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Committee forwards retroactive sublease extension of 1235 Mission Street with SFUSD
Summary
The committee approved sending forward a resolution confirming a second five‑year sublease extension of 1235 Mission Street (used by Human Services Agency programs) with a retroactive fair‑market rental determination based on 2008 comparables and budgeted back rent of about $1.1 million to be paid by HSA.
The committee considered a resolution establishing rent and terms for a second extension and confirmation of a sublease with the San Francisco Unified School District for property at 1235 Mission Street, which houses Human Services Agency programs.
John Updike, Acting Director of Real Estate, recounted the property’s history, said the premises comprise about 118,000 square feet, and explained the proposed retroactive renewal uses a fair‑market rent as of July 1, 2008 of $19 per square foot based on comparables. Updike said the accrued difference since July 1, 2008 was about $1.1 million and has been budgeted by HSA.
Joe Grazioli, SFUSD Chief Financial Officer, said SFUSD appreciated the work that led to a conclusion and thanked staff. The Budget Analyst's report supported the resolution and noted the proposed $18.05 per square foot represents 95 percent of fair market value in a February appraisal.
The committee opened for public comment (none) and sent item 5 forward with recommendation without objection.
