Entire 11th Floor · 4,850 RSF · landlord term sheet received September 14, 2026
Terms
The landlord's term sheet of September 14 for the eleventh floor, against the counter DLS sent on August 26 for the seventeenth. The landlord moved to $46.50 and $49.50 (the counter asked $46 and $49), to four months of abatement structured as two months free and four at half rent (the counter asked five free), to 2.25 percent fixed increases (from 2.75; the counter asked 2), and to no tax escalation in the first twelve months. The draft lease's rent schedule compounds the 2.25 percent on the $49.50 step as well, so year six lands at $54.97 per RSF and year ten at $60.09. Electric is sub-metered and excluded; the tax base and growth are estimates.
Year by Year
| Year | Landlord Term Sheet | DLS Counter (Aug 26) | Difference |
|---|---|---|---|
| Year 1 | $159,639 | $136,204 | −$23,435 |
| Year 2 | $243,212 | $236,851 | −$6,361 |
| Year 3 | $251,823 | $244,726 | −$7,098 |
| Year 4 | $260,654 | $252,791 | −$7,863 |
| Year 5 | $269,710 | $261,052 | −$8,658 |
| Year 6 | $295,259 | $285,577 | −$9,682 |
| Year 7 | $305,149 | $294,565 | −$10,584 |
| Year 8 | $315,291 | $303,771 | −$11,520 |
| Year 9 | $325,690 | $313,198 | −$12,491 |
| Year 10 | $336,354 | $322,855 | −$13,499 |
| Total | $2,762,781 | $2,651,589 | −$111,191 |
Aggregate Difference
| Landlord Term Sheet | DLS Counter (Aug 26) | Difference | |
|---|---|---|---|
| Aggregate obligation, all charges | $2,762,781 | $2,651,589 | −$111,191 |
| Base rent, net of free rent | $2,252,825 | $2,210,792 | −$42,033 |
| Fixed escalation charges | $254,902 | $222,732 | −$32,170 |
| Real estate tax escalations | $194,428 | $157,440 | −$36,988 |
| Value of free rent | $75,175 | $92,958 | +$17,783 |
| Average annual obligation | $276,278 | $265,159 | −$11,119 |
| Average effective cost per SF | $56.96 | $54.67 | −$2.29 |
| Net effective base rent per SF | $46.45 | $45.58 | −$0.87 |
The counter saves
$111,191
Over 10 years, against a $2,762,781 obligation under the landlord term sheet. That is 4 percent of the total.
Detail · Landlord Term Sheet
| Year | Rate $/SF | Base Rent | Escalation | Free Rent | RE Taxes | Ancillary | Total $/SF | Per Annum |
|---|---|---|---|---|---|---|---|---|
| Year 1 | $46.50 | $225,525 | — | ($75,175) | $3,227 | $6,063 | $32.92 | $159,639 |
| Year 2 | $46.50 | $225,525 | $5,074 | — | $6,550 | $6,063 | $50.15 | $243,212 |
| Year 3 | $46.50 | $225,525 | $10,263 | — | $9,973 | $6,063 | $51.92 | $251,823 |
| Year 4 | $46.50 | $225,525 | $15,568 | — | $13,498 | $6,063 | $53.74 | $260,654 |
| Year 5 | $46.50 | $225,525 | $20,993 | — | $17,130 | $6,063 | $55.61 | $269,710 |
| Year 6 | $49.50 | $240,075 | $28,251 | — | $20,870 | $6,063 | $60.88 | $295,259 |
| Year 7 | $49.50 | $240,075 | $34,289 | — | $24,723 | $6,063 | $62.92 | $305,149 |
| Year 8 | $49.50 | $240,075 | $40,462 | — | $28,691 | $6,063 | $65.01 | $315,291 |
| Year 9 | $49.50 | $240,075 | $46,774 | — | $32,778 | $6,063 | $67.15 | $325,690 |
| Year 10 | $49.50 | $240,075 | $53,228 | — | $36,988 | $6,063 | $69.35 | $336,354 |
| Total | $2,328,000 | $254,902 | ($75,175) | $194,428 | $60,625 | $56.96 | $2,762,781 |
Detail · DLS Counter (Aug 26)
| Year | Rate $/SF | Base Rent | Escalation | Free Rent | RE Taxes | Ancillary | Total $/SF | Per Annum |
|---|---|---|---|---|---|---|---|---|
| Year 1 | $46.00 | $223,100 | — | ($92,958) | — | $6,063 | $28.08 | $136,204 |
| Year 2 | $46.00 | $223,100 | $4,462 | — | $3,227 | $6,063 | $48.84 | $236,851 |
| Year 3 | $46.00 | $223,100 | $9,013 | — | $6,550 | $6,063 | $50.46 | $244,726 |
| Year 4 | $46.00 | $223,100 | $13,656 | — | $9,973 | $6,063 | $52.12 | $252,791 |
| Year 5 | $46.00 | $223,100 | $18,391 | — | $13,498 | $6,063 | $53.83 | $261,052 |
| Year 6 | $49.00 | $237,650 | $24,735 | — | $17,130 | $6,063 | $58.88 | $285,577 |
| Year 7 | $49.00 | $237,650 | $29,982 | — | $20,870 | $6,063 | $60.74 | $294,565 |
| Year 8 | $49.00 | $237,650 | $35,335 | — | $24,723 | $6,063 | $62.63 | $303,771 |
| Year 9 | $49.00 | $237,650 | $40,795 | — | $28,691 | $6,063 | $64.58 | $313,198 |
| Year 10 | $49.00 | $237,650 | $46,364 | — | $32,778 | $6,063 | $66.57 | $322,855 |
| Total | $2,303,750 | $222,732 | ($92,958) | $157,440 | $60,625 | $54.67 | $2,651,589 |
Every figure above is a projection from the stated assumptions, offered to weigh the two positions — not a quote of terms. Edits live in this browser view only; the stated terms return on reload.