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Committee forwards five-year lease extension for city reprographics/mail services to full Board
Summary
The committee voted to forward a lease amendment extending the Department of Administration’s repro/mail services lease at 110 Twelfth Street for five years at a base rent starting at $43.43 per square foot and recommended approval after a Budget & Legislative Analyst report.
Chair Supervisor Connie Chan moved to forward to the full Board a resolution authorizing the director of property to execute a five-year extension for the Department of Administration’s repro/mail services lease at 110 Twelfth Street.
Claudia Gorham of the Real Estate Division said the original lease commenced February 1, 2013 and included two five-year options; this action would exercise the first five-year option. Gorham said the tenant occupies the two-story building and adjacent fenced parking, requires a loading dock, and needed power upgrades when it moved in. The proposed extension would start at $43.43 per square foot with 3% annual adjustments.
Dan Gonchar of the Budget & Legislative Analyst’s office summarized the financials and recommended approval. He reported the proposed first-year base rent as $454,668.67 and estimated total annual base costs (including rent, janitorial, security, utilities and maintenance) at $570,513. Gonchar recommended approval of the resolution and the committee voted to forward the item to the full Board with a positive recommendation (three ayes).
The committee did not receive public comment on the item. The lease amendment will go to the full Board for final action.
