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Title:
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Resolution approving and authorizing the Director of Property, on behalf of multiple City Departments, to execute a lease agreement with Hudson 1455 Market, LLC, (“Hudson”) as landlord, for lease of the property at 1455 Market Street for office space, storage and parking for a term of 21 years, from May 1, 2024, through April 30, 2045, with two five-year options to extend and 12 months of rent credit with an annual base rent of $6,474,744.80 (year 2) for the lease of approximately 157,154 square feet, with 3% annual increases thereafter, and including the option to add additional leased space for three years and a three-year option to purchase the property subject to subsequent Board of Supervisors approval; authorizing the Director of Real Estate to the extent of available operating budget and to the extent not covered by the tenant improvement allowance to expend an amount not to exceed $100,000 for digital technology costs, tenant improvements and furniture, fixtures and equipment; affirming the Planning Department's determination under the California Environmental Quality Act; adopting the Planning Department's findings of consistency with the General Plan, and the eight priority policies of the Planning Code, Section 101.1; and authorizing the Director of Property to execute any amendments, options to extend the lease term, make certain modifications and take certain actions that do not materially increase the obligations or liabilities to the City, do not materially decrease the benefits to the City and are necessary or advisable to effectuate the purposes of the lease agreement or this Resolution.
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