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From Pumping Station One
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Current rent costs:
Current rent costs:
$3,988.45 for approximately 6,340 square feet.
Enter into a five year lease, beginning January 1st, 2016 or there about, to occupy the entire building.
Enter into a five year lease, beginning January 1st, 2016 or there about, to occupy the entire building.
Here are the key details
Here are the key details
1. Monthly lease of a flat $7,300 per month for the entire building including the two parking spaces in the rear of the building. approximately 11,148 sqft at 7.858 per square foot. This is in line with the market rates, the rate is a melding of our existing rates + a market rate for the new space. This $300-$1900 less than the first proposal we received.
1. Monthly lease of a flat $7,300 per month for the entire building including the two parking spaces in the rear of the building. approximately 11,148 sqft at 7.858 per square foot. This is in line with the market rates, the rate is a melding of our existing rates + a market rate for the new space. This $300-$1900 less per month than the first proposal we received.
2. 5 year term with the option to renew at the end of the terms for an additional 5 years. I know long term commitments are a concern but in order to lock in a more attractive rate the term needs to be longer. A longer term also protects us from large rate hikes, and allows us to plan longer term. It would be possible to sublet this space if necessary. We would still be responsible for the rent until we acquired a replacement tenant. Not ideal solution, but always an option if the flexibility would be needed.
2. 5 year term with the option to renew at the end of the terms for an additional 5 years. I know long term commitments are a concern but in order to lock in a more attractive rate the term needs to be longer. A longer term also protects us from large rate hikes, and allows us to plan longer term. It would be possible to sublet this space if necessary. We would still be responsible for the rent until we acquired a replacement tenant. Not ideal solution, but always an option if the flexibility would be needed.
