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|Date First Discussed
||Author of this Record
||Move to Guerrero St.
||Proposal for NoiseBridge to Move to 668 Guerrero St. before 8/31/2019.
NoiseBridge has the opportunity to move to 668 Guerrero St. at the termination of our Lease at 2169 Mission St.
- 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. No upstairs/downstairs neighbors.
- Option to purchase (at $4.0mln) for the duration of the lease term (locked in purchase prices are a good deal).
- 2.5 blocks from current NoiseBridge location. No disruption in Mission community. Still easy access to BART.
- More accessible street (Guerrero is much less sketchy than Mission)
- Early move-in clause gives us effectively 2 months of free rent for 2019 (access starts from lease signing - lease starts 8/01/19)
- $10,000/mo for year 1. $1.0k rent step-ups per year (up to $13.0k). This is a really good rate ($1.33/sqft/mo) but a $3.5k increase from our current location.
- We need more expert guidance around the permitting and zoning of 668 Guerrero in order to make an informed decision.
- Our Perkins Coie advisor will come back at the 6/18/2019 meeting to share her findings.
UPDATE THIS CONSENSUS ITEM APPROPRIATELY.