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Legislation Details
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File #:
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260517
Version:
1
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Name:
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Lease Amendment - Hudson 1455 Market Street, LLC - 1455 Market Street - $14,487,462 Base Rent Second Year, Not to Exceed $10,760,600 Available Operating Budget
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Type:
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Resolution
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Status:
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Scheduled for Committee Hearing
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Enactment date:
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Enactment #:
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Title:
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Resolution approving and authorizing the Director of Real Estate, on behalf of the following City Departments: San Francisco Municipal Transportation Agency, Police Accountability, Human Resources, Office of the City Administrator, Mayor’s Office of Housing and Community Development, Office of Community Investment and Infrastructure, Office of Economic and Workforce Development, Technology, Public Works, Civil Service Commission, Human Rights Commission, and City Attorney, to execute a Second Amendment to the lease agreement with Hudson 1455 Market Street, LLC, as Landlord, to expand the premises to include an additional 502,082 rentable square feet of office space at 1455 Market Street, for an initial term of 21 years, and terminating on April 30, 2049, with two five-year options to extend the lease term with an annual base rent of $14,487,462 (year two), and resetting the rent to $40.00 per square foot beginning January 1, 2027, with 1% annual increases until year four and then 3% annually thereafter; to expend an amount not to exceed $10,760,600 for digital technology costs, tenant improvements and furniture, fixtures and equipment to the extent of available operating budget and to the extent not covered by the tenant improvement allowance; 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 Real Estate 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 Second Amendment or this Resolution.
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