City Hall
1 Dr. Carlton B. Goodlett
Place
San Francisco, CA 94102-
4689
City and County of San Francisco
Legislation Details
File #:
Version:
1
240312
Name:
Lease Agreement - Hudson 1455 Market, LLC -
1455 Market Street - $0 Base Rent Initial Year -
$6,474,744.80 Annual Base Rent Beginning Year 2
Status:
Type:
Resolution
Passed
File created:
In control:
3/26/2024
Clerk of the Board
On agenda:
Final action:
4/26/2024
Enactment date:
4/26/2024
192-24
Enactment #:
Title:
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.
Sponsors:
Aaron Peskin
Attachments:
1. Leg Ver1, 2. DRAFT Lease, 3. DRAFT Form of Purchase and Sale Agmt, 4. GPR Email 020824, 5.
RED Ltr 032524, 6. Form 126, 7. BLA Rpt 041724, 8. Cmte Pkt 041724, 9. Public Correspondence,
10. RED Presentation 041724, 11. Board Pkt 042324, 12. Leg Final, 13. Form 126 Final
Action By
Date
Action
Result
Ver.
RECEIVED AND ASSIGNED
President
3/26/2024
1
RECOMMENDED
Budget and Finance Committee
4/17/2024
1
Pass
ADOPTED
Board of Supervisors
4/23/2024
1
Pass
APPROVED
Mayor
4/26/2024
1