FWP 1 n2921_x2-fwp.htm FREE WRITING PROSPECTUS
    FREE WRITING PROSPECTUS
    FILED PURSUANT TO RULE 433
    REGISTRATION FILE NO.: 333-255934-01
     

 

FREE WRITING PROSPECTUS, DATED JANUARY 19, 2022

 

The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (“SEC”) (SEC File No. 333-255934) for the offering to which this free writing prospectus relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor, BMO Capital Markets Corp., KeyBanc Capital Markets Inc., Deutsche Bank Securities Inc. or any other underwriter or dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-864-7760.

 

The information in this file (the “File”) does not contain all information that is required to be included in the prospectus. This File should be reviewed only in conjunction with the entire prospectus. Prospective investors are advised to read carefully, and should rely on, the prospectus relating to the certificates referred to herein in making their investment decision. Methodologies used in deriving certain information contained in this File are more fully described elsewhere in the prospectus. The information in this File should not be viewed as projections, forecasts, predictions or opinions with respect to value.

 

The information in this File is preliminary and may be amended and/or supplemented prior to the time of sale. The information in this File supersedes any contrary information contained in any prior File relating to the certificates and will be superseded by any contrary information contained in any subsequent File prior to the time of sale.

 

The securities related to this File are being offered when, as and if issued.  This free writing prospectus is not an offer to sell or a solicitation of an offer to buy such securities in any state or other jurisdiction where such offer, solicitation or sale is not permitted. Such securities do not represent an interest in or obligation of the depositor, the sponsors, the originators, the master servicer, the special servicers, the trustee, the certificate administrator, the operating advisor, the asset representations reviewer, the controlling class representative, the risk retention consultation parties, the companion loan holders (or their representatives), the underwriters or any of their respective affiliates.  Neither such securities nor the underlying mortgage loans are insured or guaranteed by any governmental agency or instrumentality or private insurer.

 

Any legends, disclaimers or other notices that may appear at the bottom of the email communication to which this free writing prospectus is attached relating to (1) these materials not constituting an offer (or a solicitation of an offer), (2) no representation being made that these materials are accurate or complete and that these materials may not be updated or (3) these materials possibly being confidential, are, in each case, not applicable to these materials and should be disregarded. Such legends, disclaimers or other notices have been automatically generated as a result of these materials having been sent via Bloomberg or another system.

 

 

 

 

DRAFT 1/19/2022

360 Rosemary – Due Diligence Questions

 

A. Due Diligence Questions

 

(i)Insurance:

 

The policy provides Wind/Named Storm coverage at the full limit of $164,223,063, which applies per occurrence and reinstates after every loss. The deductible for Wind/Named Storm is 5% of the total insurable value of the property. Property is not located in a flood zone.

 

(ii)Sponsor’s Cost Basis:

 

 Date of land acquisition: January 2008 and June 2019
 Acquisition price: $11,298,150
 Cost of Land & Buildings: $167,701,850
 Total Project Cost: $179,000,000
 Cost Basis provided does not include closing costs from our transaction

 

(iii)Tenants in Occupancy:

 

 Point 72
 Highbrook
 HBK
 Diameter Capital
 Lewis Longman
 Tremblant
 Nelson Mullins
 Norwest
 All other tenants are on track to occupy their spaces as scheduled.

 

(iv)Recourse Cap on Guaranty:

 

There is no monetary cap on recourse carveouts.

 

(v)LEED Status:

 

Sponsor is finalizing the documentation and last steps needed for final LEED submission. This is anticipated to be completed by the end of this week. Once completed, Sponsor can submit all final paperwork to the USGBC (US Green Building Council). The USGBC has 30 calendar days to review/provide comments. Sponsor then has a maximum of 20 calendar days to reply, after which USGBC gets another 30 calendar days for review. Related believes May 1, 2022 is a realistic outside date to receive LEED Gold certification, based on its current checklist / anticipated points.

 

(vi)Tenants not in Occupancy:

 

All tenants underwritten are required to pay rent per their rent commencement dates in their respective leases. All outstanding obligations for tenants including any free rent / gap rent, recoveries, and TI/LC will be reserved at closing with gap rent calculated from closing through lease commencement dates which have not yet commenced and free rent calculated based on contractual free rent remaining in the initial three years of the Loan term. The underwritten base rent for all tenants is based on actual rents per tenant leases.

 

 

 

 

DRAFT 1/19/2022

 

B. Model Extracts – Tenant Information

 

1.Rent Roll,
2.Free Rent Schedule
3.TI/LC Schedule
4.Termination option schedule with Termination fees
5.Tenant Investment Schedule

 

 

 

  

DRAFT 1/19/2022

1.Rent Roll

 

360 Rosemary                      
Rent Roll as of 1/17/2022                      
    Leased Lease  Lease Annual Base Rent  Rent Escalation        
Suite # Tenant Name RSF Commences Expires Base Rent Psf/Yr. Date PSF/Yr.   Comments/Options Status Notes
                         
01A Cafe (Felice) 2,958 10/1/22 9/30/32 $118,320 $40.00     - Rent is 8% of sales, but assumed at $40 PSF in Year 1, then $60 PSF rent Leased Space has been turned over to tenant; they have not commenced work and they are not open for business
              10/1/23 $60.00   with 3% annual growth.  
              10/1/24 $61.80      
              10/1/25 $63.65      
              10/1/26 $65.56      
              10/1/27 $67.53      
              10/1/28 $69.56      
              10/1/29 $71.64      
              10/1/30 $73.79        
              10/1/31 $76.01        
              Option 1        
              10/1/32 $76.01        
              10/1/33 $78.29        
              10/1/34 $80.63        
              10/1/35 $83.05        
              10/1/36 $85.55        
                         
01B Regions Bank 2,578 12/1/21 7/31/32 $141,790 $55.00     - Please see suite 14B for full details  Leased Space has been turned over to tenant and they have commenced work; they are not in occupancy for business
              12/1/22 $56.65      
              12/1/23 $58.35      
              12/1/24 $60.10      
              12/1/25 $61.90      
              12/1/26 $63.76      
              12/1/27 $65.67      
              12/1/28 $67.64      
              12/1/29 $69.67      
              12/1/30 $71.76      
              12/1/31 $73.92      
              Option 1        
              9/1/32 $73.92        
              9/1/33 $76.14        
              9/1/34 $78.42        
              9/1/35 $80.77        
              9/1/36 $83.20        
              Option 2        
              9/1/37 $99.34        
              9/1/38 $102.32        
              9/1/39 $105.39        
              9/1/40 $108.55        
              9/1/41 $111.81        
                         
01D Harry's / Adrienne's 10,318 8/16/22 8/31/37 $567,490 $55.00         Leased Space turned over to tenant; they have not commenced work and are not currently open for business
              9/1/23 $55.00      
              9/1/24 $56.38      
              9/1/25 $57.78      
              9/1/26 $59.23      
              9/1/27 $60.71      
              9/1/28 $62.23      
              9/1/29 $63.78      
              9/1/30 $65.38      
              9/1/31 $67.01        
              9/1/32 $68.69        
              9/1/33 $70.40        
              9/1/34 $72.16        
              9/1/35 $73.97        
              9/1/36 $75.82        
                         
01E Mount Sinai 5,850 11/1/22 4/30/33 $292,500 $50.00         Lease Negotiation Lease in process at final stages
              11/1/25 $60.00      
              11/1/28 $72.00      
                         
02A ShubinBass 3,702 12/1/22 11/30/32 $268,392 $72.50         Leased Space has not been turned over to tenant; they have not commenced work and they are not open for business; Landlord to deliver turn-key space to tenant
              12/1/23 $74.31      
              12/1/24 $76.17      
              12/1/25 $78.07      
              12/1/26 $80.03      
              12/1/27 $82.03      
              12/1/28 $84.08        
              12/1/29 $86.18        
              12/1/30 $88.33        
              12/1/31 $90.54        
                         
02B Susquehana 7,016 3/27/22 7/31/27 $385,880 $55.00     - Free Rent: Months 1-4 Leased Space has been turned over to tenant and they have commenced work; they are not in occupancy for business
              4/1/23 $56.65 - Termination: Tenant shall have the right to terminate this Lease In the  
              4/1/24 $58.35   event Landlord or its affiliate and Tenant consummate a future lease  
              4/1/25 $60.10   for Tenant to relocate from the Building to office space consisting of  
              4/1/26 $61.90   not less than 10,000 RSF, on such agreed upon terms. Termination to  
              4/1/27 $63.76   occur no sooner than the commencement date of the relocation    
                    building lease    
                         

 

 

 

 

DRAFT 1/19/2022

04A New Day 3,749 9/26/22 12/31/32 $224,940 $60.00         Leased Space has been turned over to tenant; they have not commenced work and they are not open for business
              10/1/23 $61.50 - Please see suite 19A for full details  
              10/1/24 $63.04      
              10/1/25 $64.61      
              10/1/26 $66.23      
              10/1/27 $67.88      
              10/1/28 $69.58      
              10/1/29 $71.32      
              10/1/30 $73.10        
              10/1/31 $74.93        
              10/1/32 $76.81        
                         
04B North Am Dev Group 7,069 3/1/22 12/31/32 $353,450 $50.00     - Free Rent: Months 1-10 Leased Space has been turned over to tenant and they have commenced work; they are not in occupancy for business
              3/1/23 $51.00 - Termination: One-time right to cancel this Lease effective as of the last  
              3/1/24 $52.02   day of the 84th full calendar month of the Lease Term following the  
              3/1/25 $53.06   Commencement Date  
              3/1/26 $54.12      
              3/1/27 $55.20      
              3/1/28 $56.31      
              3/1/29 $57.43      
              3/1/30 $58.58      
              3/1/31 $59.75        
              3/1/32 $60.95        
                         
08A Related Southeast 17,707 8/1/22 7/31/32 $841,080 $47.50         Leased Space has not yet been turned over to tenant; Landlord work is in process and tenant work has not yet commenced in the space
              8/1/23 $48.69      
              8/1/24 $49.90      
              8/1/25 $51.15      
              8/1/26 $52.43      
              8/1/27 $53.74      
              8/1/28 $55.09      
              8/1/29 $56.46      
              8/1/30 $57.87        
              8/1/31 $59.32        
                         
10 Amenity 5,619 1/1/23 12/1/72                
                         
10A Point 72 4,280 9/1/21 12/31/26 $203,300 $47.50     - Free Rent / Recoveries: Months 1-4 Leased Tenant is in the space and open for business
              9/1/22 $48.69 - Termination Option: One-time right to cancel this Lease effective as of  
              9/1/23 $49.90   the day preceding the third anniversary date of the Commencement  
              9/1/24 $51.15   Date  
              9/1/25 $52.43 - ROFO: Landlord shall by notice to Tenant offer to lease the ROFO  
              9/1/26 $53.74   Space on the same floor to Tenant  
              Option 1      
              1/1/27 $53.74      
              1/1/28 $55.09      
              1/1/29 $56.46      
              1/1/30 $57.87      
              1/1/31 $59.32      
              Option 2        
              1/1/32 $60.80        
              1/1/33 $62.32        
              1/1/34 $63.88        
              1/1/35 $65.48        
              1/1/36 $67.12        
                         
10B Highbrook 3,549 10/18/21 4/30/27 $159,705 $45.00     - Free Rent: Months 1-6 Leased Tenant is in the space and open for business
              11/1/22 $46.24      
              11/1/23 $47.51      
              11/1/24 $48.82      
              11/1/25 $50.16      
              11/1/26 $51.54        
                         
10C Point 72 Expansion 2,410 5/1/22 12/31/26 $114,475 $47.50         Leased Space has not been turned over to tenant; they have not commenced work and they are not open for business; Landlord to deliver turn-key space to tenant
              5/1/23 $48.69      
              5/1/24 $49.90      
              5/1/25 $51.15      
              5/1/26 $52.43      
              Option 1      
              1/1/27 $53.74        
              1/1/28 $55.09        
              1/1/29 $56.46        
              1/1/30 $57.87        
              1/1/31 $59.32        
              Option 2        
              1/1/32 $60.80        
              1/1/33 $62.32        
              1/1/34 $63.88        
              1/1/35 $65.48        
              1/1/36 $67.12        
                         

 

 

 

 

DRAFT 1/19/2022

10D Hill Barth + King (HBK) 5,366 6/21/21 3/31/32 $225,372 $42.00     - Free Rent: Months 1-9 Leased Tenant is in the space and open for business
              7/1/22 $43.05 - Termination: One-time right to cancel this Lease effective on the last  
              7/1/23 $44.13   day of the 84th full calendar month of the Lease Term. Must give  
              7/1/24 $45.23   notice on or prior to the last day of the 75th full calendar month of the  
              7/1/25 $46.36   Lease Term  
              7/1/26 $47.52 - ROFO / ROFR: Landlord shall by notice to Tenant offer to lease the  
              7/1/27 $48.71   ROFO Space, which is contiguous to the original Premises and located  
              7/1/28 $49.92   on the same floor as the original Premises on the same floor to the  
              7/1/29 $51.17   Tenant  
              7/1/30 $52.45      
              7/1/31 $53.76        
              Option 1        
              4/1/32 $53.76        
              4/1/33 $55.10        
              4/1/34 $56.48        
              4/1/35 $57.89        
              4/1/36 $59.34        
              Option 2        
              4/1/37 $68.82        
              4/1/38 $70.54        
              4/1/39 $72.30        
              4/1/40 $74.11        
              4/1/41 $75.96        
                         
10E HBK Expansion 1,458 5/1/22 3/31/32 $61,236 $42.00         Leased Space has not been turned over to tenant; they have not commenced work and they are not open for business; Landlord to deliver turn-key space to tenant
              7/1/22 $43.05      
              7/1/23 $44.13      
              7/1/24 $45.23      
              7/1/25 $46.36      
              7/1/26 $47.52      
              7/1/27 $48.71      
              7/1/28 $49.92      
              7/1/29 $51.17        
              7/1/30 $52.45        
              7/1/31 $53.76        
                         
10F Diameter Capital 1,485 9/27/21 9/30/26 $70,538 $47.50     - Termination: One-time right to cancel this Lease effective as of the day Leased Tenant is in the space and open for business
              10/1/22 $48.93   preceding the third anniversary date of the Commencement Date  
              10/1/23 $50.40      
              10/1/24 $51.91      
              10/1/25 $53.47      
                         
11A Lewis Longman 12,366 8/1/21 1/31/32 $494,640 $40.00     - Free Rent: Month 1-8, 85-87, 1/2 of Year 9  Leased Tenant is in the space and open for business
              8/1/22 $41.10 - Termination: one-time right to cancel for all or a portion of the  
              8/1/23 $42.23   Premises effective as of the day preceding the 7th anniversary date of  
              8/1/24 $43.39   the Commencement Date  
              8/1/25 $44.58 - ROFR: Landlord shall give tenant written notice of the offer to lease  
              8/1/26 $45.81   the specified space, which is contiguous to the original Premises as of  
              8/1/27 $47.07   the Date of this Lease and located on the same floor as the original  
              8/1/28 $48.37   Premises, in the first 5 years of the lease  
              8/1/29 $49.70      
              8/1/30 $51.06      
              8/1/31 $52.47      
              Option 1        
              1/1/32 $52.46        
              1/1/33 $53.90        
              1/1/34 $55.38        
              1/1/35 $56.91        
              1/1/36 $58.47        
              Option 2        
              1/1/37 $68.82        
              1/1/38 $70.71        
              1/1/39 $72.66        
              1/1/40 $74.66        
              1/1/41 $76.71        
                         
11B Goldman Sachs 13,095 4/1/22 9/30/32 $654,750 $50.00     - See suite 12A for full details Leased Space has been turned over to tenant and they have commenced work; they are not in occupancy for business
              4/1/23 $51.25      
              4/1/24 $52.53      
              4/1/25 $53.84      
              4/1/26 $55.19      
              4/1/27 $56.57      
              4/1/28 $57.98      
              4/1/29 $59.43        
              4/1/30 $60.92        
              4/1/31 $62.44        
              4/1/32 $64.00        
                         
12A Goldman Sachs 26,662 4/1/22 9/30/32 $1,333,100 $50.00     - Free Rent / Recoveries: Months 1-6 Leased Space has been turned over to tenant and they have commenced work; they are not in occupancy for business
              4/1/23 $51.25 - Termination: One-time right to cancel this Lease with respect to all or  
              4/1/24 $52.53   any portion of the Premises effective as of the day preceding the fifth  
              4/1/25 $53.84   anniversary date of the Rent Commencement Date  
              4/1/26 $55.19 - ROFO: Landlord shall by notice to Tenant offer to lease the ROFO  
              4/1/27 $56.57   Space, which is any space in the building, to the Tenant  
              4/1/28 $57.98      
              4/1/29 $59.43      
              4/1/30 $60.92      
              4/1/31 $62.44        
              4/1/32 $64.00        

 

 

 

 

DRAFT 1/19/2022

                         
14A1 Tremblant 4,305 11/1/21 10/31/31 $236,775 $55.00     - Free Rent: Months 1-6 Leased Tenant is in the space and open for business
              11/1/22 $56.65 - Termination: One time right to cancel this Lease effective as of the day  
              11/1/23 $58.35   preceding the 72nd month anniversary of the Commencement Date  
              11/1/24 $60.10 - ROFO / ROFR: Landlord shall give tenant written notice of the offer to  
              11/1/25 $61.90   lease the specified space, which is contiguous to the original Premises  
              11/1/26 $63.76   as of the Date of this Lease and located on the same floor as the  
              11/1/27 $65.67   Premises  
              11/1/28 $67.64      
              11/1/29 $69.67      
              11/1/30 $71.76        
                         
14A2 Maverick Capital 3,920 12/1/21 6/30/32 $207,760 $53.00     - Free Rent: Months 1-7 Leased Space has been turned over to tenant and they have commenced work; they are not in occupancy for business
              12/1/22 $54.59 - Termination: One-time right to cancel this Lease effective as of the day  
              12/1/23 $56.23   preceding the seventh anniversary date of the Commencement Date  
              12/1/24 $57.91      
              12/1/25 $59.65      
              12/1/26 $61.44      
              12/1/27 $63.28      
              12/1/28 $65.18        
              12/1/29 $67.14        
              12/1/30 $69.15        
              12/1/31 $71.23        
                         
14B Regions Bank 5,104 12/1/21 7/31/32 $229,680 $45.00     - Free Rent: Months 1-8 Leased Space has been turned over to tenant and they have commenced work; they are not in occupancy for business
              12/1/22 $46.35 - ROFO: Landlord shall by notice to Tenant offer to lease the ROFO  
              12/1/23 $47.74   Space on the same floor to the Tenant  
              12/1/24 $49.17      
              12/1/25 $50.65      
              12/1/26 $52.17      
              12/1/27 $53.73      
              12/1/28 $55.34      
              12/1/29 $57.00      
              12/1/30 $58.71        
              12/1/31 $60.48        
              Option 1        
              9/1/32 $60.48        
              9/1/33 $62.29        
              9/1/34 $64.16        
              9/1/35 $66.09        
              9/1/36 $68.07        
              Option 2        
              9/1/37 $81.28        
              9/1/38 $83.72        
              9/1/39 $86.23        
              9/1/40 $88.82        
              9/1/41 $91.48        
                         
14C River North 4,058 1/1/22 12/31/31 $223,190 $55.00     - Free Rent: Credit in the amount of $125,000.00, applied to the Leased Landlord delivering turn-key space to tenant and work has commenced; they are not in occupancy for business
              1/1/23 $56.38   installments of Base Rent beginning on the Commencement Date and  
              1/1/24 $57.78   until Tenant has received the full value of the rent credit  
              1/1/25 $59.23 - Termination: One-time right to cancel this Lease effective as of the last  
              1/1/26 $60.71   day of the 84th full calendar month of the Lease Term following the  
              1/1/27 $62.23   Commencement Date  
              1/1/28 $63.78        
              1/1/29 $65.38        
              1/1/30 $67.01        
              1/1/31 $68.69        
                         

 

 

 

 

DRAFT 1/19/2022

14D Nelson Mullins 7,716 6/21/21 12/31/26 $308,640 $40.00     - Free Rent / Recoveries: July 1, 2021 through December 31, 2021 Leased Tenant is in the space and open for business
              7/1/22 $41.20 - ROFR: Tenant shall have a right of first refusal to lease the ROFR  
              7/1/23 $42.44   Space, which is suites 1420 & 1430  
              7/1/24 $43.71      
              7/1/25 $45.02      
              7/1/26 $46.37        
              Option 1        
              1/1/27 $46.37        
              1/1/28 $47.76        
              1/1/29 $49.19        
              1/1/30 $50.67        
              1/1/31 $52.19        
              Option 2        
              1/1/32 $53.76        
              1/1/33 $55.37        
              1/1/34 $57.03        
              1/1/35 $58.74        
              1/1/36 $60.50        
                         
15A Norwest 14,862 8/12/21 4/30/32 $624,204 $42.00     - Termination Right: One time right to terminate all or a portion of the Leased Tenant is in the space and open for business
              9/1/22 $43.05   premises on or preceding the 7th anniversary date of the  
              9/1/23 $44.13   Commencement Date  
              9/1/24 $45.23 - Free Rent / Recoveries: Months 1-6  
              9/1/25 $46.36      
              9/1/26 $47.52      
              9/1/27 $48.71      
              9/1/28 $49.92      
              9/1/29 $51.17      
              9/1/30 $52.45        
              9/1/31 $53.76        
              Option 1        
              5/1/32 $53.76        
              5/1/33 $55.10        
              5/1/34 $56.48        
              5/1/35 $57.89        
              5/1/36 $59.34        
              Option 2        
              5/1/37 $68.82        
              5/1/38 $70.54        
              5/1/39 $72.30        
              5/1/40 $74.11        
              5/1/41 $75.96        
                         
15B Benefits Street 10,439 12/12/21 3/31/32 $553,267 $53.00     - Free Rent: Months 1-6 Leased Space has been turned over to tenant and they have commenced work; they are not in occupancy for business
              1/1/23 $54.59 - Termination: One-time right to cancel this Lease effective as of the last  
              1/1/24 $56.23   day of the 86th full calendar month following the Commencement Date  
              1/1/25 $57.91 - ROFO / ROFR: Landlord shall by notice to Tenant offer to lease the  
              1/1/26 $59.65   ROFO Space, Suite 1500 to Tenant  
              1/1/27 $61.44        
              1/1/28 $63.28        
              1/1/29 $65.18        
              1/1/30 $67.14        
              1/1/31 $69.15        
              1/1/32 $71.23        
                         
16A1 Comvest 7,311 10/1/22 3/31/33 $308,890 $42.25     - Please see suite 17A for full details  Leased Space has been turned over to tenant and they have not commenced work; they are not in occupancy for business
              10/1/23 $43.41   Lease has commenced, tenant expected to move into space Jan-2024  
              10/1/24 $44.61   Free Rent / Recoveries: Months 2-16  
              10/1/25 $45.83      
              10/1/26 $47.09      
              10/1/27 $48.39      
              10/1/28 $49.72      
              10/1/29 $51.09      
              10/1/30 $52.49        
              10/1/31 $53.93        
              10/1/32 $55.42        
              Option 1        
              4/1/33 $57.08        
              4/1/34 $58.79        
              4/1/35 $60.56        
              4/1/36 $62.37        
              4/1/37 $64.24        
              Option 2        
              4/1/38 $66.17        
              4/1/39 $68.16        
              4/1/40 $70.20        
              4/1/41 $72.31        
              4/1/42 $74.48        
16A2 Comvest 5,809 10/1/22 3/31/33 $245,430 $42.25     - Please see suite 17A for full details  Leased Space has been turned over to tenant and they have not commenced work; they are not in occupancy for business
              10/1/23 $43.41   Lease has commenced, tenant expected to move into space Mar-2024  
              10/1/24 $44.61   Free Rent / Recoveries: Months 2-16  
              10/1/25 $45.83      
              10/1/26 $47.09      
              10/1/27 $48.39      
              10/1/28 $49.72      
              10/1/29 $51.09        
              10/1/30 $52.49        
              10/1/31 $53.93        
              10/1/32 $55.42        
              Option 1        
              4/1/33 $57.08        
              4/1/34 $58.79        
              4/1/35 $60.56        
              4/1/36 $62.37        

 

 

 

 

DRAFT 1/19/2022

              4/1/37 $64.24        
              Option 2        
              4/1/38 $66.17        
              4/1/39 $68.16        
              4/1/40 $70.20        
              4/1/41 $72.31        
              4/1/42 $74.48        
16B Available 12,900             - Elliot has expansion option on the space with notice due by October Expansion Option  
                    2022    
17A Comvest 25,999 10/1/22 3/31/33 $1,098,458 $42.25     - Free Rent / Recoveries: Months 2-7 and Months 85-87 Leased Space has been turned over to tenant and tenant is in for permit with the City of West Palm Beach - they have not commenced work; they are not in occupancy for business
              10/1/23 $43.41 - Termination: One-time right to cancel this Lease effective as of the last  
              10/1/24 $44.61   day of the 7th year of the Lease Term  
              10/1/25 $45.83 - ROFO / ROFR: Tenant shall have a one-time option to lease the  
              10/1/26 $47.09   Expansion Space on the 6th year of the lease  
              10/1/27 $48.39 - Renewals: Rent renewed at FMV. Assumed at 3% rent growth.  
              10/1/28 $49.72      
              10/1/29 $51.09        
              10/1/30 $52.49        
              10/1/31 $53.93        
              10/1/32 $55.42        
              Option 1        
              4/1/33 $57.08        
              4/1/34 $58.79        
              4/1/35 $60.56        
              4/1/36 $62.37        
              4/1/37 $64.24        
              Option 2        
              4/1/38 $66.17        
              4/1/39 $68.16        
              4/1/40 $70.20        
              4/1/41 $72.31        
              4/1/42 $74.48        
                         
18A Elliott Mgmt 26,662 4/1/22 9/30/33 $1,173,128 $44.00     - Free Rent / Recoveries: Months 1-6, Months 7-15 (excl. recoveries) Leased Space has been turned over to tenant and they have commenced work; they are not in occupancy for business
              4/1/23 $45.10 - Termination: One-time right to cancel this Lease effective as of the day  
              4/1/24 $46.23   preceding the 5th anniversary date of the Commencement Date  
              4/1/25 $47.39 - ROFO / ROFR: During the first 36 months of the lease any and all  
              4/1/26 $48.57   space located on the 19th floor, Suite 1500, Suite 1510, or Suite 1430  
              4/1/27 $49.78   is available for lease   
              4/1/28 $51.03      
              4/1/29 $52.31        
              4/1/30 $53.61        
              4/1/31 $54.95        
              4/1/32 $56.33        
              4/1/33 $57.73        
                         
19A New Day 26,662 12/31/21 12/31/32 $1,199,790 $45.00     - Free Rent / Recoveries: Months 1-12, 73-78 Leased Space has been turned over to teannt and they have commenced work; they are not in occupancy for business
              1/1/23 $46.13 - Termination: One-time right to terminate this Lease effective on any  
              1/1/24 $47.28   date elected by Tenant which falls between (i) the last day of the 72nd  
              1/1/25 $48.46   full month after the Rent Commencement Date, or (ii) the expiration  
              1/1/26 $49.67   date of the Initial Term  
              1/1/27 $50.91 - ROFO: Landlord shall by notice to Tenant offer to lease the ROFO  
              1/1/28 $52.31   Space to Tenant, which consists of any space not outlined in Exhibit L    
              1/1/29 $53.75   of the lease    
              1/1/30 $55.23        
              1/1/31 $56.75        
              1/1/32 $58.31        
                         
20A New Day 25,637 12/31/21 12/31/32 $1,153,665 $45.00     - Please see suite 19A for full details Leased Space has been turned over to tenant and they have commenced work; they are not in occupancy for business
              1/1/23 $46.13      
              1/1/24 $47.28      
              1/1/25 $48.46      
              1/1/26 $49.67      
              1/1/27 $50.91        
              1/1/28 $52.31        
              1/1/29 $53.75        
              1/1/30 $55.23        
              1/1/31 $56.75        
              1/1/32 $58.31        
                         
                         
      % of NRA                  
  Total Building Square Feet:        318,621 100.0%                  
                         
  Total Occupied SF        313,002 98.2%                  
                         
  Total Leased Square Feet:        300,102 95.9%   $14,073,834 $46.90            
                         
  Total Vacant Square Feet:          12,900 4.1%                  

 

 

 

  

DRAFT 1/19/2022

2.Free Rent Schedule

 

Free Rent Schedule Suite LCD LXD Year 1 Year 2 Year 3 (Years 1-3)
 Cafe (Felice) 01A 10/1/2022 9/30/2032                   9,860                    -                      -                   9,860
 Regions Bank 01B 12/1/2021 7/31/2032                 76,231                    -                      -                 76,231
 Susquehana 02B 3/27/2022 7/31/2027               128,627                    -                      -               128,627
North Am Dev Group 04B 3/1/2022 12/31/2032               265,088             29,454                   -               294,542
Related Southeast 08A 8/1/2022 7/31/2032               280,361           140,180                   -               420,541
 Highbrook 10B 10/18/2021 4/30/2027                 45,937                    -                      -                 45,937
 Point 72 Expansion 10C 5/1/2022 12/31/2026                 38,158                    -                      -                 38,158
 Hill Barth + King (HBK) 10D 6/21/2021 3/31/2032                 46,044                    -                      -                 46,044
 HBK Expansion 10E 5/1/2022 3/31/2032                 36,359             10,461                   -                 46,820
 Lewis Longman 11A 8/1/2021 1/31/2032               121,665                    -                      -               121,665
 Goldman Sachs 11B 4/1/2022 9/30/2032               327,375                    -                      -               327,375
 Goldman Sachs 12A 4/1/2022 9/30/2032               666,550                    -                      -               666,550
 Tremblant 14A1 11/1/2021 10/31/2031                 68,105                    -                      -                 68,105
 Maverick Capital 14A2 12/1/2021 6/30/2032                 94,386                    -                      -                 94,386
 Regions Bank 14B 12/1/2021 7/31/2032               123,484                    -                      -               123,484
 River North 14C 1/1/2022 12/31/2031               114,800                    -                      -               114,800
 Norwest 15A 8/15/2021 2/29/2032               127,526                    -                      -               127,526
 Benefits Street 15B 12/12/2021 3/31/2032               251,350                    -                      -               251,350
 Comvest 16A1 10/1/2022 3/31/2033                 25,741           310,303            52,895            388,939

 

 

 

 

DRAFT 1/19/2022

 Comvest 16A2 10/1/2022 3/31/2033                 20,453           246,553            42,028            309,034
 Comvest 17A 10/1/2022 3/31/2033                 91,538           457,691                   -               549,229
 Elliott Mgmt 18A 4/1/2022 9/30/2033               782,085           691,657                   -            1,473,742
 New Day 19A 12/31/2021 12/31/2032            1,044,978             99,983                   -            1,144,961
 New Day 20A 12/31/2021 12/31/2032            1,004,805             96,139                   -            1,100,944
Total                  5,791,504         2,082,421            94,923         7,968,849

 

 

 

  

DRAFT 1/19/2022

3.TI/LC Schedule

  

Outstanding TI/LCs Suite LCD SF TI LC Total
 Cafe (Felice) 01A Oct-22 2,958 $1,750,000 $0 $1,750,000
 Regions Bank 01B Dec-21 2,578 219,130 0 219,130
 Harry's / Adrienne's 01D Aug-22 10,318 1,238,160 44,506 1,282,666
 Mount Sinai 01E Nov-22 5,850 526,500 217,633 744,133
 ShubinBass 02A Dec-22 3,702 1,000,000 225,520 1,225,520
 Susquehana 02B Mar-22 7,016 456,040 32,331 488,371
 New Day 04A Jan-23 3,749 243,685 189,007 432,692
 North Am Dev Group 04B Mar-22 7,069 494,830 159,838 654,668
 Related Southeast 08A Aug-22 17,707 2,590,417 0 2,590,417
 Point 72 Expansion 10C May-22 2,410 300,000 106,713 406,713
 HBK Expansion 10E May-22 1,458 300,000 64,559 364,559
 Diameter Capital(1) 10F Sep-21 1,485 0 3,745 3,745
 Goldman Sachs 11B Apr-22 13,095 1,103,000 110,028 1,213,028
 Goldman Sachs 12A Apr-22 26,662 2,245,756 73,798 2,319,554
 Tremblant 14A1 Nov-21 4,305 0 0 0
 Maverick Capital 14A2 Dec-21 3,920 274,400 98,460 372,860
 Regions Bank(1) 14B Dec-21 5,104 433,840 145,483 579,323
 River North 14C Jan-22 4,058 0 20,437 20,437
 Norwest(2) 15A Aug-21 14,862 1,188,960 0 1,188,960

 

 

 

 

DRAFT 1/19/2022

 Benefits Street 15B Dec-21 10,439 730,730 254,004 984,734
 Comvest 16A1 Jan-24 7,311 731,100 119,648 850,748
 Comvest 16A2 Mar-24 5,809 530,900 104,425 635,325
 Comvest(3) 17A Oct-22 25,999 2,679,263 407,921 3,087,184
 Elliott Mgmt 18A Apr-22 26,662 1,849,515 116,286 1,965,801
 New Day 19A Dec-21 26,662 2,761,970 434,640 3,196,610
 New Day 20A Dec-21 25,637 2,655,775 427,640 3,083,415
Total     266,825 26,303,971 3,356,622 29,660,593

  

 

 

 

DRAFT 1/19/2022

4.Termination option schedule with Termination fees

  

Tenant SF Suite Notice Period Termination Date Est. Termination Fee ($MM) $ PSF
New Day 52,299 19A / 20A 12 mos. Jan 2028 $5,270,502 101
Goldman Sachs 39,757 11B / 12A 12 mos. Mar 2027 $3,524,274 89
Comvest 39,119 16A1 / 16A2 / 17A 9 mos. Oct 2030 $1,830,969 47
Elliott Mgmt 26,662 18A 12 mos. Mar 2027 $3,537,302 133
Norwest 14,862 15A 12 mos. Jul 2028 $937,729 63
Lewis Longman 12,366 11A 9 mos. Jul 2028 $570,562 46
Benefits Street 10,439 15B 9 mos. Mar 2029 $430,005 41
North Am Dev Group 7,069 04B 6 mos. Feb 2029 $523,924 74
Hill Barth + King (HBK) 6,824 10D / 10E 10 mos. Jun 2028 $534,806 78
Tremblant 4,305 14A1 9 mos. Oct 2027 $315,878 73
Point 72 6,690 10A / 10C 9 mos. Aug 2024 $100,000 15
River North 4,058 14C 12 mos. Jan 2029 $286,436 71
Maverick Capital 3,920 14A2 12 mos. Nov 2028 $266,981 68
New Day 3,749 04A - Upon RCD at Affilated Building $513,325 137
Total 232,119       $18,642,693 80

  

 

 

 

DRAFT 1/19/2022

5.Tenant Investment Schedule

  

Suite Tenant Est. Tenant Investment Suite Tenant Est. Tenant Investment
01A Cafe (Felice) $1mm 11B Goldman Sachs $150/RSF
01B Regions Bank $100/RSF 12A Goldman Sachs $150/RSF
01D Harry's / Adrienne's $400-$500/RSF 14A1 Tremblant $25/RSF + F&FE/IT/AV
01E Mount Sinai $75/RSF 14A2 Maverick Capital FF&E /IT/AV
02A ShubinBass FF&E /IT/AV 14B Regions Bank $100/RSF
02B Susquehanna $125/RSF 14C River North FF&E /IT/AV
04A New Day $100/RSF 14D Nelson Mullins $25/RSF + F&FE/IT/AV
04B North Am Dev Group $125/RSF 15A Norwest $200/RSF
08A Related Southeast $200/RSF 15B Benefits Street $100/RSF
10A Point 72 $25/RSF + F&FE/IT/AV 16A1 Comvest $150/rsf
10B Highbrook $25/RSF + F&FE/IT/AV 16A2 Comvest $150/rsf
10C Point 72 Expansion FF&E /IT/AV 16B Available  
10D Hill Barth + King (HBK) FF&E /IT/AV 17A Comvest $150/rsf
10E HBK Expansion FF&E /IT/AV 18A Elliott Mgmt $150/rsf
10F Diameter Capital FF&E /IT/AV 19A New Day $100/rsf
11A Lewis Longman $30/RSF + F&FE/IT/AV 20A New Day $100/rsf