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Resolution#230915Failed
In plain English

The resolution aimed to approve a new five-year lease for office space at 1155 Market Street for various City Departments, starting February 1, 2023, at an initial annual rent of approximately $6.7 million, with annual increases. However, the resolution failed and will not be enacted.

Resolution retroactively approving and authorizing the Director of Property to amend and restate the current lease with The Lighthouse Building LLC, as Landlord, for the City’s lease of approximately 103,487 square feet of rentable square feet comprised of floors one through eight at 1155 Market Street for use by approximately nine City Departments, to enter into an amended and restated office lease for a lease term of five years, commencing February 1, 2023, through January 31, 2028, with one five-year option to extend to January 31, 2033, at an initial annual rent of $6,685,260.20 (or $557,105.02 per month) with 3% annual increases thereafter for the remainder of the initial term; and authorizing the Director of Property to enter into any additions, amendments, or other modifications to the Restated Lease that do not materially increase the obligations or liabilities of the City to effectuate the purposes of this Resolution.

Introduced: Sep 5, 2023
Final action: Sep 5, 2023
Official record ↗

How it got here

Related / predecessor legislation
↑ predecessor#121048— not yet in database
Document trail
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BLA Rpt 092023
Budget and Legislative Analyst
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How they voted

RECOMMENDED "DO NOT PASS"
Budget and Finance Committee · Sep 20, 2023Pass
2-0

Legislative journey

Clerk of the BoardAug 28, 2023
·RECEIVED FROM DEPARTMENT
PresidentSep 5, 2023
RECEIVED AND ASSIGNED
Budget and Finance CommitteeSep 20, 2023
RECOMMENDED "DO NOT PASS"Pass
Board of SupervisorsSep 26, 2023
ADOPTEDFail