Item No.:     6e_supp 
Meeting Date:   September 11, 2014 
FAA Headquarter Development 
Credit Lease Investments LLC
Option/Ground Lease

FAA Headquarters Procurement 
The General Services Administration (GSA) is seeking lease proposals for 300,000
square feet to house the FAA's regional headquarters over a 20-year term.
GSA is considering both existing buildings and new, build-to-suit facilities from
downtown Seattle to several South King County cities, including SeaTac, Des Moines, Renton
and Kent.
Occupancy must be completed by August 1, 2017. The project will house about 1,600
FAA employees. 
Selection is based on the overall value to the FAA, which will include both the proposed
rent and non-financial factors such as proximity to mass transit, a high level of site security,
and achieving a LEED Gold standard in the project's design. 
GSA has informed staff that the Port's proposed site is capable of meeting the project's
minimum requirements. The Port's 20-acre site is directly across 28th Avenue South from
Sound Transit's Angle Lake light rail station that is currently under construction and scheduled
for completion in 2016.

Site Map

Credit Lease Investments Projects 
Five Oaks Tower                 Millennium Tower II                Sysco Corporate Campus 



Project Location: Houston, TX 
Project Location: Houston, TX                                                               Date Completed: January 2016 (under construction) 
Date Completed: October 2015 (under construction)          Project Location: Houston, TX 
Square Feet: 600,000 
Date Completed: January 2008 
LEED: Gold                  Square Feet: 581,870 
LEED: Silver                     Square Feet: 1,210,000 Total 
LEED: Gold 
Two Briar Lake Plaza         Intelligence & Security Command (INSCOM) U.S Naval Facilities Engineering Command Atlantic (NAVFAC) 



Project Location: Houston, TX 
Date Completed: June 2014           Project Location: Fort Belvoir, VA 
Square Feet: 748,461                 Square Feet: 621,811             Project Location: Dal Molin Airfield Vicenza, Italy 
LEED: Silver                                                 Square Feet: 2,000,000

Option Agreement  Key Terms 
Optionee - Credit Lease Investments LLC 
Option exercised only if CLI and the site is
selected by GSA 
Term - One (1) year 
Option Fee  non-refundable $8,727.00

Ground Lease  Key Terms 
Term 
22 year initial term 
10, 5-year options to extend 
Plus 1, 3-year option 
Use 
Class A Office with approximately 300,000 SF 
Occupancy by August 1, 2017 
Approximately 1,600 FAA employees 
LEED - Gold

Ground Lease  Key Terms 
Rent During Construction (max. of 24 months) 
$0.081/sf/year or $70,000.00/year 
After Construction 
$0.81/sf/year NNN or $700,000.00/year 
Rent Adjustments 
Every 5 years by 5%/year compounded annually 
Periodic reappraisals of the land to FMV

Ground Lease  Key Terms 
Operating Expenses 
Absolute Net to Port 
Credit Lease Investments pays all utilities,
taxes, insurance and maintenance 
Economic Benefits 
NPV for the Initial Term - $8.9 million 
NPV including all options - $21.1 million 
Nominal rent for the entire term - $440 million