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Committee approves forwarding of retroactive Port lease with Autodesk at Pier 9
Summary
The committee forwarded a one-year, market-rate Port lease with Autodesk at Pier 9 — retroactive to Feb. 1 — that increases monthly rent to about $124,500; the BLA said the two-year revenue impact is about $3 million.
The Budget and Finance Committee on Feb. 1 voted to forward to the full board a Port lease with Autodesk for roughly 30,500–31,000 square feet at Pier 9 with a one-year term and a one-year extension option. The lease lists monthly rent at about $124,500 and the BLA estimated it would generate roughly $3 million in port rental revenue over two years.
Rebecca Benesini, deputy director for real estate and development at the Port, said Autodesk has been a tenant for about 10 years and the new lease brings the rent to market after a decade: "They have been and continue to be a tenant in good standing," Benesini said. The Port and BLA recommended amending the resolution to make the lease retroactive to Feb. 1; Autodesk agreed to begin paying the revised rent as of that date if the board approves.
Chair Chan moved to amend the resolution per BLA’s recommendation and forward the item to the full board with a positive recommendation. The committee recorded 3 ayes and the motion passed.
What happens next: The full board will consider the retroactive lease approval and any fiscal adjustments to the Port’s revenue projections.
