Staff has received a request from Myers Investment Group, LLC (Myers), to lease approximately 1,137 square feet of third level office space at the Meacham Administration Building located at Fort Worth Meacham International Airport. Myers has agreed to execute a new 5-year Lease Agreement for Suite 320, consisting of approximately 1,137 square feet of third level office space at a rate of $18.00 per square foot. The Initial Term of this Lease shall commence on the date Lessee's tenant improvements are complete and a Certificate of Occupancy is issued from the City of Fort Worth. The Lease will include three five-year options to renew for a total of an additional 15 years, bringing the total Lease term to 20 years. Total revenue received from the Lease will be in the amount of $20,466.00 per year, payable in monthly payments of $1,705.50 per month. On October 1, 2019, and on October 1st of each year thereafter during both the initial term and any renewal term, Myers' rental rate will be adjusted to comply with the rates prescribed for the premises by the City's Schedule of Rates and Charges in effect at the respective time. Myers has agreed to perform, at its sole cost, the tenant finish-out of Suite 320. The tenant base finish-out cost is currently estimated at approximately $79,590.00. The lease rate during the first 24 months of the lease, in accordance with market standard, shall be structured to offset an amount equal to no greater than 50 percent of the tenant finish-out cost in a manner consistent with the Aviation Department's written policy. Fort Worth Meacham International Airport is located in COUNCIL DISTRICT 2. |
