27.00 | 28.00 |
Expenses per RSF | 0.78 | 0.30 | 0.61 | 0.93 | 1.26 | 1.59 | |
Total Cost per RSF | 24.36 | 11.5011.50 | 24.3024.30 | 25.6125.61 | 26.9326.93 | 28.2628.26 | 29.5929.59 |
Average Monthly Cost | 203,034 | 95,833 95,833 | 202,500 202,500 | 213,408 213,408 | 224,394 224,394 | 235,459 235,459 | 246,606 246,606 |
Per Annum Total | 2,436,402 | 1,150,000 1,150,000 | 2,430,000 2,430,000 | 2,560,901 2,560,901 | 2,692,728 2,692,728 | 2,825,510 2,825,510 | 2,959,276 2,959,276 |
Cumulative Total | 1,150,000 1,150,000 | 3,580,000 3,580,000 | 6,140,901 6,140,901 | 8,833,629 8,833,629 | 11,659,139 11,659,139 | 14,618,415 14,618,415 |
Annual Financial Detail | 1 | 2 | 3 | 4 | 5 | 6 | |
Period Ending | Average | 04/2014 | 04/2015 | 04/2016 | 04/2017 | 04/2018 | 04/2019 |
Base Rent | 2,550,000 | 2,300,0002,300,000 | 2,400,0002,400,000 | 2,500,0002,500,000 | 2,600,0002,600,000 | 2,700,0002,700,000 | 2,800,0002,800,000 |
Rent Abatement | (191,667) | (1,150,000)(1,150,000) | |||||
Total Rent | 2,358,333 | 1,150,0001,150,000 | 2,400,0002,400,000 | 2,500,0002,500,000 | 2,600,0002,600,000 | 2,700,0002,700,000 | 2,800,0002,800,000 |
Expenses | |||||||
Over Base Year Stop | 78,068 | 30,00030,000 | 60,90060,900 | 92,72792,727 | 125,509125,509 | 159,274159,274 | |
Total Expenses | 78,069 | 30,00030,000 | 60,90160,901 | 92,72892,728 | 125,510125,510 | 159,276159,276 |
Expenses and Credits | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
Landlord Credits | |||||||
TI Allowance | (3,500,000) | ||||||
Moving Allowance | (100,000) | ||||||
Tenant Cash Outlay | |||||||
Moving Expenses | 250,000 | ||||||
Total Buildout Cost | 3,500,000 | ||||||
Total Expenses & Credits | 150,000 150,000 |