HomeMy WebLinkAboutMemorandum of Lease Construction
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MEMORANDOM OF LEASE
CONSTRUCTION
Tenant Name:
City of Miami Beach
Principal Contract:
Landlord:
Landlord Contact:
Building Address:
Premises/Size:
Premises Condition:
Tenant Work:
Space Size:
Lease Term:
Commencement:
Use/Concept:
Tim Hemstreet - City Manager's office
Ana Cecilia Velasco - Asset Manager
Palm Court at 23rd Street, Ltd.
Palm Court Inc. (general partner)
Ron Bloomberg
309 23rd Street, Miami Beach, FL
2nd Floor: Suite#200
1st Floor: Suite#150 (aka 317 23rd Street)
Suite 200 consists of fully built-out office suite complete with 5 large private
offices, a reception area, two storage/HV AC areas, a private bathroom,
kitchen/file area, telecommunications/electrical room areas, open floor plan areas
with painted drywall subdivisions, etc. The spaced cooled by 5 separate HV AC
units having in excess of 22 tons of air handling capacity. There are over 600
AMPS of electrical service in four separate electrical panels and the entire space
is completely pre-wired for with CAT 5E hi-speed telecom wiring with over 100
quadraplex telecom ports throughout the entire premises. The space is
considered to be in excellent conditions.
Suite 150 requires a complete build-out the costs of which will be addressed
below.
Tenant shall NOT be permitted to alter any portion of either premises without the
landlord's express written consent, not to be unreasonably withheld.
2nd Floor: Suite#200
1 st Floor: Suite#150 (aka 317 23rd Street)
Total:
5,700 rentable square feet
1.200 rentable square feet
6,900 rentable square feet
The measurement of space includes a blended common area factor ratio of
approximately 18%.
2 years
Second floor area: July 1, 2006
First Floor area: September 1, 2006 (projected)
Second floor - General Business Offices for City of Miami Beach parking
department.
First floor - parking department meter lock-up and storage area.
Renewal Options:
Landlord is flexible to month-to-month extensions.
Rent:
All rent quoted is gross;
First and Second Floors:Year 1: $31.00 psf $17,825 per month
Year 2: $31.00 psf $17,825 per month
Operating Expenses: Tenant shall be responsible for its direct proportionate share of increased
building operating expenses, if any, for the second lease year.
Build-out Cost: It is anticipated that the gross costs to conduct a "plain vanilla" build-out of the
first floor will run approximately $50,000. The projected cost break down is
contained in Exhibit "B" attached hereto. It is expected that upon lease
execution, the Tenant shall deposit into escrow the entire $50,000 amount. The
Landlord shall build the premises with its own funds and upon completion and
delivery to tenant, will seek a release of the funds being held in escrow as a
reimbursement. Prior to Landlord's commencing any build out of space,
landlord shall secure no less than two written bids from certified contractors. If
after subtracting all "soft costs" from the overall budget, the bids are in excess of
the remaining balance of said $50,000, Tenant shall be required to fund into
escrow that amount required to complete the construction costs. Any savings in
costs to complete the job will be passed on to Tenant.
Security Deposit: Two months the gross Rent or $35,650.00.
Guaranty: All rent due during the term of the lease, and the maintenance of the premises by
Tenant shall be guaranteed by the City of Miami Beach;
Utilities: Electric: Florida Power and Light: Each space shall be separately
metered. Accordingly, Tenant shall have all FPL accounts transferred into the
name of Tenant and Tenant shall be responsible for its own electrical
consumption.
Water and Sewer: City of Miami Beach: Water and sewer service is
included on the second floor space. However, the first floor will require its own
direct connection foe domestic water and accordingly, a separate water and sewer
account will need to be established for this first floor space. It is expected the
Tenant will be responsible for the costs associated with water and sewer for the
first floor.
Cleaning/Trash:
Basic office cleaning and trash removal will be provided five days per week for
the second floor space. Due to the security issues surrounding the first floor
space and the fact that the Landlord's cleaning company shall not have keys nor
access to the first floor premises, it is expected that Tenant shall be responsible
for the clean-up and trash removal for this space,
Hours of Operation:
Hours of operation are to be determined by tenant. In general, the building hours
of operation shall be M-F 7:00 AM to 7:00 PM and SAT and SUN 8:00 AM to
6:00 PM.
Assignment:
Tenant shall NOT have the right to sublet or assign its space.
Broker:
There are no brokers involved with this transaction other than Landlord's agent
Centaur Realty Organization, Inc. Landlord is responsible for all brokers
commISSIOns.
Binding Effect:
This letter of intent shall be deemed non-binding upon the parties effectuating it.
This document is strictly designed as a precursor to a comprehensive lease
agreement intended to be executed between the parties.
Time of Essence:
Timing is deemed of the essence in connection with signing this letter of intent.
The conditioned set forth herein are agreed to and accepted this _ day of June 2006.
LANDLORD
Palm Court at 23rd Street, Ltd.
Palm Court, Inc.
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TENANT:
City of Miami Beach
By: