Wells Fargo Center
LANDLORD PROPOSAL
705 Union Station
LANDLORD PROPOSAL
Columbia Center
LANDLORD COUNTER
City Centre
TENANT COUNTER
Street Address 999 3rd Avenue 705 5th Ave S 701 5th Ave 1420 5th Avenue
City, State Zip Seattle, WA 98104 Seattle, WA 98104 Seattle, WA 98104 Seattle, WA 98101
Property Level Report View report View report View report View report
Building Class Class AA Class A Class A Class A
Security Deposit $100,000 - $50,000 $100,000
Parking Ratio 1 per 1,000 5 per 1,000 4 per 1,000 2 per 1,000
TI Allowance $50.00 per RSF $35.00 per RSF $50.00 per RSF $50.00 per RSF
Lease Structure Full Service Full Service Modified Gross Full Service
Lease Term 61 months 84 months 84 months 96 months
Commencement Date 05/15/2013 04/29/2013 03/19/2013 06/13/2013
Expiration Date 06/12/2021
Concessions / Incentives 2 months free rent
Rentable Area 100,000 SF 100,000 SF 100,000 SF 105,000 SF
Useable Area 87,719 SF 90,090 SF 84,745 SF 91,304 SF
Load Factor 14% 11% 18% 15%
Avg. Base Rent / rsf 25.36 21.43 21.57 24.02
Avg. Base Rent / usf 28.91 23.79 25.45 27.62
NPV of Total Cost / year / rsf 24.5324.53 16.8416.84 22.7022.70 24.3824.38
NPV of Total Cost / year / usf 27.9627.96 18.6918.69 26.7826.78 28.0328.03
Effective Rent 19.95 17.52 23.09 26.61
Avg. Monthly Base Rent 211,301211,301 178,571178,571 179,762179,762 210,137210,137
Avg. Monthly Occupancy Cost 248,219 186,458 250,709 286,515
NPV of Total Cost Per Month 204,410 140,341 189,150 213,291
NPV of Total Cost Per Year 2,452,9242,452,924 1,684,0921,684,092 2,269,8002,269,800 2,559,4922,559,492
Avg. Annual Base Rent 2,535,6112,535,611 2,142,8572,142,857 2,157,1432,157,143 2,521,6412,521,641
Avg. Annual Occupancy Cost 2,978,632 2,237,496 3,008,504 3,438,177
NPV of Base Rent @ 8.0% 10,472,33310,472,333 11,184,27811,184,278 11,244,04711,244,047 14,721,63514,721,635
NPV of Total Cost @ 8.0% 12,469,03112,469,031 11,788,64411,788,644 15,888,60115,888,601 20,475,93420,475,934
Total Base Rent 12,889,35512,889,355 15,000,00015,000,000 15,100,00015,100,000 20,173,12520,173,125
Total Occupancy Cost 15,141,38115,141,381 15,662,46915,662,469 21,059,52621,059,526 27,505,41327,505,413
Total Deal Cost 15,341,381 15,812,469 21,209,526 27,905,413
Base Rent Schedule        
Year 1 18.75 10.00 10.00 21.08
Year 2 25.75 21.00 21.00 21.54
Year 3 26.52 22.00 22.00 22.00
Year 4 27.32 23.00 23.00 24.50
Year 5 28.14 24.00 24.00 25.00
Year 6 2.42 25.00 25.00 25.50
Year 7 - 25.00 26.00 26.00
Year 8 - - - 26.50
Avg. Base Rent 25.36 21.43 21.57 24.02
Total Annual Cost        
Expenses & Credits 300,000 150,000 200,000 500,000
Year 1 2,257,000 1,000,000 1,633,333 2,948,750
Year 2 2,977,000 2,130,000 2,851,000 3,045,700
Year 3 3,074,750 2,260,901 3,003,531 3,144,116
Year 4 3,175,331 2,392,728 3,157,637 3,458,414
Year 5 3,278,823 2,525,510 3,313,366 3,564,267
Year 6 378,476 2,659,276 3,470,768 3,671,721
Year 7 - 2,694,054 3,629,891 3,780,823
Year 8 - - - 3,891,623
Security Deposit Refund ($100,000) - ($50,000) ($100,000)
Total Deal Cost 15,341,381 15,812,469 21,209,526 27,905,413