Rentable Area 105,000 SF |
Useable Area 91,305 SF |
Load Factor 15% |
Lease Term 84 months |
Commencement Date 06/13/2013 |
Expiration Date 06/12/2020 |
TI Allowance $50.00 per RSF |
Landlord Bentall Kennedy |
Building Class Class A |
Floor / Suite Floors 14-18 |
Parking ratio 2 per 1,000 |
Security Deposit $100,000 |
Lease Structure Full Service |
Renewal options Two (2) Five (5) Year Options |
Expansion rights ROFO on Suite 1130 |
Total Deal Cost $23,913,790 |
NPV of Total Cost @ 8.0% $18,323,793 |
Key Lease Metrics | 1 | 2 | 3 | 4 | 5 | 6 | 7 | |
Period Ending | Average | 06/2014 | 06/2015 | 06/2016 | 06/2017 | 06/2018 | 06/2019 | 06/2020 |
Months in Period | 12 | 12 | 12 | 12 | 12 | 12 | 12 | |
Base Rent per RSF | 23.66 | 21.08 | 21.54 | 22.00 | 24.50 | 25.00 | 25.50 | 26.00 |
Expenses per RSF | 8.47 | 7.00 | 7.47 | 7.94 | 8.44 | 8.95 | 9.47 | 10.01 |
Total Cost per RSF | 31.99 | 28.0828.08 | 29.0129.01 | 29.9429.94 | 32.9432.94 | 33.9533.95 | 34.9734.97 | 35.0635.06 |
Average Monthly Cost | 279,926 | 245,729 245,729 | 253,808 253,808 | 262,010 262,010 | 288,201 288,201 | 297,022 297,022 | 305,977 305,977 | 306,735 306,735 |
Per Annum Total | 3,359,113 | 2,948,750 2,948,750 | 3,045,700 3,045,700 | 3,144,116 3,144,116 | 3,458,414 3,458,414 | 3,564,267 3,564,267 | 3,671,721 3,671,721 | 3,680,823 3,680,823 |
Cumulative Total | 2,948,750 2,948,750 | 5,994,450 5,994,450 | 9,138,566 9,138,566 | 12,596,980 12,596,980 | 16,161,247 16,161,247 | 19,832,968 19,832,968 | 23,513,790 23,513,790 |
Annual Financial Detail | 1 | 2 | 3 | 4 | 5 | 6 | 7 | |
Period Ending | Average | 06/2014 | 06/2015 | 06/2016 | 06/2017 | 06/2018 | 06/2019 | 06/2020 |
Base Rent | 2,572,500 | 2,415,0002,415,000 | 2,467,5002,467,500 | 2,520,0002,520,000 | 2,572,5002,572,500 | 2,625,0002,625,000 | 2,677,5002,677,500 | 2,730,0002,730,000 |
Rent Abatement | (88,125) | (201,250)(201,250) | (205,625)(205,625) | (210,000)(210,000) | ||||
Total Rent | 2,484,375 | 2,213,7502,213,750 | 2,261,8752,261,875 | 2,310,0002,310,000 | 2,572,5002,572,500 | 2,625,0002,625,000 | 2,677,5002,677,500 | 2,730,0002,730,000 |
Expenses | ||||||||
Over Base Year Stop | 124,212 | 39,37539,375 | 79,93179,931 | 121,704121,704 | 164,730164,730 | 209,047209,047 | 254,694254,694 | |
Electric | 344,811 | 315,000315,000 | 324,450324,450 | 334,184334,184 | 344,209344,209 | 354,535354,535 | 365,171365,171 | 376,126376,126 |
Parking | 420,000 | 420,000420,000 | 420,000420,000 | 420,000420,000 | 420,000420,000 | 420,000420,000 | 420,000420,000 | 420,000420,000 |
Total Expenses | 889,024 | 735,000735,000 | 783,825783,825 | 834,116834,116 | 885,914885,914 | 939,267939,267 | 994,221994,221 | 1,050,8231,050,823 |