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Supervisors advance amended 10‑year lease for Employees' Retirement System at 1145 Market Street
Summary
The Budget & Finance Committee advanced a revised 10‑year lease for the Employees' Retirement System at 1145 Market Street after real‑estate and budget staff described space and cost reductions that lower the lease's 10‑year cost and preserve a market base rate. The committee approved the amended resolution without opposition and asked the department to file final amendments with the clerk.
The San Francisco Budget & Finance Committee on Feb. 26 advanced an amended resolution authorizing a 10‑year lease at 1145 Market Street for the Employees' Retirement System, saying the revised terms reduce space and long‑term costs while retaining competitive market rates.
Mr. Updike, representing the Department of Real Estate, told the committee the revised lease trims the space footprint by 1,710 square feet and reduces the base lease price by about $66,000 a year — roughly $700,000 over the 10‑year term. He said tenant improvement allowances were reduced by approximately $145,000 and the interest rate on…
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