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Real estate committee approves revised 4th amendment for 3 Lockwood Drive lease
Summary
The Charleston City real estate committee approved a revised 4th amendment to the ground lease at 3 Lockwood Drive, shortening the first extension to three years at 3% escalation and scheduling three subsequent five-year options with rent reset to fair market value; Safe Harbor withdrew its proposed assignment, staff said.
The Charleston City Committee on Real Estate voted Dec. 16 to approve a revised fourth amendment to the ground lease for 3 Lockwood Drive, city staff said.
Miss Dinwiddie, a city real estate staff member, told the committee the amendment replaces a previously proposed set of four five-year extension options with an initial three-year extension at the current 3% annual escalation, followed by three five-year options in which rent would be recalculated to ground-lease fair market value. "What we've negotiated with Charleston Marine…
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