Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
City approves expedited leases, accepts $3.25M to vacate 875 Stevenson and signs ten-year leases for multiple departments
Summary
A committee-of-the-whole hearing addressed relocation from 875 Stevenson; Real Estate Director John Updike described negotiated early-exit payments totaling $3,250,000 and new leases at 1155 Market Street and 110 Twelfth Street with 10-year terms and exit options after five years.
At a special 3 p.m. committee-of-the-whole hearing, the Board of Supervisors considered and then approved lease and exit agreements to relocate multiple city departments from 875 Stevenson Street, Real Estate Director John Updike told the board.
Why it matters: The leases and exit agreement accelerate relocations for a number of city departments and include monetary consideration to the city to cover moving costs and higher rent; they also commit the city to new long-term space and tenant-improvement arrangements.
What the Real Estate Department presented
John Updike, Director of Real Estate, said the city currently occupies about 81,400 square feet at 875 Stevenson Street and that the landlord (Shorenstein) sought early vacancy. As part of the negotiated exit, the city…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
