LeaseMatrix Headquarters

LeaseMatrix Headquarters

City Centre
TENANT COUNTER
1420 5th Avenue
Seattle, WA 98101
Rentable Area
105,000 SF 		Useable Area
91,305 SF 		Load Factor
15% 		Lease Term
84 months
Commencement Date
06/13/2013 		Expiration Date
06/12/2020 		TI Allowance
$50.00 per RSF 		Landlord
Bentall Kennedy
Building Class
Class A 		Floor / Suite
Floors 14-18 		Parking ratio
2 per 1,000 		Security Deposit
$100,000
Lease Structure
Full Service 		Renewal options
Two (2) Five (5) Year Options 		Expansion rights
ROFO on Suite 1130 		Total Deal Cost
$23,913,790
NPV of Total Cost @ 8.0%
$18,323,793
Key Lease Metrics 1 2 3 4 5 6 7
Period Ending Average 06/2014 06/2015 06/2016 06/2017 06/2018 06/2019 06/2020
Months in Period 12 12 12 12 12 12 12
Base Rent per RSF 23.66 21.08 21.54 22.00 24.50 25.00 25.50 26.00
Expenses per RSF 8.47 7.00 7.47 7.94 8.44 8.95 9.47 10.01
Total Cost per RSF 31.99 28.0828.08 29.0129.01 29.9429.94 32.9432.94 33.9533.95 34.9734.97 35.0635.06
Average Monthly Cost 279,926 245,729 245,729 253,808 253,808 262,010 262,010 288,201 288,201 297,022 297,022 305,977 305,977 306,735 306,735
Per Annum Total 3,359,113 2,948,750 2,948,750 3,045,700 3,045,700 3,144,116 3,144,116 3,458,414 3,458,414 3,564,267 3,564,267 3,671,721 3,671,721 3,680,823 3,680,823
Cumulative Total   2,948,750 2,948,750 5,994,450 5,994,450 9,138,566 9,138,566 12,596,980 12,596,980 16,161,247 16,161,247 19,832,968 19,832,968 23,513,790 23,513,790
Annual Financial Detail 1 2 3 4 5 6 7
Period Ending Average 06/2014 06/2015 06/2016 06/2017 06/2018 06/2019 06/2020
Base Rent 2,572,500 2,415,0002,415,000 2,467,5002,467,500 2,520,0002,520,000 2,572,5002,572,500 2,625,0002,625,000 2,677,5002,677,500 2,730,0002,730,000
Rent Abatement (88,125) (201,250)(201,250) (205,625)(205,625) (210,000)(210,000)
Total Rent 2,484,375 2,213,7502,213,750 2,261,8752,261,875 2,310,0002,310,000 2,572,5002,572,500 2,625,0002,625,000 2,677,5002,677,500 2,730,0002,730,000
                 
Expenses                
Over Base Year Stop 124,212 39,37539,375 79,93179,931 121,704121,704 164,730164,730 209,047209,047 254,694254,694
Electric 344,811 315,000315,000 324,450324,450 334,184334,184 344,209344,209 354,535354,535 365,171365,171 376,126376,126
Parking 420,000 420,000420,000 420,000420,000 420,000420,000 420,000420,000 420,000420,000 420,000420,000 420,000420,000
Total Expenses 889,024 735,000735,000 783,825783,825 834,116834,116 885,914885,914 939,267939,267 994,221994,221 1,050,8231,050,823
Expenses and Credits 0 1 2 3 4 5 6 7
Landlord Credits                
TI Allowance (5,250,000)              
Moving Allowance (100,000)
Tenant Cash Outlay                
Security Deposit 100,000             (100,000)
Moving Expenses 250,000
Total Buildout Cost 5,500,000
Total Expenses & Credits 500,000 500,000 (100,000) (100,000)