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City amends Hudson Properties lease to house HSA, CTA and Library IT; committee forwards lease and continues appropriation
Summary
The Budget and Finance Committee on April 16 forwarded a lease amendment to the full board authorizing expanded city occupancy at 1455 Market Street to consolidate Human Services Agency functions, Library IT and the County Transportation Authority, and continued the companion appropriation ordinance.
The Board of Supervisors Budget and Finance Committee on April 16 amended and forwarded a resolution authorizing a lease amendment with Hudson Properties for additional city space at 1455 Market Street and continued a companion appropriation ordinance to a subsequent committee meeting.
Director of Real Estate Andrico Penick described a two-phase transaction that would expand the city's leased footprint by about 225,883 rentable square feet and increase total city occupancy at 1455 Market to roughly 422,000 square feet, triggering a purchase option that runs through Dec. 31, 2027. Under the phase-two terms Penick said the rent rate will start at about $41.20 per square foot…
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