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505 Union Station
LANDLORD PROPOSAL
505 5th Ave S
Seattle, Washington 98104
US
Rentable Area
100,000 SF
Useable Area
90,091 SF
Load Factor
11%
Lease Term
72 months
Commencement Date
04/29/2013
Expiration Date
04/28/2019
TI Allowance
$35.00 per RSF
Landlord
705 Union Station, LLC
Building Class
Class A
Floor / Suite
Floors 3, 4, 8, 10
Parking ratio
5 per 1,000
Lease Structure
Full Service
Renewal options
Two (2) Five (5) Year Options
Expansion rights
24,000 SF w/24 months notice
Total Deal Cost
$14,768,415
NPV of Total Cost @ 8.0%
$11,469,156
Key Lease Metrics 1 2 3 4 5 6
Period Ending Average 04/2014 04/2015 04/2016 04/2017 04/2018 04/2019
Months in Period 12 12 12 12 12 12
Base Rent per RSF 23.58 11.50 24.00 25.00 26.00 27.00 28.00
Expenses per RSF 0.78 0.30 0.61 0.93 1.26 1.59
Total Cost per RSF 24.36 11.5011.50 24.3024.30 25.6125.61 26.9326.93 28.2628.26 29.5929.59
Average Monthly Cost 203,034 95,83395,833 202,500202,500 213,408213,408 224,394224,394 235,459235,459 246,606246,606
Per Annum Total 2,436,402 1,150,0001,150,000 2,430,0002,430,000 2,560,9012,560,901 2,692,7282,692,728 2,825,5102,825,510 2,959,2762,959,276
Cumulative Total   1,150,0001,150,000 3,580,0003,580,000 6,140,9016,140,901 8,833,6298,833,629 11,659,13911,659,139 14,618,41514,618,415
Annual Financial Detail 1 2 3 4 5 6
Period Ending Average 04/2014 04/2015 04/2016 04/2017 04/2018 04/2019
Base Rent 2,550,000 2,300,0002,300,000 2,400,0002,400,000 2,500,0002,500,000 2,600,0002,600,000 2,700,0002,700,000 2,800,0002,800,000
Rent Abatement (191,667) (1,150,000)(1,150,000)
Total Rent 2,358,333 1,150,0001,150,000 2,400,0002,400,000 2,500,0002,500,000 2,600,0002,600,000 2,700,0002,700,000 2,800,0002,800,000
               
Expenses              
Over Base Year Stop 78,068 30,00030,000 60,90060,900 92,72792,727 125,509125,509 159,274159,274
Total Expenses 78,069 30,00030,000 60,90160,901 92,72892,728 125,510125,510 159,276159,276
Expenses and Credits 0 1 2 3 4 5 6
Landlord Credits              
TI Allowance (3,500,000)            
Moving Allowance (100,000)
Tenant Cash Outlay              
Moving Expenses 250,000
Total Buildout Cost 3,500,000
Total Expenses & Credits 150,000150,000