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|Date First Discussed
||Author of this Record
||Sign Lease for 668 Guerrer St.
||Move NoiseBridge to 668 Guerrero St
Noisebridge signs lease for 668 Guerrero St.
- Video Tour
- 7,500 sqft (~50% increase from 5,200sqft at current)
- Ground floor entrance with garage door. ADA accessible. Concrete floors.
- Noisebridge would rent the entire building.
- Option to purchase (at $4.0mln + 1.3% step up/yr) for the duration of the lease term.
- 2.5 blocks from current NoiseBridge location. No disruption in Mission community. Still easy access to BART.
- Cleaner block and sidewalk
- Early move-in clause provides free rent from lease-signing date till lease-start date of 8//1/2019
- $10,000/mo for year 1.
- $1,000/mo rent step-ups per year (up to $13,000/mo in 4th year).
- $1.33/sqft/mo is a good below market rate, but a $3.500/m0 increase from our current location in first year
- Total cost for lease over 4 years: $552,000
- We need more expert guidance around the permitting and zoning of 668 Guerrero in order to make an informed decision.
- Current permitting issues put 2169 occupancy at risk for $92,000, though Perkins Coie is reviewing Pro-bono
- Without clear plan to avoid fees, 668 Guerrero may be at similar, though lower cost, risk
- Our Perkins Coie advisor will come back at the 6/18/2019 meeting to share her findings.
UPDATE THIS CONSENSUS ITEM APPROPRIATELY.