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Committee wins rent reductions on city office leases, forwards amended deals to full board
Summary
The Budget & Finance Committee approved amendments reflecting negotiated rent cuts for two city office leases—saving more than $2.5 million over five years—and forwarded the amended resolutions to the full Board of Supervisors with a positive recommendation.
The San Francisco Board of Supervisors Budget & Finance Committee voted to approve amendments reflecting renegotiated rent terms for two city office leases and forwarded the amended agreements to the full board with a positive recommendation.
Andrico Pinnock, Director of Real Estate, told the committee that landlords agreed to roughly a 15% reduction from the rates previously proposed because of market impacts tied to the COVID-19 outbreak. "We were able to achieve a…
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