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DRAFT
June 17, 2015
Prepared For:
Palm Beach County
Tourist Development Council
1555 Palm Beach Lakes Blvd., Suite 900
West Palm Beach, FL 33401
Prepared By:
Andrew Deitz, Asset Manager
Re: 1555 Palm Beach Lakes Boulevard, Suites 800, 900 & 930, West Palm Beach, FL 33401
BUILDING:
Tower 1555
1555 Palm Beach Lakes Boulevard
West Palm Beach, Florida 33410
LANDLORD:
TENANT:
PREMISES:
LEASE TERM:
RENT COMMENCEMENT:
August 1, 2017
Commencement of improvements will take place upon the
signing of this new agreement.
*See paragraph below under Tenant Improvements
The Annual Gross Rent per rentable square foot for the Premises
shall be as follows:
$25.95/SF/NNN
Gross Rent shall remain at the same rate for the first 5 years, and
increase by 5% for the second 5 years which begins on August 1,
2022.
OPERATING EXPENSES:
RENEWAL OPTION:
Tenant shall have the right to renew this lease with two (2), five (5)
year options at a five percent (5%) increase at each five (5) year
term. Tenant must provide Landlord with written notice at least
one (1) year prior to the expiration of the lease agreement (which
expires on July 31, 2027) of their intent to renew.
TENANT IMPROVEMENTS:
Tower 1555 shall provide a custom buildout of the 8th floor with
Class A finishes based on a mutually agreed upon floor plan.
Turn-key is defined as the space being leased is ready to move
into where items are in place; specifically, all wiring, fixtures,
flooring, partitions, and decorative items (such as paint, carpet
and/or vinyl flooring where applicable, base, doors, and door
casings).
Tower 1555 will also provide 8th and 9th floor updates
(improvements are defined to include such things as paint or
wallpaper, new carpeting and/or vinyl flooring where
applicable in the suite).
Landlord separately agrees to renovate the 8th & 9th floor corridors
similar to the scope of work on the 7th floor of the building.
Page 3
Landlord will pay for the design & architecture cost from an
architect mutually agreed upon by both Tenant and Landlord.
All work will be completed to building standard.
Building standard is defined as a particular style and quality of
building materials, finishes, and accessories used in Tower
1555.
NOTE: All work listed above will be performed after all
parties have signed this new renewal agreement.
PARKING:
The parking ratio is 3.5 spaces per 1,000 square feet leased. Based
on Tenants proportionate share, Twenty (20) unreserved roof
parking is provided at $0.00 per space per month; Thirty four (34)
unreserved undercover parking is provided at $0.00 per space per
month; Eleven (11) reserved garage parking spots at $20.00 per
space per month. Any additional parking requests will be at the
normal rate which is:
Unreserved roof parking is provided at $20.00 per space per
month, $40.00 per space per month for non-reserved garage
parking and $60.00 per space per month for reserved garage
parking.
*The parking rate shall remain the same for the initial term.
BUILDING HOURS:
The Building Hours are from 8:00 a.m. until 6:00 p.m. Monday
Friday and from 8:00 a.m. until 1:00 p.m. Saturdays, normal
business holidays excluded. There is an afterhours HVAC charge
of $20.00 per hour.
BUILDING AMENITIES:
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BROKERAGE:
QUALIFYING CONDITIONS:
Sincerely,
Andrew Deitz
Deitz Realty
Name:
_______________________________
Title: ________________________________
Exhibit A
*Existing to be revised and reconfigured
*Existing
Suite 930
OCCUPIED
OCCUPIED
8th & 9th Floor
Suite 800, 900, & 930:
TOTAL: 19,700 RSF
Suite 800
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Suite 900