6e supp
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
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