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Committee forwards five-year lease extension for Sheriff’s Department at 1740 Folsom
Summary
The Budget and Finance Committee voted to forward a resolution authorizing a five-year extension of the Sheriff’s Department lease at 1740 Folsom Street. Staff said the new starting rate is $25.18 per square foot with $1 per-square-foot annual escalators; the budget analyst estimated a first-year rent increase of $41,119 (9.5%).
The Budget and Finance Committee voted to send forward a resolution authorizing a five-year option to extend the Sheriff’s Department lease at 1740 Folsom Street.
John Updike, Acting Director of Real Estate, told the committee the current 10-year lease expires on June 30, 2012 and the negotiated new starting rate under the option would be $25.18 per square foot, with $1 per-square-foot annual escalators for the remainder of the term. "The current…
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