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Board authorizes lease renewal and modest expansion of retirement office space
Summary
The board authorized the CEO to finalize a lease renewal that lowers base rent per square foot, adds 2,200 square feet, and includes tenant improvement and furniture allowances.
The San Jose Police and Fire Retirement Board authorized the CEO to execute an office-lease renewal that reduces the plan's base rent, adds approximately 2,200 square feet, and provides tenant-improvement dollars and a furniture allowance.
Staff reported the current rent is about $3.20 per square foot; the negotiated base rent in the new deal is $2.75 per square foot, a roughly 16 percent reduction on existing space. The landlord also agreed to $200,000 of tenant-improvement allowances for the expansion, including up to $30,000 designated for furniture and removable items.
The agreement includes four months of rent abatement on the existing premises and one month of abatement for the expansion area. The term as presented aligns with the fiscal calendar and includes one five-year renewal option. Staff said fiscal-year 2026 budget materials will reflect the furnishing costs associated with the build-out and that the proposed lease reduces near-term occupancy costs.
The board moved and seconded authorization for the secretary/CEO to execute the letter of intent and lease documents; the motion carried without recorded opposition.
Quote: "The base rent that we've negotiated ... is a reduction to $2.75 per square foot," staff told trustees when summarizing the deal.
Staff will finalize lease documents and include build-out and furnishing estimates proposed for the FY2026 budget.
