RELEVANT FACTORS. The "Market Rent," as used in this Lease, shall be derived from an analysis (as such derivation and analysis are set forth in this Exhibit F) of the "Net Equivalent Lease Rates," of the "Comparable Transactions". The "Market Rent," as used in this Lease, shall be equal to the annual rent per rentable square foot as would be applicable on the commencement of the Option Term at which tenants, are, pursuant to transactions consummated within the twelve (12) month period immediately preceding the first day of the Option Term (provided that timing adjustments shall be made to reflect any perceived changes which will occur in the Market Rent following the date of any particular Comparable Transaction up to the date of the commencement of the Option Term) leasing non-sublease, non-encumbered, non-equity space comparable in location and quality to the Premises and consisting of one full floor or greater transactions, for a comparable term, in an arm's-length transaction, which comparable space is located in the "Comparable Buildings," as that term is defined in Section 4, below (transactions satisfying the foregoing criteria shall be known as the "Comparable Transactions"). The terms of the Comparable Transactions shall be calculated as a Net Equivalent Lease Rate pursuant to the terms of this Exhibit F and shall take into consideration all relevant factors, including the following terms and concessions: (i) the rental rate and escalations for the Comparable Transactions, (ii) the amount of parking rent per parking permit paid in the Comparable Transactions, (iii) operating expense and tax escalation protection granted in such Comparable Transactions such as a base year or expense stop (although for each such Comparable Transaction the base rent shall be adjusted to a triple net base rent using reasonable estimates of operating expenses and taxes); (iv) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, the value of the existing improvements, if any, in the Premises, such value of existing improvements to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by general office users (as contrasted to the Tenant), and (v) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; provided, however, that no consideration shall be given to (1) the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with the applicable term or the fact that the Comparable Transactions do or do not involve the payment of real estate brokerage commissions, and (2) any period of rental abatement, if any, granted to tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements in such comparable spaces. The Market Rent shall include adjustment of the stated size of the Premises, based upon the standards of measurement utilized in the Comparable Transactions. In no event shall Alterations or improvements constructed by Tenant at Tenant's cost be considered in determining the comparability of other space.
Appears in 4 contracts
Samples: Office Lease (Pulmonx Corp), Office Lease (Pulmonx Corp), Office Lease (Pulmonx Corp)
RELEVANT FACTORS. The "Market Rent,Comparable Transactions" as used in this Lease, shall be derived from an analysis (as such derivation and analysis are set forth in this Exhibit F) of the "Net Equivalent Lease Rates," of the "Comparable Transactions". The "Market Rent," as used in this Lease, shall be equal to the annual rent per rentable square foot as would be applicable on the commencement of the Option Term foot, at which tenants, are, pursuant to transactions consummated within the twelve (12) month period immediately preceding the first day of the Option Term (provided that timing adjustments shall be made months prior to reflect any perceived changes which will occur in the Market Rent following the date of any particular Comparable Transaction up to the date of the commencement of the Option Term) , leasing non-sublease, non-encumbered, non-equity encumbered space comparable in location and quality to the Premises and consisting of one full floor or greater transactions, more entire buildings containing a total of not less than [***] rentable square feet for a comparable term, in an arm's-length transaction, which comparable space is located in the "Comparable Buildings," as that term is defined in Section 4, below (transactions satisfying the foregoing criteria shall be known as the "Comparable Transactions")of [***]. The terms of the Comparable Transactions shall be calculated as a "Net Equivalent Lease Rate Rate" pursuant to the terms of this Exhibit F G, and shall take into consideration all relevant factors, including only the following terms and concessions: (i) the rental rate and escalations for the Comparable Transactions, (ii) the amount of parking rent per parking permit paid in the Comparable Transactions, if any, (iii) operating expense and tax escalation protection granted in such Comparable Transactions such as a base year or expense stop (although for each such Comparable Transaction the base rent shall be adjusted to a triple net base rent using reasonable estimates of operating expenses and taxestaxes as determined by Landlord for each such Comparable Transaction); (iv) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, the value of the existing improvements, if any, in the Premises, such value of existing improvements to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by general office users (as contrasted to the Tenant), and (v) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; provided, however(v) any "Renewal Allowance," as defined herein below, that no consideration shall to be given to (1) the fact that Landlord is or is not required to pay a real estate brokerage commission provided by Tenant in connection with each Option as compared to the applicable term improvements or the fact that allowances provided or to be provided in the Comparable Transactions do or do not involve Transactions, taking into account the payment contributory value of real estate brokerage commissionsthe existing improvements in the Premises, such value to be based upon the age, design, quality of finishes, and layout of the existing improvements, and (2vi) all other monetary concessions (including the value of any period of rental abatementsignage), if any, being granted to such tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements in such comparable spaces. The Market Rent shall include adjustment of the stated size of the Premises, based upon the standards of measurement utilized in the Comparable Transactions. In no event shall Alterations or improvements constructed by Tenant at Tenant's cost be considered in determining the comparability of other space[***].
Appears in 3 contracts
Samples: Office Lease (Bridgepoint Education Inc), Office Lease (Bridgepoint Education Inc), Lease Agreement (Bridgepoint Education Inc)
RELEVANT FACTORS. The "Market Rent," as used in this Lease, shall be derived from an analysis (as such derivation and analysis are set forth in this Exhibit F) of the "Net Equivalent Lease Rates," of the "Comparable Transactions". The "Market Rent," as used in this Lease, shall be equal to the annual rent per rentable square foot as would be applicable on the commencement of the Option Term at which tenants, are, pursuant to transactions consummated within the twelve (12) month period immediately preceding the first day of the Option Term (provided that timing adjustments shall be made to reflect any perceived changes which will occur in the Market Rent following the date of any particular Comparable Transaction up to the date of the commencement of the Option Term) leasing non-sublease, non-encumbered, non-equity space comparable in location and quality to the Premises and consisting of one full floor or greater transactions, for a comparable term, in an arm's-length transaction, which comparable space is located in the "Comparable Buildings," as that term is defined in Section 4, below (transactions satisfying the foregoing criteria shall be known as the "Comparable Transactions"). The terms of the Comparable Transactions shall be calculated as a Net Equivalent Lease Rate pursuant to the terms of this Exhibit F and shall take into consideration all relevant factors, including only the following terms and concessions: (i) the rental rate and escalations for the Comparable Transactions, (ii) the amount of parking rent per parking permit paid in the Comparable Transactions, (iii) operating expense and tax escalation protection granted in such Comparable Transactions such as a base year or expense stop (although for each such Comparable Transaction the base rent shall be adjusted to a triple net base rent using reasonable estimates of operating expenses and taxestaxes as determined by Landlord for each such Comparable Transaction); (iv) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, the value of the existing improvements, if any, in the PremisesPremises and/or improvement allowances granted to Tenant, such value of existing improvements to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by general office users (as contrasted to the Tenant), and (v) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; provided, however, that no consideration shall be given to (1) the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with the applicable term or the fact that the Comparable Transactions do or do not involve the payment of real estate brokerage commissions, and (2) any period of rental abatement, if any, granted to tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements in such comparable spaces. The Market Rent shall include adjustment of the stated size of the Premises, based upon the standards of measurement utilized in the Comparable Transactions. In no event shall Alterations or improvements constructed by Tenant at Tenant's cost be considered in determining the comparability of other space.
Appears in 2 contracts
Samples: Partial Lease Termination Agreement and First Amendment to Lease (Zentalis Pharmaceuticals, Inc.), Lease Agreement (Zentalis Pharmaceuticals, Inc.)
RELEVANT FACTORS. The "Market Rent," as used in this Lease, “Comparable Transactions” shall be derived from an analysis (as such derivation and analysis are set forth in this Exhibit F) of the "“Net Equivalent Lease Rates," of the "Comparable Transactions". The "Market Rent," as used in this Lease, shall be equal to the annual rent ” per rentable square foot as would be applicable on the commencement of the Option Term foot, at which tenants, are, pursuant to transactions consummated within the twelve (12) month period immediately preceding the first day of the Option Term (provided that timing adjustments shall be made months prior to reflect any perceived changes which will occur in the Market Rent following the date of any particular Comparable Transaction up to the date of the commencement of the Option Term) , leasing non-sublease, non-encumbered, non-equity encumbered space comparable in location and quality to the Premises and consisting containing a square footage comparable to that of one full floor or greater transactions, the Premises for a comparable termterm of five (5) years, in an arm'sarm’s-length transaction, which comparable space is located in the "“Comparable Buildings," as that term is defined in Section 4, below (transactions satisfying the foregoing criteria shall be known as the "Comparable Transactions"). .” The terms of the Comparable Transactions shall be calculated as a “Net Equivalent Lease Rate Rate” pursuant to the terms of this Exhibit F H, and shall take into consideration all relevant factors, including only the following terms and concessions: (i) the rental rate and escalations for the Comparable Transactions, (ii) the amount of parking rent per parking permit paid in the Comparable Transactions, (iii) if any, operating expense and tax escalation protection granted in such Comparable Transactions such as a base year or expense stop (although for each such Comparable Transaction the base rent shall be adjusted to a triple net base rent using reasonable estimates of operating expenses and taxestaxes as determined by Landlord for each such Comparable Transaction); (iv) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, the value of the existing improvements, if any, in the Premises, such value of existing improvements to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by general office users (as contrasted to the Tenant), and (v) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; provided, however(v) any “Renewal Allowance,” as defined herein below, that to be provided by Tenant in connection with the Option Term as compared to the improvements or allowances provided or to be provided in the Comparable Transactions, taking into account the contributory value of the existing improvements in the Premises, such value to be based upon the age, design, quality of finishes, and layout of the existing improvements, and (vi) all other monetary concessions (including the value of any signage), if any, being granted such tenants in connection with such Comparable Transactions. Notwithstanding any contrary provision hereof, in determining the Market Rent, no consideration shall be given to (1) the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with the applicable term or the fact that the Comparable Transactions do or do not involve the payment of real estate brokerage commissions, and (2) any period of rental abatement, if any, granted to tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements improvements, or any commission paid or not paid in connection with such comparable spacesComparable Transaction. The Market Rent shall include adjustment of the stated size of the Premises, Premises based upon the standards of measurement utilized in the Comparable Transactions. In no event The Market Rent shall Alterations or improvements constructed by additionally be subject to appropriate adjustments (if any) to account for differences in the then-existing financial condition of the Tenant at Tenant's cost be considered in determining vis-a-vis the comparability subject tenants under the Comparable Transactions and taking into account any applicable credit enhancements (e.g., security deposits, letters of other spacecredit, guaranties, etc.).
Appears in 2 contracts
Samples: Office Lease (Anaptysbio Inc), Office Lease (Anaptysbio Inc)
RELEVANT FACTORS. The "Market Rent," as used in this Lease, “Comparable Transactions” shall be derived from an analysis (as such derivation and analysis are set forth in this Exhibit F) of the "“Net Equivalent Lease Rates," of the "Comparable Transactions". The "Market Rent," as used in this Lease, shall be equal to the annual rent ” per rentable square foot as would be applicable on the commencement of the Option Term foot, at which tenants, are, pursuant to transactions consummated within the twelve eighteen (1218) month period immediately preceding the first day of the Option Term (provided that timing adjustments shall be made months prior to reflect any perceived changes which will occur in the Market Rent following the date of any particular Comparable Transaction up to the date of the commencement of the Option Term) , leasing non-sublease, non-encumbered, non-equity encumbered space comparable in location and quality to the Premises and consisting containing a square footage comparable to that of one full floor or greater transactions, the Premises for a comparable termterm of five (5) years, in an arm'sarm’s-length transaction, which comparable space is located in the "“Comparable Buildings," as that term is defined in Section 4, below (transactions satisfying the foregoing criteria shall be known as the "Comparable Transactions"). .” The terms of the Comparable Transactions shall be calculated as a “Net Equivalent Lease Rate Rate” pursuant to the terms of this Exhibit F F, and shall take into consideration all relevant factors, including only the following terms and concessions: (i) the rental rate and escalations for the Comparable Transactions, (ii) the amount of parking rent per parking permit paid in the Comparable Transactions, if any, (iii) operating expense and tax escalation protection granted in such Comparable Transactions such as a base year or expense stop (although for each such Comparable Transaction the base rent shall be adjusted to a triple net base rent using reasonable estimates of operating expenses and taxestaxes as determined by Landlord for each such Comparable Transaction); (iv) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, the value of the existing improvements, if any, in the Premises, such value of existing improvements to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by general office users (as contrasted to the Tenant), and (v) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; provided, however(v) any “Renewal Allowance,” as defined herein below, that to be provided by Tenant in connection with the Option Term as compared to the improvements or allowances provided or to be provided in the Comparable Transactions, taking into account the contributory value of the existing improvements in the Premises, such value to be based upon the age, design, quality of finishes, and layout of the existing improvements, and (vi) all other monetary concessions (including the value of any signage), if any, being granted such tenants in connection with such Comparable Transactions. Notwithstanding any contrary provision hereof, in determining the Market Rent, no consideration shall be given to (1) the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with the applicable term or the fact that the Comparable Transactions do or do not involve the payment of real estate brokerage commissions, and (2) any period of rental abatement, if any, granted to tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements improvements, or any commission paid or not paid in connection with such comparable spacesComparable Transaction. The Market Rent shall include adjustment of the stated size of the Premises, Premises based upon the standards of measurement utilized in the Comparable Transactions. In no event shall Alterations or improvements constructed by Tenant ; provided, however, the size of the Premises shall, notwithstanding the foregoing, be at Tenant's cost be considered least equal to the greater of: (i) the square footages set forth in determining this Lease, and (ii) the comparability square footage of other spacethe Premises determined pursuant to the standards of space measurement used in the Comparable Transactions.
Appears in 2 contracts
Samples: Office Lease (Appdynamics Inc), Office Lease (Appdynamics Inc)
RELEVANT FACTORS. The "Market Rent," as used in this Lease, “Comparable Transactions” shall be derived from an analysis (as such derivation and analysis are set forth in this Exhibit F) of the "“Net Equivalent Lease Rates," of the "Comparable Transactions". The "Market Rent," as used in this Lease, shall be equal to the annual rent ” per rentable square foot as would be applicable on the commencement of the Option Term foot, at which tenants, are, pursuant to transactions consummated within the twelve (12) month period immediately preceding the first day of the Option Term (provided that timing adjustments shall be made months prior to reflect any perceived changes which will occur in the Market Rent following the date of any particular Comparable Transaction up to the date of the commencement of the then applicable Option Term) , leasing non-sublease, non-encumbered, non-equity encumbered space comparable in location and quality to the Premises and consisting containing a square footage comparable to that of one full floor or greater transactions, the Premises for a comparable termterm of five (5) years, in an arm'sarm’s-length transaction, which comparable space is located in the "“Comparable Buildings.," as that term is defined in Section 4, below (transactions satisfying the foregoing criteria shall be known as the "Comparable Transactions"). ” The terms of the Comparable Transactions shall be calculated as a “Net Equivalent Lease Rate Rate” pursuant to the terms of this Exhibit F C, and shall take into consideration all relevant factors, including only the following terms and concessions: (i) the rental rate and escalations for the Comparable Transactions, (ii) the amount of parking rent per parking permit paid in the Comparable Transactions, if any, (iii) operating expense and tax escalation protection granted in such Comparable Transactions such as a base year or expense stop (although for each such Comparable Transaction the base rent shall be adjusted to a triple net base rent using reasonable estimates of operating expenses and taxestaxes as determined by Landlord for each such Comparable Transaction); (iv) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, the value of the existing improvements, if any, in the Premises, such value of existing improvements to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by general office users (as contrasted to the Tenant), and (v) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; provided, however(v) any “Option Allowance,” as defined hereinbelow, that to be provided to Tenant in connection with the then applicable Option Term as compared to the improvements or allowances provided or to be provided in the Comparable Transactions, taking into account the contributory value of the existing improvements in the Premises, such value to be based upon the age, design, quality of finishes, and layout of the existing improvements, and (vi) all other monetary concessions (including the value of any signage), if any, being granted such tenants in connection with such Comparable Transactions. Notwithstanding any contrary provision hereof, in determining the Market Rent, no consideration shall be given to (1) the fact that Landlord is any commission paid or is not required to pay a real estate brokerage commission paid in connection with such Comparable Transaction. In addition, because Landlord and Tenant have stipulated to the applicable term or the fact that the Comparable Transactions do or do not involve the payment of real estate brokerage commissions, and (2) any period of rental abatement, if any, granted to tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements in such comparable spaces. The Market Rent shall include adjustment of the stated size rentable square feet of the Premises, based upon the standards measurement standard used to determine such rentable square feet shall not be a factor in determination of measurement utilized in the Comparable Transactions. In no event shall Alterations or improvements constructed by Tenant at Tenant's cost be considered in determining the comparability of other spaceFair Market Rent.
Appears in 2 contracts
Samples: Office Lease, Office Lease (Splunk Inc)
RELEVANT FACTORS. The "“Market Rent," ” as used in this Lease, shall be derived from an analysis (as such derivation and analysis are set forth in this Exhibit FC) of the "“Net Equivalent Lease Rates," ” of the "“Comparable Transactions"”. The "“Market Rent," ” as used in this Lease, shall be equal to the annual rent per rentable square foot as would be applicable on the commencement of the Option Term at which tenants, are, pursuant to transactions consummated within the twelve (12) month period immediately preceding the first day of the Option Term (provided that timing adjustments shall be made to reflect any perceived changes which will occur in the Market Rent following the date of any particular Comparable Transaction up to the date of the commencement of the Option Term) leasing non-sublease, non-encumbered, non-equity space comparable in location and quality to the Premises and consisting of one full floor or greater comparable sized and configured transactions, for a comparable term, in an arm'sarm’s-length transaction, which comparable space is located in the "“Comparable Buildings," ” as that term is defined in Section 4, below (transactions satisfying the foregoing criteria shall be known as the "“Comparable Transactions"”). The terms of the Comparable Transactions shall be calculated as a Net Equivalent Lease Rate pursuant to the terms of this Exhibit F C and shall take into consideration all relevant factors, including the following terms and concessions: concessions (the “Concessions”): (i) the rental rate and escalations for the Comparable Transactions, (ii) the amount of parking rent per parking permit paid in the Comparable Transactions, (iii) operating expense and tax escalation protection granted in such Comparable Transactions such as a base year or expense stop (although for each such Comparable Transaction the base rent shall be adjusted to a triple net base rent using reasonable estimates of operating expenses and taxes); (iv) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, the value of the existing improvements, if any, in the Premises, such value of existing improvements to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by general office life science users (as contrasted to the Tenant), and (v) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; provided, however, that no consideration shall be given to (1) the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with the applicable term or the fact that the Comparable Transactions do or do not involve the payment of real estate brokerage commissions, and (2) any period of rental abatement, if any, granted to tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements in such comparable spaces. Notwithstanding anything to the contrary contained in this Section 1, if there are not a sufficient number of Comparable Transactions with a comparable lease term to the Option Term to determine the Market Rent for a lease of such duration, then the Market Rent for purposes of this Section 1 shall be equal to that of Comparable Transactions with a term of five (5) years, provided that the Concessions shall be appropriately prorated on a fractional basis to account for the shorter term of lease. The Market Rent shall also include adjustment of the stated size of the Premises, based upon the standards of measurement utilized in the Comparable Transactions. In no event shall Alterations or improvements constructed by Tenant at Tenant's cost be considered in determining the comparability of other space.
Appears in 2 contracts
Samples: Lease (Portola Pharmaceuticals Inc), Lease (Portola Pharmaceuticals Inc)
RELEVANT FACTORS. The "Market Rent," as used in this Lease, “Comparable Transactions” shall be derived from an analysis (as such derivation and analysis are set forth in this Exhibit F) of the "“Net Equivalent Lease Rates," of the "Comparable Transactions". The "Market Rent," as used in this Lease, shall be equal to the annual rent ” per rentable square foot as would be applicable on the commencement of the Option Term foot, at which tenants, are, pursuant to transactions consummated within the twelve (12) month period immediately preceding the first day of the Option Term (provided that timing adjustments shall be made months prior to reflect any perceived changes which will occur in the Market Rent following the date of any particular Comparable Transaction up to the date of the commencement of the Option Term) , leasing non-sublease, non-encumbered, non-equity encumbered space comparable in location and quality to the Premises and consisting containing a square footage comparable to that of one full floor or greater transactions, the Premises for a comparable termterm of three (3) years, in an arm'sarm’s-length transaction, which comparable space is located in the "“Comparable Buildings," as that term is defined in Section 4, below (transactions satisfying the foregoing criteria shall be known as the "Comparable Transactions"). .” The terms of the Comparable Transactions shall be calculated as a “Net Equivalent Lease Rate Rate” pursuant to the terms of this Exhibit F H, and shall take into consideration all relevant factors, including only the following terms and concessions: (i) the rental rate and escalations for the Comparable Transactions, (ii) the amount of parking rent per parking permit paid in the Comparable Transactions, if any, (iii) operating expense and tax escalation protection granted in such Comparable Transactions such as a base year or expense stop (although for each such Comparable Transaction the base rent shall be adjusted to a triple net base rent using reasonable estimates of operating expenses and taxestaxes as determined by Landlord for each such Comparable Transaction); (iv) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, the value of the existing improvements, if any, in the Premises, such value of existing improvements to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by general office users (as contrasted to the Tenant), and (v) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; provided, however(v) any “Renewal Allowance,” as defined herein below, that to be provided by Tenant in connection with the Option Term as compared to the improvements or allowances provided or to be provided in the Comparable Transactions, taking into account the contributory value of the existing improvements in the Premises, such value to be based upon the age, design, quality of finishes, and layout of the existing improvements, and (vi) all other monetary concessions (including the value of any signage), if any, being granted such tenants in connection with such Comparable Transactions. Notwithstanding any contrary provision hereof, in determining the Market Rent, no consideration shall be given to (1) the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with the applicable term or the fact that the Comparable Transactions do or do not involve the payment of real estate brokerage commissions, and (2) any period of rental abatement, if any, granted to tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements improvements, or any commission paid or not paid in connection with such comparable spacesComparable Transaction. The Market Rent shall include adjustment of the stated size of the Premises, Premises based upon the standards of measurement utilized in the Comparable Transactions. In no event The Market Rent shall Alterations or improvements constructed by additionally be subject to appropriate adjustments (if any) to account for differences in the then-existing financial condition of the Tenant at Tenant's cost vis-à-vis the subject tenants under the Comparable Transactions and taking into account any applicable credit enhancements (e.g., security deposits, letters of credit, guaranties, etc.). Landlord and Tenant hereby acknowledge and agree that if there are not a sufficient number of transactions comparable to those set forth in this Exhibit H with a comparable lease term to the Option Term to determine the Market Rent for a lease of such duration, then the Market Rent for purposes of this Lease shall be considered in determining equal to that of Comparable Transactions with a term of five (5) years, provided that the comparability concessions shall be appropriately prorated on a fractional basis to account for the shorter term of other spacethe Lease.
Appears in 2 contracts
Samples: Office Lease (Roka BioScience, Inc.), Office Lease (Roka BioScience, Inc.)
RELEVANT FACTORS. The "“Market Rent," ” as used in this Lease, shall be derived from an analysis (as such derivation and analysis are set forth in this Exhibit FH) of the "“Net Equivalent Lease Rates," ” of the "“Comparable Transactions"” (as that term is defined below). The "Market Rent," , as used in this Lease, shall be equal to the annual rent per rentable square foot as would be applicable on the commencement of the Option Term foot, at which tenants, are, pursuant to transactions consummated within the twelve (12) month period immediately preceding months prior to the first day commencement of the Option Term (Term, provided that timing adjustments shall be made to reflect any perceived changes which will occur in the Market Rent following the date of any particular Comparable Transaction up to the date of the commencement of the applicable Option Term) , leasing non-sublease, non-encumbered, non-equity encumbered space comparable in location and quality to the Premises and consisting containing a square footage containing a square footage of one full floor or greater transactions, no less than 100,000 rentable square feet for a term of five (5) to fifteen (15) years (or with respect to the First Offer Space, a term that is comparable termto the First Offer Term and to the extent that the Comparable Transactions have a different lease term from the First Offer Term, then an appropriate adjustment shall be made), in an arm'sarm’s-length transaction, which comparable space is located in the "“Comparable Buildings," as that term is defined in Section 4, below ” (transactions satisfying the foregoing criteria shall be known as the "“Comparable Transactions"”). The terms of the Comparable Transactions shall be calculated as a “Net Equivalent Lease Rate Rate” pursuant to the terms of this Exhibit F H, and shall take into consideration all relevant factors, including only the following terms and concessions: (i) the rental rate and escalations for the Comparable Transactions, (ii) the amount of parking rent per parking permit paid in the Comparable Transactions, if any, (iii) operating expense and tax escalation protection granted in such Comparable Transactions such as a base year or expense stop (although for each such Comparable Transaction the base rent shall be adjusted to a triple net base rent using reasonable estimates of operating expenses and taxestaxes as determined by Landlord for each such Comparable Transaction); (iv) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, the value of the existing improvements, if any, in the Premises, such value of existing improvements to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by general office users (as contrasted to the Tenant), and (v) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; provided, however(v) any “Renewal Allowance,” as defined herein below, that to be provided by Landlord in connection with the Option Term as compared to the improvements or allowances provided or to be provided in the Comparable Transactions, taking into account the contributory value of the existing improvements in the Premises, such value to be based upon the age, design, quality of finishes, and layout of the existing improvements, (vi) consideration of the quality of the Common Areas and the level of control and usage rights of Common Areas (such as the Roof Decks), and (vii) all other monetary concessions (including the value of any signage), if any, being granted such tenants in connection with such Comparable Transactions. Notwithstanding any contrary provision hereof, in determining the Market Rent, no consideration shall be given to (1) the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with the applicable term or the fact that the Comparable Transactions do or do not involve the payment of real estate brokerage commissions, and (2A) any period of rental abatement, if any, granted to tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements improvements, or (B) any commission paid or not paid in connection with such comparable spacesComparable Transaction (unless and to the extent any particular commission in connection with any particular Comparable Transaction is known and evidenced by reasonable supporting documentation). The Market Rent shall include adjustment of the stated size of the Premises, Premises based upon the standards of measurement utilized in the Comparable Transactions; provided, however, the size of the Premises shall, notwithstanding the foregoing, be at least equal to the square footages set forth in this Lease. In no event For purposes of the foregoing and this Exhibit H, in connection with a determination of the Market Rent for the First Offer Space, all references herein to “Option Term” and “Premises” shall Alterations or improvements constructed by Tenant at Tenant's cost be considered in determining the comparability of other spacedeleted and replaced with “First Offer Term” and “First Offer Space,” respectively.
Appears in 2 contracts
Samples: Office Lease (DoorDash Inc), Office Lease (DoorDash Inc)
RELEVANT FACTORS. The "“Market Rent," ” as used in this Lease, shall be derived from an analysis (as such derivation and analysis are set forth in this Exhibit FH) of the "“Net Equivalent Lease Rates," ” of the "“Comparable Transactions"” (as that term is defined below). The "Market Rent," , as used in this Lease, shall be equal to the annual rent per rentable square foot as would be applicable on the commencement of the Option Term foot, at which tenants, are, pursuant to transactions consummated within the twelve (12) month period immediately preceding months prior to the first day commencement of the Option Term (Term, provided that timing adjustments shall be made to reflect any perceived changes which will occur in the Market Rent following the date of any particular Comparable Transaction up to the date of the commencement of the applicable Option Term) , leasing non-sublease, non-encumbered, non-equity encumbered space comparable in location and quality to the Premises and consisting containing a square footage comparable to that of one full floor or greater transactions, the Premises for a comparable termterm of five (5) years, in an arm'sarm’s-length transaction, which comparable space is located in the "“Comparable Buildings," as that term is defined in Section 4, below ” (transactions satisfying the foregoing criteria shall be known as the "“Comparable Transactions"”). The terms of the Comparable Transactions shall be calculated as a “Net Equivalent Lease Rate Rate” pursuant to the terms of this Exhibit F H, and shall take into consideration all relevant factors, including only the following terms and concessions: (i) the rental rate and escalations for the Comparable Transactions, (ii) the amount of parking rent per parking permit paid in the Comparable Transactions, if any, (iii) operating expense and tax escalation protection granted in such Comparable Transactions such as a base year or expense stop (although for each such Comparable Transaction the base rent shall be adjusted to a triple net base rent using reasonable estimates of operating expenses and taxestaxes as determined by Landlord for each such Comparable Transaction); (iv) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, the value of the existing improvements, if any, in the Premises, such value of existing improvements to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by general office users (as contrasted to the Tenant), and (v) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; provided, however(v) any “Renewal Allowance,” as defined herein below, that to be provided by Tenant in connection with the Option Term as compared to the improvements or allowances provided or to be provided in the Comparable Transactions, taking into account the contributory value of the existing improvements in the Premises, such value to be based upon the age, design, quality of finishes, and layout of the existing improvements, and (vi) all other monetary concessions (including the value of any signage), if any, being granted such tenants in connection with such Comparable Transactions. Notwithstanding any contrary provision hereof, in determining the Market Rent, no consideration shall be given to (1) the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with the applicable term or the fact that the Comparable Transactions do or do not involve the payment of real estate brokerage commissions, and (2) any period of rental abatement, if any, granted to tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements improvements, or any commission paid or not paid in connection with such comparable spacesComparable Transaction. The Market Rent shall include adjustment of the stated size of the Premises, Premises based upon the standards of measurement utilized in the Comparable Transactions; provided, however, the size of the Premises shall, notwithstanding the foregoing, be at least equal to the greater of: (i) the square footages set forth in this Lease, and (ii) the square footage of the Premises determined pursuant to the standards of space measurement used in the Comparable Transactions. In no event Notwithstanding any provision to the contrary contained in this Section 1, Landlord and Tenant hereby acknowledge and agree that if there are not a sufficient number of Comparable Deals with a Comparable Term to the Option Term to determine the Market Rent for a lease of such duration, then the Market Rent for purposes of Section 1 shall Alterations or improvements constructed by Tenant at Tenant's cost be considered in determining equal to that of Comparable Deals with a term of up to five (5) years, provided that the comparability concessions shall be appropriately prorated on a fractional basis to account for the shorter term of other spacethe lease.
Appears in 2 contracts
Samples: Office Lease (Airgain Inc), Office Lease (Airgain Inc)
RELEVANT FACTORS. The "“Market Rent," ” as used in this Lease, shall be derived from an analysis (as such derivation and analysis are set forth in this Exhibit F) of the "“Net Equivalent Lease Rates," ” of the "“Comparable Transactions"”. The "“Market Rent," ” as used in this Lease, shall be equal to the annual rent per rentable square foot as would be applicable on the commencement of the Option Term at which tenants, are, pursuant to transactions consummated within the twelve (12) month period immediately preceding the first day of the Option Term (provided that timing adjustments shall be made to reflect any perceived changes which will occur in the Market Rent following the date of any particular Comparable Transaction up to the date of the commencement of the Option Term) leasing non-sublease, non-encumbered, non-equity space comparable in location and quality to the Premises and consisting of one full floor 40,000 rentable square feet of space or greater transactions, for a comparable term, in an arm'sarm’s-length transaction, which comparable space is located in the "“Comparable Buildings," ” as that term is defined in Section 4, below (transactions satisfying the foregoing criteria shall be known as the "“Comparable Transactions"”). The terms of the Comparable Transactions shall be calculated as a Net Equivalent Lease Rate pursuant to the terms of this Exhibit F and shall take into consideration all relevant factors, including only the following terms and concessions: (i) the rental rate and escalations for the Comparable Transactions, (ii) the amount of parking rent per parking permit paid in the Comparable Transactions, (iii) operating expense and tax escalation protection granted in such Comparable Transactions such as a base year or expense stop (although for each such Comparable Transaction the base rent shall be adjusted to a triple net base rent using reasonable estimates of operating expenses and taxestaxes as determined by Landlord for each such Comparable Transaction); (iviii) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, the value of the existing improvements, if any, in the PremisesPremises and/or improvement allowances granted to Tenant, such value of existing improvements to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by general office users (as contrasted to the Tenant), provided, for purposes of determining the Market Rent, in no event shall the value of such existing improvements exceed $60.00 per rentable square foot of the Premises, and (viv) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; provided, however, that no consideration shall be given to (1) the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with the applicable term or the fact that the Comparable Transactions do or do not involve the payment of real estate brokerage commissions, and (2) any period of rental abatement, if any, granted to tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements in such comparable spaces. The Market Rent shall include adjustment of the stated size of the Premises, based upon the standards of measurement utilized in the Comparable Transactions. In no event shall Alterations or improvements constructed by Tenant at Tenant's cost be considered in determining the comparability of other space.
Appears in 2 contracts
RELEVANT FACTORS. The "Market Rent," as used in this Lease, shall be derived from an analysis (as such derivation and analysis are set forth in this Exhibit FH) of the "Net Equivalent Lease Rates," of the "Comparable Transactions"" (as that term is defined below). The "Market Rent," , as used in this Lease, shall be equal to the annual rent per rentable square foot as would be applicable on the commencement of the Option Term foot, at which tenants, are, pursuant to transactions consummated within the twelve (12) month period immediately preceding months prior to the first day commencement of the Option Term (Term, provided that timing adjustments shall be made to reflect any perceived changes which will occur in the Market Rent following the date of any particular Comparable Transaction up to the date of the commencement of the applicable Option Term) , leasing non-sublease, non-encumbered, non-equity encumbered space comparable in location and quality to the Premises and consisting containing a square footage comparable to that of one full floor or greater transactions, the Premises for a comparable termterm of five (5) years, in an arm's-length transaction, which comparable space is located in the "Comparable Buildings," as that term is defined in Section 4, below (transactions satisfying the foregoing criteria shall be known as the "Comparable Transactions"). The terms of the Comparable Transactions shall be calculated as a "Net Equivalent Lease Rate Rate" pursuant to the terms of this Exhibit F H, and shall take into consideration all relevant factors, including only the following terms and concessions: (i) the rental rate and escalations for the Comparable Transactions, (ii) the amount of parking rent per parking permit paid in the Comparable Transactions, if any, (iii) operating expense and tax escalation protection granted in such Comparable Transactions such as a base year or expense stop (although for each such Comparable Transaction the base rent shall be adjusted to a triple net base rent using reasonable estimates of operating expenses and taxestaxes as determined by Landlord for each such Comparable Transaction); (iv) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, the value of the existing improvements, if any, in the Premises, such value of existing improvements to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by general office users (as contrasted to the Tenant), and (v) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; provided, however(v) any "Renewal Allowance," as defined herein below, that to be provided by Landlord in connection with the Option Term as compared to the improvements or allowances provided or to be provided in the Comparable Transactions, taking into account the contributory value of the existing improvements in the Premises, such value to be based upon the age, design, quality of finishes, and layout of the existing improvements, and (vi) all other monetary concessions (including the value of any signage), if any, being granted such tenants in connection with such Comparable Transactions. Notwithstanding any contrary provision hereof, in determining the Market Rent, no consideration shall be given to (1) the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with the applicable term or the fact that the Comparable Transactions do or do not involve the payment of real estate brokerage commissions, and (2A) any period of rental abatement, if any, granted to tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements improvements, or (B) any commission paid or not paid in connection with such comparable spacesComparable Transaction. The Market Rent shall include adjustment of the stated size of the Premises, Premises based upon the standards of measurement utilized in the Comparable Transactions. In no event shall Alterations or improvements constructed by Tenant ; provided, however, the size of the Premises shall, notwithstanding the foregoing, be at Tenant's cost be considered least equal to the greater of: (i) the square footages set forth in determining this Lease, and (ii) the comparability square footage of other spacethe Premises determined pursuant to the standards of space measurement used in the Comparable Transactions.
Appears in 2 contracts
Samples: Office Lease (Evofem Biosciences, Inc.), Office Lease (Retrophin, Inc.)
RELEVANT FACTORS. The "“Market Rent," as used in this Lease, shall be derived from an analysis (as such derivation and analysis are set forth in this Exhibit F) of the "Net Equivalent Lease Rates," of the "Comparable Transactions". The "Market Rent," ” as used in this Lease, shall be equal to the annual rent per rentable square foot as would be applicable on the commencement of the applicable Option Term at which tenants, are, pursuant to transactions consummated within the twelve (12) month period immediately preceding the first day of the Option Term (provided that timing adjustments shall be made to reflect any perceived changes which will occur in the Market Rent following the date of any particular Comparable Transaction up to the date of the commencement of the Option Term) leasing non-sublease, non-encumbered, non-equity space comparable in location and quality to the Renewal Premises and consisting of at least two hundred fifty thousand (250,000) rentable square feet (unless there are not at least two (2) Comparable Transactions of at least two hundred fifty thousand (250,000) rentable square feet, then consisting of at least one full floor or greater transactionshundred thousand (100,000) rentable square feet), for a comparable term, in an arm'sarm’s-length transaction, which comparable space is located in the "“Comparable Buildings," ” as that term is defined in Section 4, below (transactions satisfying the foregoing criteria shall be known as the "“Comparable Transactions"”). The terms of the Comparable Transactions shall be calculated as a Net Equivalent Lease Rate pursuant to the terms of this Exhibit F G and shall take into consideration all relevant factors, including only the following terms and concessions: concessions (the “Concessions”): (i) the rental rate and escalations for the Comparable Transactions taking into account the amenities included in such Comparable Transactions, such as usage rights with respect to unique amenities, common areas, parking rights, and signage rights, compared with the amenities included under this Lease, such as usage rights with respect to the Roof Deck, parking rights, the Common Areas, and signage rights, (ii) the amount of parking rent per parking permit paid in the Comparable Transactions, (iii) operating expense and tax escalation protection granted in such Comparable Transactions such as a base year or expense stop (although for each such Comparable Transaction the base rent shall be adjusted to a triple net base rent using reasonable estimates of operating expenses and taxes)stop; (iv) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, as compared to the value of the existing improvements, if any, improvements in the Renewal Premises, such value of existing improvements in the Renewal Premises to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by general office users (as contrasted to the Tenant)users, and (v) rental rental/parking abatement concessions, if any, being granted such tenants in connection with such comparable space, and (vi) all other monetary allowances and concessions being granted such tenants in connection with such Comparable Transactions; provided, however, that no consideration shall be given to (1) the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with the applicable term or the fact that the Comparable Transactions do or do not involve the payment of real estate brokerage commissions, and (2) any period of rental abatement, if any, granted to tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements in such comparable spacesspace; provided, however, to the extent any of the tenants in the Comparable Transactions complete (or are reasonably anticipated to complete) the construction of improvements in such comparable space early, and are allowed to occupy their premises for purpose of conducting business without the payment of rent (similar to Tenant’s beneficial occupancy right in Section 2.5.2 of this Lease), then such occupancy period shall be considered in connection with the determination of Option Rent. The Market Rent shall include adjustment of the stated size of the Renewal Premises, based upon the standards of measurement utilized in the Comparable Transactions. In addition, because the rentable square footage of the Renewal Premises shall have determined pursuant to Section 1.2 of the Lease, no consideration shall be given to the measurement standard used to determine the rentable square footage of the Comparable Transactions, as compared to the measurement standard used by Landlord and Tenant to determine the rentable square footage of the Renewal Premises, and in no event shall Alterations or improvements constructed by Tenant at Tenant's cost be considered the size of the Renewal Premises change in determining connection with the comparability determination of other spaceMarket Rent.
Appears in 2 contracts
Samples: Lease Agreement (Dropbox, Inc.), Lease Agreement (Dropbox, Inc.)
RELEVANT FACTORS. The "“Market Rent," ” as used in this Lease, shall be derived from an analysis (as such derivation and analysis are set forth in this Exhibit FG) of the "“Net Equivalent Lease Rates," ” of the "“Comparable Transactions"”. The "“Market Rent," ” as used in this Lease, shall be equal to the annual rent per rentable square foot as would be applicable on the commencement of the applicable Option Term at which tenants, are, pursuant to transactions consummated within the twelve (12) month period immediately preceding the first day of the Option Term (provided that timing adjustments shall be made to reflect any perceived changes which will occur in the Market Rent following the date of any particular Comparable Transaction up to the date of the commencement of the Option Term) leasing non-sublease, non-encumbered, non-equity space comparable in location and quality to the Premises and consisting of at least one full floor or greater transactionshundred thousand (100,000) rentable square feet, for a comparable term, in an arm'sarm’s-length transaction, which comparable space is located in the "“Comparable Buildings," ” as that term is defined in Section 4, below (transactions satisfying the foregoing criteria shall be known as the "“Comparable Transactions"”). The terms of the Comparable Transactions shall be calculated as a Net Equivalent Lease Rate pursuant to the terms of this Exhibit F G and shall take into consideration all relevant factors, including only the following terms and concessions: concessions (the “Concessions”): (i) the rental rate and escalations for the Comparable Transactions taking into account the amenities included in such Comparable Transactions, such as usage rights with respect to unique amenities, common areas, parking rights, and signage rights, compared with the amenities included under this Lease, such as usage rights with respect to the Roof Deck, parking rights, the Common Areas, and signage rights, (ii) the amount of parking rent per parking permit paid in the Comparable Transactions, (iii) operating expense and tax escalation protection granted in such Comparable Transactions such as a base year or expense stop (although for each such Comparable Transaction the base rent shall be adjusted to a triple net base rent using reasonable estimates of operating expenses and taxes)stop; (iv) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, as compared to the value of the existing improvements, if any, improvements in the Premises, such value of existing improvements in the Premises to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by general office users (as contrasted to the Tenant)users, and (v) rental rental/parking abatement concessions, if any, being granted such tenants in connection with such comparable space, and (vi) all other monetary allowances and concessions being granted such tenants in connection with such Comparable Transactions; provided, however, that no consideration shall be given to (1) the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with the applicable term or the fact that the Comparable Transactions do or do not involve the payment of real estate brokerage commissions, and (2) any period of rental abatement, if any, granted to tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements in such comparable spacesspace; provided, however, to the extent any of the tenants in the Comparable Transactions complete (or are reasonably anticipated to complete) the construction of improvements in such comparable space early, and are allowed to occupy their premises for purpose of conducting business without the payment of rent (similar to Tenant’s beneficial occupancy right in Section 2.5.2 of this Lease), then such occupancy period shall be considered in connection with the determination of Option Rent. The Market Rent shall include adjustment of the stated size of the Premises, based upon the standards of measurement utilized in the Comparable Transactions. In addition, because the rentable square footage of the Premises shall have determined pursuant to Section 1.2 of the Lease, no consideration shall be given to the measurement standard used to determine the rentable square footage of the Comparable Transactions, as compared to the measurement standard used by Landlord and Tenant to determine the rentable square footage of the Premises, and in no event shall Alterations or improvements constructed by Tenant at Tenant's cost be considered the size of the Premises change in determining connection with the comparability determination of other spaceMarket Rent.
Appears in 2 contracts
Samples: Office Lease (Dropbox, Inc.), Office Lease (Dropbox, Inc.)
RELEVANT FACTORS. The "Market Rent," as used in this Lease, Rent shall be derived from an analysis (as such derivation and analysis are set forth in this Exhibit F) of the "Net Equivalent Lease Rates," , of the "Comparable Transactions". The "“Market Rent," ”, as used in this Lease, shall be equal to the annual rent per rentable square foot as would be applicable on the commencement of the Option Term (or First Offer Term, as applicable) at which tenants, are, pursuant to transactions consummated within the twelve (12) month period immediately preceding the first day of the Option Term (or First Offer Term, as applicable) (provided that timing adjustments shall be made to reflect any perceived changes which will occur in the Market Rent following the date of any particular Comparable Transaction up to the date of the commencement of the Option Term (or First Offer Term, as applicable)) leasing non-sublease, non-encumbered, non-equity space comparable in location and quality to the Premises (or First Offer Space, as applicable) and consisting of, in connection with the Option Rent, between 50,000 rentable square feet and 120,000 rentable square feet, and in connection with the First Offer Rent, of one full floor or greater transactionsa size comparable to the size of the First Offer Space, for a comparable term, in an arm'sarm’s-length transaction, which comparable space is located in the "Comparable Buildings," as that term is defined in Section 4, below Buildings (transactions satisfying the foregoing criteria shall be known as the "“Comparable Transactions"”). The terms of the Comparable Transactions shall be calculated as a Net Equivalent Lease Rate pursuant to the terms of this Exhibit F and shall take into consideration all relevant factors, including only the following terms and concessions: (i) the rental rate and escalations for the Comparable Transactions, (ii) the amount of parking rent per parking permit paid in the Comparable Transactions, (iii) operating expense and tax escalation protection granted in such Comparable Transactions such as a base year or expense stop (although for each such Comparable Transaction the base rent shall be adjusted to a triple net base rent using reasonable estimates of operating expenses and taxestaxes as determined by Landlord for each such Comparable Transaction); (iv) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, the value of the existing improvements, if any, in the PremisesPremises (or First Offer Space, as applicable) and/or improvement allowances granted to Tenant, such value of existing improvements to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by general office users (as contrasted to the Tenant), and (v) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; provided, however, that no consideration shall be given to (1) the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with the applicable term or the fact that the Comparable Transactions do or do not involve the payment of real estate brokerage commissions, and (2) any period of rental abatement, if any, granted to tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements in such comparable spaces. The Market Rent shall include adjustment of the stated size of the PremisesPremises (or First Offer Space, as applicable), based upon the standards of measurement utilized in the Comparable Transactions. In no event shall Alterations or improvements constructed by Tenant at Tenant's cost be considered in determining the comparability of other space.
Appears in 2 contracts
Samples: Office Lease (Lyft, Inc.), Office Lease (Lyft, Inc.)
RELEVANT FACTORS. The "Market Rent," as used in this Lease, shall be derived from an analysis (as such derivation and analysis are set forth in this Exhibit FH) of the "Net Equivalent Lease Rates," of the "Comparable Transactions"" (as that term is defined below). The "Market Rent," , as used in this Lease, shall be equal to the annual Net Equivalent Lease Rate rent per rentable square foot as would be applicable on the commencement of the Option Term foot, at which tenants, are, pursuant to transactions consummated within fifteen (15) months prior to the twelve (12) month period immediately preceding the first day commencement of the Option Term (Term, provided that timing adjustments shall be made to reflect any perceived scheduled changes which will occur (i.e., annual rent bumps) in the Market Rent following the date of any particular Comparable Transaction up to the date of the commencement of the applicable Option Term) , leasing non-sublease, non-encumbered, non-equity encumbered space comparable in location and quality to the Premises and consisting containing a square footage comparable to that of one full floor or greater transactions, the Premises for a comparable termterm of at least five (5) years, in an arm's-length transaction, which comparable space is located in the "Comparable Buildings," as that term is defined in Section 4, below (transactions satisfying the foregoing criteria shall be known as the "Comparable Transactions"). The terms of the Comparable Transactions shall be calculated as a "Net Equivalent Lease Rate Rate" pursuant to the terms of this Exhibit F H, and shall take into consideration all relevant factors, including only the following terms and concessions: concessions (collectively, "Concessions"): (i) the rental rate and escalations for the Comparable Transactions, (ii) the amount of parking rent per parking permit paid in the Comparable Transactions, if any, (iii) operating expense and tax escalation protection granted in such Comparable Transactions such as a base year or expense stop (although for each such Comparable Transaction the base rent shall be adjusted to a triple net base rent using reasonable estimates of operating expenses and taxestaxes for each such Comparable Transaction); (iv) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, the value of the existing improvements, if any, in the Premises, such value of existing improvements to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by general office users (as contrasted to the Tenant), and (v) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; provided, however(v) any ""improvements or allowances provided or to be provided in the Comparable Transactions, that taking into account the contributory value of the existing improvements in the Premises, such value to be based upon the age, design, quality of finishes, and layout of the existing improvements, and (vi) all other monetary concessions (including the value of any signage), if any, being granted such tenants in connection with such Comparable Transactions. Notwithstanding any contrary provision hereof, in determining the Market Rent, no consideration shall be given to (1) the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with the applicable term or the fact that the Comparable Transactions do or do not involve the payment of real estate brokerage commissions, and (2A) any period of rental abatement, if any, granted to tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements improvements, or (B) any commission paid or not paid in connection with such comparable spacesComparable Transaction. The Market Rent shall include adjustment square footage of the stated size of the Premises, based upon Premises shall be restated as determined pursuant to the standards of space measurement utilized used in the Comparable Transactions. In no event shall Alterations or improvements constructed by Tenant at Tenant's cost be considered in determining the comparability of other space.
Appears in 1 contract
RELEVANT FACTORS. The "“Fair Market RentRental Value," ” as used in this Lease, shall be derived from an analysis (as such derivation and analysis are set forth in this Exhibit FE) of the "“Net Equivalent Lease Rates," ” of the "“Comparable Transactions"”. The "“Fair Market RentRental Value," ” as used in this Lease, shall be equal to the annual rent per rentable square foot as would be applicable on the commencement of the Option Term applicable Extension Term, at which tenants, are, pursuant to transactions consummated within during the period from twelve (12) month period immediately preceding months to three (3) months prior to the first day commencement of the Option applicable Extension Term (provided that timing reasonable adjustments shall be made to reflect any perceived changes which will occur in the Fair Market Rent Rental Value following the date of any particular Comparable Transaction up to the date of the commencement of the Option applicable Extension Term) ), leasing non-sublease, non-encumbered, non-equity space comparable in location and quality to the Premises and consisting of one full floor or greater transactions, no less than 100,000 rentable square feet for a comparable termminimum term of five (5) years (with appropriate adjustments to reflect the actual length of the applicable Extension Term), in an arm'sarm’s-length transaction, which comparable space is located in the "Comparable Buildings," Buildings (as that term is defined in Section 4, below below) (transactions satisfying the foregoing criteria shall be known as the "“Comparable Transactions"”). The terms of the Comparable Transactions shall be calculated as a Net Equivalent Lease Rate pursuant to the terms of this Exhibit F E and shall take into consideration all relevant factors, including only the following terms and concessions: (i) the rental rate and escalations for the Comparable Transactions, ; (ii) the amount of parking rent per parking permit paid in the Comparable Transactions, ; (iii) operating expense and tax escalation protection granted in such Comparable Transactions such as a base year or expense stop (although for each such Comparable Transaction the base rent shall be adjusted to a triple net base rent using reasonable estimates of operating expenses and taxes)taxes for each such Comparable Transaction; (iv) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, the value of the existing improvements, if any, in the Premises, such value of existing improvements to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by general office users (as contrasted to the Tenant), and (v) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; provided(v) tenant improvements or allowances provided or to be provided for such comparable space, howevertaking into account the value of the existing improvements in the Premises, that no consideration shall such value to be given to (1) based upon the age and quality of such improvements, disregarding the fact that Landlord is or is not required to pay a real estate brokerage commission they were built out specifically for Tenant; (vi) the measurement standard used in connection with the applicable term or Premises and in Comparable Transactions; (vii) the fact that amount, type and location of parking provided in each such Comparable Transaction; (viii) the level of services provided by the landlord in each such Comparable Transactions do or do not involve Transaction and the payment level of real estate brokerage commissions, control and rights of the tenant over the building in each Comparable Transaction; and (2ix) any period of rental abatementall other monetary concessions, if any, being granted to such tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements in such comparable spaces. The Market Rent shall include adjustment of the stated size of the Premises, based upon the standards of measurement utilized in the Comparable Transactions. In no event shall Alterations or improvements constructed by Tenant at Tenant's cost be considered in determining the comparability of other space.
Appears in 1 contract
Samples: Lease Agreement (Brocade Communications Systems Inc)
RELEVANT FACTORS. The "Market Rent," as used in this Lease, shall be derived from an analysis (as such derivation and analysis are set forth in this Exhibit FH) of the "Net Equivalent Lease Rates," of the "Comparable Transactions". The "Market Rent," as used in this Lease, shall be equal to the annual rent per rentable square foot as would be applicable on the commencement of the Option Term foot, at which tenants, are, pursuant to transactions consummated within the period occurring within the twelve (12) month period immediately preceding prior to the first day commencement of the applicable Option Term or First Offer Term (provided that timing adjustments shall be made to reflect any perceived changes which will occur in the Market Rent following the date of any particular Comparable Transaction up to the date of the commencement of the applicable Option Term or First Offer Term) leasing non‑renewal, non‑expansion, non-sublease, non-encumbered, non-equity office space comparable in location and quality to the Premises and consisting of one lease transactions of comparable amounts of space for First Offer Space or in excess of 100,000 rentable square feet of space for the Premises, or a lesser amount of space if a transaction is for a full floor or greater transactionsbuilding lease for space subject to an Option Term, for a comparable termterm of between and including five (5) and ten (10) years, in an arm's-length transaction, which comparable space is located in the "“Comparable Buildings," ” as that term is defined in Section 4, below (transactions satisfying the foregoing criteria shall be known as the "Comparable Transactions"). The terms of the Comparable Transactions shall be calculated as a Net Equivalent Lease Rate pursuant to the terms of this Exhibit F H and shall take into consideration all relevant factors, including only the following terms and concessions: (i) the rental rate and escalations for the Comparable Transactions, (ii) the amount of parking rent per parking permit paid in the Comparable Transactions, (iii) operating expense and tax escalation protection granted in such Comparable Transactions such as a base year or expense stop and any limits/caps (although for each such Comparable Transaction the base rent shall be adjusted to a triple net base rent using reasonable estimates of operating expenses and taxese.g., Proposition 13 protection); (iv) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, the value of the existing improvements, if any, in the Premises, such value of existing improvements to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by general office users (as contrasted to the Tenant), and (v) rental abatement concessions, if any, being granted such tenants in connection with such comparable space, (v) tenant improvements or allowances provided or to be provided for such comparable space, taking into account the value of the existing improvements in the Premises, such value to be based upon the age, quality and layout of the improvements (and not considering the value of any improvements installed in the Premises by Tenant with funds in excess of the Tenant Improvement Allowance), (vi) consideration of the level of control and the usage rights of space and parking areas by Tenant, of the Project with respect to rights to use the Common Areas, rights to parking automobiles, and signage rights, (vii) brokerage commissions paid, and (viii) all other monetary and nonmonetary concessions, if any, being granted such tenants in connection with such Comparable Transactions; provided, however, that for an Option Term, but not a First Offer Term, no consideration shall be given to (1) the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with the applicable term or the fact that the Comparable Transactions do or do not involve the payment of real estate brokerage commissions, and (2) any period of rental abatement, if any, granted to tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements in such comparable spaces. The Market Rent shall include adjustment of the stated size of the Premises, Premises based upon the standards of measurement (i.e., the ratio of rentable to usable square feet) utilized in the Comparable Transactions. In no event shall Alterations or improvements constructed by Tenant at Tenant's cost be considered in determining the comparability of other space.
Appears in 1 contract
Samples: Office Lease (Kite Pharma, Inc.)
RELEVANT FACTORS. The "“Market Rent," ” as used in this Lease, shall be derived from an analysis (as such derivation and analysis are set forth in this Exhibit FG) of the "“Net Equivalent Lease Rates," ” of the "“Comparable Transactions"”. The "“Market Rent," ” as used in this Lease, shall be equal to the annual rent per rentable square foot as would be applicable on the commencement of the Option Term at which tenants, are, pursuant to transactions consummated within the twelve (12) month period immediately preceding the first day of the Option Term (provided that timing adjustments shall be made to reflect any perceived changes which will occur in the Market Rent following the date of any particular Comparable Transaction up to the date of the commencement of the Option Term) leasing non-sublease, non-encumbered, non-equity space comparable in location and quality to the Premises and consisting of one full floor 60,000 rentable square feet or greater larger transactions, for a comparable term, in an arm'sarm’s-length transaction, which comparable space is located in the "“Comparable Buildings," ” as that term is defined in Section 4, below (transactions satisfying the foregoing criteria shall be known as the "“Comparable Transactions"”). The terms of the Comparable Transactions shall be calculated as a Net Equivalent Lease Rate pursuant to the terms of this Exhibit F G and shall take into consideration all relevant factors, including only the following terms and concessions: (i) the rental rate and escalations for the Comparable Transactions, (ii) the amount of parking rent per parking permit paid in the Comparable Transactions, (iii) operating expense and tax escalation protection granted in such Comparable Transactions such as a base year or expense stop (although for each such Comparable Transaction the base rent shall be adjusted to a triple net base rent using reasonable estimates of operating expenses and taxestaxes as determined by Landlord for each such Comparable Transaction); (iv) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, the value of the existing improvements, if any, in the PremisesPremises and/or improvement allowances granted to Tenant, such value of existing improvements to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by general office users (as contrasted to the Tenant), and (v) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; provided, however, that no consideration shall be given to (1) the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with the applicable term or the fact that the Comparable Transactions do or do not involve the payment of real estate brokerage commissions, and (2) any period of rental abatement, if any, granted to tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements in such comparable spaces. The Market Rent shall include adjustment of the stated size of the Premises, based upon the standards of measurement utilized in the Comparable Transactions. In no event shall Alterations or improvements constructed by Tenant at Tenant's cost be considered in determining the comparability of other space.
Appears in 1 contract
Samples: Office Lease (Audience Inc)
RELEVANT FACTORS. The "Market Rent," as used in this Lease, shall be derived from an analysis (as such derivation and analysis are set forth in this Exhibit F) of the "Net Equivalent Lease Rates," of the "Comparable Transactions". The "Market Rent," as used in this Lease, shall be equal to the annual rent per rentable square foot as would be applicable on the commencement of the Option Term at which tenants, are, pursuant to transactions consummated within the twelve (12) month period immediately preceding the first day of the Option Term (provided that timing adjustments shall be made to reflect any perceived changes which will occur in the Market Rent following the date of any particular Comparable Transaction up to the date of the commencement of the Option Term) leasing non-sublease, non-encumbered, non-equity space comparable in location and quality to the Premises and consisting of one full floor or greater transactions, for a comparable term, in an arm's-length transaction, which comparable space is located in the "“Comparable Buildings," ” as that term is defined in Section 4, below (transactions satisfying the foregoing criteria shall be known as the "Comparable Transactions"). The terms of the Comparable Transactions shall be calculated as a Net Equivalent Lease Rate pursuant to the terms of this Exhibit F and shall take into consideration all relevant factors, including only the following terms and concessions: (i) the rental rate and escalations for the Comparable Transactions, (ii) the amount of parking rent per parking permit paid in the Comparable Transactions, (iii) operating expense and tax escalation protection granted in such Comparable Transactions such as a base year or expense stop (although for each such Comparable Transaction the base rent shall be adjusted to a triple net base rent using reasonable estimates of operating expenses and taxestaxes as determined by Landlord for each such Comparable Transaction); (iv) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, the value of the existing improvements, if any, in the PremisesPremises and/or improvement allowances granted to Tenant, such value of existing improvements to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by general office users (as contrasted to the Tenant), and (v) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; provided, however, that no consideration shall be given to (1) the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with the applicable term or the fact that the Comparable Transactions do or do not involve the payment of real estate brokerage commissions, and (2) any period of rental abatement, if any, granted to tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements in such comparable spaces. The Market Rent shall include adjustment of the stated size of the Premises, based upon the standards of measurement utilized in the Comparable Transactions. In no event shall Alterations or improvements constructed by Tenant at Tenant's ’s cost be considered in determining the comparability of other space.
Appears in 1 contract
Samples: Lease (Myriad Genetics Inc)
RELEVANT FACTORS. The "Market Rent," as used in this Lease, “Comparable Transactions” shall be derived from an analysis (as such derivation and analysis are set forth in this Exhibit F) of the "“Net Equivalent Lease Rates," of the "Comparable Transactions". The "Market Rent," as used in this Lease, shall be equal to the annual rent ” per rentable square foot as would be applicable on the commencement of the Option Term foot, at which tenants, are, pursuant to transactions consummated within the twelve sixteen (1216) month period immediately preceding the first day of the Option Term (provided that timing adjustments shall be made months prior to reflect any perceived changes which will occur in the Market Rent following the date of any particular Comparable Transaction up to the date of the commencement of the Option Term) , leasing non-sublease, non-encumbered, non-equity encumbered space comparable in location and quality to the Premises and consisting containing a square footage comparable to that of one full floor or greater transactions, the Premises for a comparable termterm of five (5) years, in an arm'sarm’s-length transaction, which comparable space is located in the "“Comparable Buildings," as that term is defined in Section 4, below (transactions satisfying the foregoing criteria shall be known as the "Comparable Transactions"). .” The terms of the Comparable Transactions shall be calculated as a “Net Equivalent Lease Rate Rate” pursuant to the terms of this Exhibit F F, and shall take into consideration all relevant factors, including only the following terms and concessions: (i) the rental rate and escalations for the Comparable Transactions, ; (ii) the amount of parking rent per parking permit paid in the Comparable Transactions, if any; (iii) operating expense and tax escalation protection granted in such Comparable Transactions such as a base year or expense stop (although for each such Comparable Transaction the base rent shall be adjusted to a triple net base rent using reasonable estimates of operating expenses and taxestaxes as determined by Landlord for each such Comparable Transaction); (iv) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, the value of the existing improvements, if any, in the Premises, such value of existing improvements to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by general office users (as contrasted to the Tenant), and (v) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; provided(v) any “Renewal Allowance,” as defined herein below (or the equivalent thereof in the event Tenant elects not to accept a Renewal Allowance), howeverto be provided to Tenant in connection with the Option Term as compared to the improvements or allowances provided or to be provided in the Comparable Transactions, that taking into account the contributory value of the existing improvements in the Premises, such value to be based upon the age, design, quality of finishes, and layout of the existing improvements; and (vi) all other monetary concessions, if any, being granted such tenants in connection with such Comparable Transactions. Notwithstanding any contrary provision hereof, in determining the Market Rent, no consideration shall be given to (1) the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with the applicable term or the fact that the Comparable Transactions do or do not involve the payment of real estate brokerage commissions, and (2) any period of rental abatement, if any, granted to tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements improvements, or any commission paid or not paid in connection with such comparable spacesComparable Transaction. The Market Rent shall include adjustment of the stated size of the Premises, Premises based upon the standards of measurement utilized in the Comparable Transactions. In no event shall Alterations or improvements constructed by Tenant ; provided, however, the size of the Premises shall, notwithstanding the foregoing, be at Tenant's cost be considered least equal to the greater of: (A) the rentable square footage thereof as set forth in determining this Lease; and (B) the comparability rentable square footage of other spacethe Premises determined pursuant to the standards of space measurement used in the Comparable Transactions.
Appears in 1 contract
RELEVANT FACTORS. The "Market Rent," as used in this Lease, shall be derived from an analysis (as such derivation and analysis are set forth in this Exhibit FH) of the "Net Equivalent Lease Rates," of the "Comparable Transactions"" (as that term is defined below). The "Market Rent," , as used in this Lease, shall be equal to the annual rent per rentable square foot as would be applicable on the commencement of the Option Term foot, at which tenants, are, pursuant to transactions consummated within the twelve (12) month period immediately preceding the first day of the Option Term (provided that timing adjustments shall be made months prior to reflect any perceived changes which will occur in the Market Rent following the date of any particular Comparable Transaction up to the date of the commencement of the Option Term or the First Offer Space Term) , as applicable, leasing non-sublease, non-encumbered, non-equity encumbered space comparable in location and quality to the Premises and consisting or the subject First Offer Space, as applicable, containing a square footage comparable to that of one full floor the Premises or greater transactionsthe subject First Offer Space, as applicable, for a comparable termterm of five (5) years, in an arm's-length transaction, which comparable space is located in the "Comparable Buildings," as that term is defined in Section 4, below (transactions satisfying the foregoing criteria shall be known as the "Comparable Transactions"). The terms of the Comparable Transactions shall be calculated as a "Net Equivalent Lease Rate Rate" pursuant to the terms of this Exhibit F H, and shall take into consideration all relevant factors, including only the following terms and concessions: concessions (“Concessions”): (i) the rental rate and escalations for the Comparable Transactions, (ii) the amount of parking rent per parking permit paid in the Comparable Transactions, if any, (iii) operating expense and tax escalation protection granted in such Comparable Transactions such as a base year or expense stop (although for each such Comparable Transaction the base rent shall be adjusted to a triple net base rent using reasonable estimates of operating expenses and taxestaxes as determined by Landlord for each such Comparable Transaction); (iv) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, the value of the existing improvements, if any, in the Premises, such value of existing improvements to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by general office users (as contrasted to the Tenant), and (v) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; provided, howeverincluding, that no consideration shall without limitation, any free rent construction periods, (v) any "Market Allowance," as defined herein below, to be given to (1) the fact that provided by Landlord is or is not required to pay a real estate brokerage commission in connection with an Option Term or a First Offer Space Term, as applicable, as compared to the applicable term improvements or the fact that allowances provided or to be provided in the Comparable Transactions do or do not involve taking into account the payment contributory value of real estate brokerage commissionsthe existing improvements in the Premises, such value to be based upon the age, design, quality of finishes, and layout of the existing improvements, (2vi) all other monetary concessions (including the value of any period of rental abatementsignage), if any, being granted such Tenant or to tenants in connection with such Comparable Transactions, (vii) the size of the Phase of the Premises as compared to the size the premises leased in the Comparable Transaction, (viii) the Option Term as compared to the term of the Comparable Transaction, (ix) views and (x) timing adjustments to reflect changes (if any) in the Market Rent following the date of any particular Comparable Transaction up to the date of the commencement of the applicable Option Term or First Offer Space Term. As Tenant may not be entitled to any tenant improvement allowance, free rent period, brokerage commission or other economic concession during the Option Term, the Concessions available in Comparable Transactions which are not received by Tenant hereunder shall be reflected in connection with the design, permitting and construction Market Rent payable by Tenant (which Market Rent shall take into consideration the total dollar value of tenant improvements in such comparable spacesConcessions as amortized on a straight-line basis over the applicable term of the Comparable Transaction). The Market Rent shall include adjustment of the stated size of the PremisesPremises or the subject First Offer Space, as applicable, based upon the standards of measurement utilized in the Comparable Transactions. In no event shall Alterations or improvements constructed by Tenant at Tenant's cost be considered in determining the comparability of other space.
Appears in 1 contract
Samples: Office Lease (Okta, Inc.)
RELEVANT FACTORS. The "Market Rent," as used in this Lease, shall be derived from an analysis (as such derivation and analysis are set forth in this Exhibit F) of the "Net Equivalent Lease Rates," of the "Comparable Transactions". The "Market Rent," as used in this Lease, shall be equal to the annual rent per rentable square foot as would be applicable on the commencement of the Option Term foot, at which tenants, are, pursuant to transactions consummated within the twelve (12) month period immediately preceding months prior to the first day commencement of the Option Term (Term, provided that timing adjustments shall be made to reflect any perceived changes which will occur in the Market Rent following the date of any particular Comparable Transaction up to the date of the commencement of the applicable Option Term) , leasing non-sublease, non-encumbered, non-equity encumbered space comparable in location and quality to the Premises and consisting containing a square footage comparable to that of one full floor or greater transactions, the Premises for a comparable termterm of five (5) years, in an arm's-length transaction, which comparable space is located in the "Comparable Buildings," as that term is defined in Section 4, below (transactions satisfying the foregoing criteria shall be known as the "Comparable Transactions"). The terms of the Comparable Transactions shall be calculated as a "Net Equivalent Lease Rate Rate" pursuant to the terms of this Exhibit F F, and shall take into consideration all relevant factors, including only the following terms and concessions: (i) the rental rate and escalations for the Comparable Transactions, (ii) the amount of parking rent per parking permit paid in the Comparable Transactions, if any, (iii) operating expense and tax escalation protection granted in such Comparable Transactions such as a base year or expense stop (although for each such Comparable Transaction the base rent shall be adjusted to a triple net base rent using reasonable estimates of operating expenses and taxestaxes as determined by Landlord for each such Comparable Transaction); (iv) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, the value of the existing improvements, if any, in the Premises, such value of existing improvements to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by general office users (as contrasted to the Tenant), and (v) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; provided, however(v) any "Renewal Allowance," as defined herein below, that to be provided by Landlord in connection with the Option Term as compared to the improvements or allowances provided or to be provided in the Comparable Transactions, taking into account the contributory value of the existing improvements in the Premises, such value to be based upon the age, design, quality of finishes, and layout of the existing improvements, and (vi) all other monetary concessions (including the value of any signage), if any, being granted such tenants in connection with such Comparable Transactions. Notwithstanding any contrary provision hereof, in determining the Market Rent, no consideration shall be given to (1) the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with the applicable term or the fact that the Comparable Transactions do or do not involve the payment of real estate brokerage commissions, and (2A) any period of rental abatement, if any, granted to tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements improvements, or (B) any commission paid or not paid in connection with such comparable spacesComparable Transaction. The Market Rent shall include adjustment of the stated size of the Premises, Premises based upon the standards of measurement utilized in the Comparable Transactions. In no event shall Alterations or improvements constructed by Tenant ; provided, however, the size of the Premises shall, notwithstanding the foregoing, be at Tenant's cost be considered least equal to the greater of: (i) the square footages set forth in determining this Lease, and (ii) the comparability square footage of other spacethe Premises determined pursuant to the standards of space measurement used in the Comparable Transactions.
Appears in 1 contract
Samples: Office Lease (8x8 Inc /De/)
RELEVANT FACTORS. The "Market Rent," as used in this Lease, shall be derived from an analysis (as such derivation and analysis are set forth in this Exhibit F) of the "Net Equivalent Lease Rates," of the "Comparable Transactions". The "Market Rent," as used in this Lease, shall be equal to the annual rent per rentable square foot as would be applicable on the commencement of the Option Term at which tenants, are, pursuant to transactions consummated within the twelve (12) month period immediately preceding the first day of the Option Term (provided that timing adjustments shall be made to reflect any perceived changes which will occur in the Market Rent following the date of any particular Comparable Transaction up to the date of the commencement of the Option Term) leasing non-sublease, non-encumbered, non-equity space comparable in location and quality to the Premises and consisting of one full floor or greater transactionsat least twenty thousand (20,000) rentable square feet, for a comparable term, in an arm's-length transaction, which comparable space is located in the "Comparable Buildings," as that term is defined in Section 4, below (transactions satisfying the foregoing criteria shall be known as the "Comparable Transactions"). The terms of the Comparable Transactions shall be calculated as a Net Equivalent Lease Rate pursuant to the terms of this Exhibit F E and shall take into consideration all relevant factors, including only the following terms and concessions: concessions (the "Concessions"): (i) the rental rate and escalations for the Comparable Transactions, (ii) the amount of parking rent per parking permit paid in the Comparable Transactions, (iii) operating expense and tax escalation protection granted in such Comparable Transactions such as a base year or expense stop (although for each such Comparable Transaction the base rent shall be adjusted to a triple net base rent using reasonable estimates of operating expenses and taxes)stop; (iv) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, the value of the existing improvements, if any, in the Premises, such value of existing improvements to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by general office users (as contrasted to the Tenant), and (v) rental rental/parking abatement concessions, if any, being granted such tenants in connection with such comparable space, and (vi) all other monetary concessions being granted such tenants in connection with such Comparable Transactions; provided, however, that no consideration shall be given to (1) the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with the applicable term or the fact that the Comparable Transactions do or do not involve the payment of real estate brokerage commissions, and (2) any period of rental abatement, if any, granted to tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements in such comparable spacesspace. The Market Rent shall include adjustment of the stated size of the Premises, based upon the standards of measurement utilized in the Comparable Transactions. In no event shall Alterations or improvements constructed by Tenant at Tenant's cost be considered in determining the comparability of other space.
Appears in 1 contract
RELEVANT FACTORS. The "Market Rent,Comparable Transactions" as used in this Lease, shall be derived from an analysis (as such derivation and analysis are set forth in this Exhibit F) of the "Net Equivalent Lease Rates," of the "Comparable Transactions". The "Market Rent," as used in this Lease, shall be equal to the annual rent per rentable square foot as would be applicable on the commencement of the Option Term foot, at which tenants, are, pursuant to transactions consummated within the twelve (12) month period immediately preceding the first day of the Option Term (provided that timing adjustments shall be made months prior to reflect any perceived changes which will occur in the Market Rent following the date of any particular Comparable Transaction up to the date of the commencement of the Option Term) , leasing non-sublease, non-encumbered, non-equity encumbered space comparable in location and quality to the Premises and consisting of one full floor or greater transactions, more entire buildings containing a total of not less than 300,000 rentable square feet for a comparable termterm of one or more entire buildings containing a total of not less than 300,000 rentable square feet for a term of five (5) or ten (10) years, in an arm's-length transaction, which comparable space is located in the "Comparable Buildings,;" as that term is defined in Section 4provided, below (transactions satisfying however, if there are not enough Comparable Transactions to reasonable and accurately determine the foregoing criteria Market Rent, then the minimum square footage requirement shall be known as the "reduced by 50,000 rentable square feet (i.e., to 250,000 rentable square feet), and thereafter if there still are not enough Comparable Transactions"), then the minimum square footage requirement shall again be reduced by 50,000 rentable square feet and such reduction process shall continue until a reasonable number of Comparable Transactions has been obtained; provided further, however, in no event shall the minimum square footage ever be reduced below 150,000 rentable square feet. The terms of the Comparable Transactions shall be calculated as a "Net Equivalent Lease Rate Rate" pursuant to the terms of this Exhibit F G, and shall take into consideration all relevant factors, including only the following terms and concessions: (i) the rental rate and escalations for the Comparable Transactions, (ii) the amount of parking rent per parking permit paid in the Comparable Transactions, if any, (iii) operating expense and tax escalation protection granted in such Comparable Transactions such as a base year or expense stop (although for each such Comparable Transaction the base rent shall be adjusted to a triple net base rent using reasonable estimates of operating expenses and taxestaxes as determined by Landlord for each such Comparable Transaction); (iv) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, the value of the existing improvements, if any, in the Premises, such value of existing improvements to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by general office users (as contrasted to the Tenant), and (v) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; provided, however(v) any "Renewal Allowance," as defined herein below, that to be provided by Tenant in connection with each Option as compared to the improvements or allowances provided or to be provided in the Comparable Transactions, taking into account the contributory value of the existing improvements in the Premises, such value to be based upon the age, design, quality of finishes, and layout of the existing improvements, and (vi) all other monetary concessions (including the value of any signage), if any, being granted such tenants in connection with such Comparable Transactions. Notwithstanding any contrary provision hereof, in determining the Market Rent, no consideration shall be given to (1) the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with the applicable term or the fact that the Comparable Transactions do or do not involve the payment of real estate brokerage commissions, and (2) any period of rental abatement, if any, granted to tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements premises improvements, or any commission paid or not paid in connection with such comparable spacesComparable Transaction. The Market Rent shall include adjustment of the stated size of the Premises, Premises based upon the standards of measurement utilized in the Comparable Transactions. In no event shall Alterations or improvements constructed by Tenant ; provided, however, the size of the Premises shall, notwithstanding the foregoing, be at Tenant's cost be considered least equal to the greater of: (i) the square footages set forth in determining this Lease and (ii) the comparability square footage of other spacethe Premises determined pursuant to the standards of space measurement used in the Comparable Transactions.
Appears in 1 contract
RELEVANT FACTORS. The "Market Rent," , as used in this Lease, shall be derived from an analysis (as such derivation and analysis are set forth in this Exhibit F) of the "“Net Equivalent Lease Rates," ” of the "“Comparable Transactions"”. The "“Market Rent," ” as used in this Lease, shall be equal to the annual rent per rentable square foot as would be applicable on the commencement of the Option Term (or First Offer Term, as applicable) at which tenants, are, pursuant to transactions consummated within the twelve (12) month period immediately preceding the first day of the Option Term (or First Offer Term, as applicable) (provided that timing adjustments shall be made to reflect any perceived changes which will occur in the Market Rent following the date of any particular Comparable Transaction up to the date of the commencement of the Option Term (or First Offer Term, as applicable)) leasing non-sublease, non-encumbered, non-equity space comparable in location and quality to the Premises in the “Comparable Area” (as that term is defined in Section 4 below and consisting of one full floor at least 100,000 rentable square feet (or greater transactionscomparable size to the First Offer Space, as applicable), for a comparable term, in an arm'sarm’s-length transaction, which comparable space is located in the "“Comparable Buildings," ” as that term is defined in Section 4, below (transactions satisfying the foregoing criteria shall be known as the "“Comparable Transactions"”). The terms of the Comparable Transactions shall be calculated as a Net Equivalent Lease Rate pursuant to the terms of this Exhibit F and shall take into consideration all relevant factors, including only the following terms and concessions: (i) the rental rate and escalations for the Comparable Transactions, (ii) the amount of parking rent per parking permit paid in the Comparable Transactions, (iii) operating expense and tax escalation protection granted in such Comparable Transactions such as a base year or expense stop (although for each such Comparable Transaction the base rent shall be adjusted to a triple net base rent using reasonable estimates of operating expenses and taxestaxes as determined by Landlord for each such Comparable Transaction); (iv) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, the value of the existing improvements, if any, in the PremisesPremises and/or improvement allowances granted to Tenant, such value of existing improvements to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by general office users (as contrasted to the Tenant), (v) consideration of the level of control and the usage rights of the Terrace, Common Areas, Building Parking Facilities and signage rights by Tenant at the Project, and (vvi) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; provided, however, that no consideration shall be given to (1) the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with the applicable term or the fact that the Comparable Transactions do or do not involve the payment of real estate brokerage commissions, and (2) any period of rental abatement, if any, granted to tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements in such comparable spaces. The Market Rent shall include adjustment of the stated size of the First Offer Space or the Premises, as applicable, based upon the standards of measurement utilized in the Comparable Transactions. In no event shall Alterations or improvements constructed by Tenant at Tenant's cost be considered in determining the comparability of other space.
Appears in 1 contract
Samples: Sublease Agreement (Snowflake Inc.)
RELEVANT FACTORS. The "Market Rent," as used in this Lease, shall be derived from an analysis (as such derivation and analysis are set forth in this Exhibit F) of the "Net Equivalent Lease Rates," of the "Comparable Transactions". The "Market Rent," as used in this Lease, shall be equal to the annual rent per rentable square foot as would be applicable on the commencement of the Option Term foot, at which tenants, are, pursuant to transactions consummated within the twelve (12) month period immediately preceding months prior to the first day commencement of the Option Term (Term, provided that timing adjustments shall be made to reflect any perceived changes which will occur in the Market Rent following the date of any particular Comparable Transaction up to the date of the commencement of the applicable Option Term) , leasing non-sublease, non-encumbered, non-equity encumbered space comparable in location and quality to the Premises and consisting containing a square footage comparable to that of one full floor or greater transactions, the Premises for a comparable termterm of five (5) years, in an arm's-length transaction, which comparable space is located in the "Comparable Buildings," as that term is defined in Section 4, below (transactions satisfying the foregoing criteria shall be known as the "Comparable Transactions"). The terms of the Comparable Transactions shall be calculated as a "Net Equivalent Lease Rate Rate" pursuant to the terms of this Exhibit F F, and shall take into consideration all relevant factors, including only the following terms and concessions: (i) the rental rate and escalations for the Comparable Transactions, (ii) the amount of parking rent per parking permit paid in the Comparable Transactions, if any (and taking into consideration that Tenant is provided parking without charge and the availability and type of parking), (iii) operating expense and tax escalation protection granted in such Comparable Transactions such as a base year or expense stop (although for each such Comparable Transaction the base rent shall be adjusted to a triple net base rent using reasonable estimates of operating expenses and taxestaxes as determined by Landlord for each such Comparable Transaction); (iv) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, the value of the existing improvements, if any, in the Premises, such value of existing improvements to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by general office users (as contrasted to the Tenant), and (v) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; provided, however(v) any "Renewal Allowance," as defined herein below, that to be provided by Landlord in connection with the Option Term as compared to the improvements or allowances provided or to be provided in the Comparable Transactions, taking into account the contributory value of the existing improvements in the Premises (or Reduced Premises, as applicable), such value to be based upon the age, design, quality of finishes, and layout and use of the existing improvements, and (vi) all other monetary concessions (including the value of any signage, availability of amenities and services), if any, being granted such tenants in connection with such Comparable Transactions. Notwithstanding any contrary provision hereof, in determining the Market Rent, no consideration shall be given to (1) the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with the applicable term or the fact that the Comparable Transactions do or do not involve the payment of real estate brokerage commissions, and (2A) any period of rental abatement, if any, granted to tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements improvements, or (B) any commission paid or not paid in connection with such comparable spacesComparable Transaction. The Market Rent shall include adjustment of the stated size of the Premises (or Reduced Premises, as applicable) based upon the standards of measurement utilized in the Comparable Transactions. In no event shall Alterations or improvements constructed by Tenant ; provided, however, the size of the Premises shall, notwithstanding the foregoing, be at Tenant's cost be considered least equal to the greater of: (i) the square footages set forth in determining this Lease, and (ii) the comparability square footage of other spacethe Premises determined pursuant to the standards of space measurement used in the Comparable Transactions.
Appears in 1 contract
Samples: Office Lease (Roku, Inc)
RELEVANT FACTORS. The "Market Rent," as used in this Lease, “Comparable Transactions” shall be derived from an analysis (as such derivation and analysis are set forth in this Exhibit F) of the "“Net Equivalent Lease Rates," of the "Comparable Transactions". The "Market Rent," as used in this Lease, shall be equal to the annual rent ” per rentable square foot as would be applicable on the commencement of the Option Term foot, at which tenants, are, pursuant to transactions consummated within the twelve eighteen (1218) month period immediately preceding the first day of the Option Term (provided that timing adjustments shall be made months prior to reflect any perceived changes which will occur in the Market Rent following the date of any particular Comparable Transaction up to the date of the commencement of the Option Term) , leasing non-sublease, non-encumbered, non-equity encumbered space comparable in location and quality to the Premises and consisting containing a square footage comparable to that of one full floor or greater transactions, the Premises for a comparable termterm of five (5) years, in an arm'sarm’s-length transaction, which comparable space is located in the "“Comparable Buildings," as that term is defined in Section 4, below (transactions satisfying the foregoing criteria shall be known as the "Comparable Transactions"). .” The terms of the Comparable Transactions shall be calculated as a “Net Equivalent Lease Rate Rate” pursuant to the terms of this Exhibit F H, and shall take into consideration all relevant factors, including only the following terms and concessions: (i) the rental rate and escalations for the Comparable Transactions, (ii) the amount of parking rent per parking permit paid in the Comparable Transactions, if any, (iii) operating expense and tax escalation protection granted in such Comparable Transactions such as a base year or expense stop (although for each such Comparable Transaction the base rent shall be adjusted to a triple net base rent using reasonable estimates of operating expenses and taxestaxes as determined by Landlord for each such Comparable Transaction); (iv) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, the value of the existing improvements, if any, in the Premises, such value of existing improvements to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by general office users (as contrasted to the Tenant), and (v) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; provided, however(v) any “Renewal Allowance,” as defined herein below, that to be provided by Tenant in connection with the Option Term as compared to the improvements or allowances provided or to be provided in the Comparable Transactions, taking into account the contributory value of the existing improvements in the Premises, such value to be based upon the age, design, quality of finishes, and layout of the existing improvements, and (vi) all other monetary concessions (including the value of any signage), if any, being granted such tenants in connection with such Comparable Transactions. Notwithstanding any contrary provision hereof, in determining the Market Rent, no consideration shall be given to (1) the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with the applicable term or the fact that the Comparable Transactions do or do not involve the payment of real estate brokerage commissions, and (2) any period of rental abatement, if any, granted to tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements improvements, or any commission paid or not paid in connection with such comparable spacesComparable Transaction. The Market Rent shall include adjustment of the stated size of the Premises, Premises based upon the standards of measurement utilized in the Comparable Transactions. In no event shall Alterations or improvements constructed by Tenant ; provided, however, the size of the Premises shall, notwithstanding the foregoing, be at Tenant's cost be considered least equal to the greater of: (i) the square footages set forth in determining this Lease, and (ii) the comparability square footage of other spacethe Premises determined pursuant to the standards of space measurement used in the Comparable Transactions.
Appears in 1 contract
Samples: Sublease Agreement (Okta, Inc.)
RELEVANT FACTORS. The "Market Rent," as used in this Lease, “Comparable Transactions” shall be derived from an analysis (as such derivation and analysis are set forth in this Exhibit F) of the "“Net Equivalent Lease Rates," of the "Comparable Transactions". The "Market Rent," as used in this Lease, shall be equal to the annual rent ” per rentable square foot as would be applicable on the commencement of the Option Term foot, at which tenants, are, pursuant to transactions consummated within the twelve (12) month period immediately preceding the first day of the Option Term (provided that timing adjustments shall be made months prior to reflect any perceived changes which will occur in the Market Rent following the date of any particular Comparable Transaction up to the date of the commencement of the Option Term) , leasing non-sublease, non-encumbered, non-equity encumbered space comparable in location and quality to the Premises and consisting containing a square footage comparable to that of one full floor or greater transactions, the Premises for a comparable termterm of three (3) years, in an arm'sarm’s-length transaction, which comparable space is located in the "“Comparable Buildings," as that term is defined in Section 4, below (transactions satisfying the foregoing criteria shall be known as the "Comparable Transactions"). .” The terms of the Comparable Transactions shall be calculated as a “Net Equivalent Lease Rate Rate” pursuant to the terms of this Exhibit F G, and shall take into consideration all relevant factors, including only the following terms and concessions: (i) the rental rate and escalations for the Comparable Transactions, (ii) the amount of parking rent per parking permit paid in the Comparable Transactions, if any, (iii) operating expense and tax escalation protection granted in such Comparable Transactions such as a base year or expense stop (although for each such Comparable Transaction the base rent shall be adjusted to a triple net base rent using reasonable estimates of operating expenses and taxestaxes as determined by Landlord for each such Comparable Transaction); (iv) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, the value of the existing improvements, if any, in the Premises, such value of existing improvements to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by general office users (as contrasted to the Tenant), and (v) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; provided, however(v) any “Renewal Allowance,” as defined herein below, that to be provided by Tenant in connection with the Option Term as compared to the improvements or allowances provided or to be provided in the Comparable Transactions, taking into account the contributory value of the existing improvements in the Premises, such value to be based upon the age, design, quality of finishes, and layout of the existing improvements, and (vi) all other monetary concessions (including the value of any signage), if any, being granted such tenants in connection with such Comparable Transactions. Notwithstanding any contrary provision hereof, in determining the Market Rent, no consideration shall be given to (1) the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with the applicable term or the fact that the Comparable Transactions do or do not involve the payment of real estate brokerage commissions, and (2) any period of rental abatement, if any, granted to tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements improvements, or any commission paid or not paid in connection with such comparable spacesComparable Transaction. The Market Rent shall include adjustment of the stated size of the Premises, Premises based upon the standards of measurement utilized in the Comparable Transactions. In no event The Market Rent shall Alterations or improvements constructed by additionally be subject to appropriate adjustments (if any) to account for differences in the then-existing financial condition of the Tenant at Tenant's cost vis-à-vis the subject tenants under the Comparable Transactions and taking into account any applicable credit enhancements (e.g., security deposits, letters of credit, guaranties, etc.). Landlord and Tenant hereby acknowledge and agree that if there are not a sufficient number of transactions comparable to those set forth in this Exhibit G with a comparable lease term to the Option Term to determine the Market Rent for a lease of such duration, then the Market Rent for purposes of this Lease shall be considered in determining equal to that of Comparable Transactions with a term of five (5) years, provided that the comparability concessions shall be appropriately prorated on a fractional basis to account for the shorter term of other spacethe Lease.
Appears in 1 contract
Samples: Office Lease (Volcano Corp)
RELEVANT FACTORS. The "Market Rent," as used in this Lease, shall be derived from an analysis (as such derivation and analysis are set forth in this Exhibit FH) of the "Net Equivalent Lease Rates," of the "Comparable Transactions"" (as that term is defined below). The "Market Rent," , as used in this Lease, shall be equal to the annual rent per rentable square foot as would be applicable on the commencement of the Option Term foot, at which tenants, are, pursuant to transactions consummated within twelve (12) months prior to the commencement of the Option Term (or the twelve (12) month period immediately preceding prior to the first day commencement of the Option Term (Tenant's lease of any First Offer Space), provided that timing adjustments shall be made to reflect any perceived changes which will occur in the Market Rent following the date of any particular Comparable Transaction up to the date of the commencement of the applicable Option Term) , leasing non-sublease, non-encumbered, non-equity encumbered space comparable in location and quality to the Premises and containing a square footage comparable to that of the Premises (or, if determining First Offer Rent, consisting of one full floor or greater transactions, a space comparable in size to the First Offer Space being leased by Tenant) for a comparable termterm of five (5) years, in an arm's-length transaction, which comparable space is located in the "Comparable Buildings," as that term is defined in Section 4, below (transactions satisfying the foregoing criteria shall be known as the "Comparable Transactions"”). The terms of the Comparable Transactions shall be calculated as a "Net Equivalent Lease Rate Rate" pursuant to the terms of this Exhibit F H, and shall take into consideration all relevant factors, including only the following terms and concessions: (i) the rental rate and escalations for the Comparable Transactions, (ii) the amount of parking rent per parking permit paid in the Comparable Transactions, if any, (iii) operating expense and tax escalation protection granted in such Comparable Transactions such as a base year or expense stop (although for each such Comparable Transaction the base rent shall be adjusted to a triple net base rent using reasonable estimates of operating expenses and taxestaxes for each such Comparable Transaction); (iv) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, the value of the existing improvements, if any, in the Premises, such value of existing improvements to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by general office users (as contrasted to the Tenant), and (v) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; provided, however(v) any "Renewal Allowance," as defined herein below, that to be provided to Tenant in connection with the Option Term as compared to the improvements or allowances provided or to be provided in the Comparable Transactions, taking into account the contributory value of the existing improvements in the Premises (or in the First Offer Space, as applicable), such value to be based upon the age, design, quality of finishes, and layout of the existing improvements, and (vi) all other monetary concessions (including the value of any signage), if any, being granted such tenants in connection with such Comparable Transactions. Notwithstanding any contrary provision hereof, in determining the Market Rent for the Option Term (but not for any First Offer Term), no consideration shall be given to (1) the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with the applicable term or the fact that the Comparable Transactions do or do not involve the payment of real estate brokerage commissions, and (2) any period of rental abatement, if any, granted to tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements improvements, or any commission paid or not paid in connection with such comparable spacesComparable Transaction. The Market Rent shall include adjustment of the stated size of the PremisesPremises (or the First Offer Space, as applicable) based upon the standards of measurement utilized in the Comparable Transactions. In no event shall Alterations or improvements constructed by Tenant ; provided, however, the size of the Premises shall, notwithstanding the foregoing, be at Tenant's cost be considered least equal to the greater of: (i) the square footages set forth in determining this Lease, and 692500.09/WLA371593-00023/6-13-12/ao/ao EXHIBIT H KEY CENTER[Xxxxxx Realty, L.P.][Concur Technologies, Inc.] (ii) the comparability square footage of other spacethe Premises determined pursuant to the standards of space measurement used in the Comparable Transactions.
Appears in 1 contract
RELEVANT FACTORS. The "Market Rent," as used in this Lease, shall be derived from an analysis (as such derivation and analysis are set forth in this Exhibit FG) of the "Net Equivalent Lease Rates," of the "Comparable Transactions"" (as that term is defined below), and with respect to Tranche 1, in the event Tenant elects to renew the Retail Space or Floor 61, shall include a separate determination of the Market Rent for each, as applicable. The "Market Rent," , as used in this Lease, shall be equal to the annual rent per rentable square foot as would be applicable on RSF, at which tenants, pursuant to transactions consummated within twelve (12) months prior to the commencement of the Option Term at which tenants, are, pursuant with respect to transactions consummated within the twelve (12) month period immediately preceding the first day a particular Tranche of the Option Term Premises (or nine (9) months prior to the First Offer Commencement Date) (provided that timing adjustments shall be made to reflect any perceived changes which will occur in the Market Rent following the date of any particular Comparable Transaction up to the date of the commencement of the applicable Option Term) ), are leasing non-sublease, non-encumbered, non-equity encumbered space comparable in location and quality to the Premises and consisting (or First Offer Space) containing a square footage comparable to that of one full floor the particular Tranche of the Premises (or greater transactionsReduced Tranche, or First Offer Space, as applicable), for a comparable termsimilar use (including office use, and retail use, as applicable) for a term of between and including five (5) and ten (10) years (provided that, prior to analyzing the same on a "Net Equivalent Lease Rate" basis, the economic terms of any such ten (10) year transaction shall be reasonably adjusted, if necessary, in accordance with normal and customary office building industry practices, in order to compare such ten (10) year transaction to a seven (7) year or a five (5) year transaction, as applicable), in an arm's-length transaction, which comparable space is located in the "Comparable Buildings," as that term is defined in Section 4, below (transactions satisfying the foregoing criteria shall be known as the "Comparable Transactions"). The terms of the Comparable Transactions shall be calculated as a "Net Equivalent Lease Rate Rate" pursuant to the terms of this Exhibit F G and shall take into consideration all relevant factors, including only the following terms and concessions: (i) the rental rate and escalations for the Comparable Transactions, (ii) the amount of parking rent per parking permit paid in the Comparable Transactions, if any, (iii) operating expense and tax escalation protection granted in such Comparable Transactions such as a base year or expense stop (although for each such Comparable Transaction the base rent shall be adjusted to a triple net base rent using reasonable estimates of operating expenses and taxestaxes as determined by Landlord for each such Comparable Transaction); (iv) tenant improvements any free rent period or allowances provided or rental abatement concession to be provided for such comparable space, taking into account, to Tenant in connection with the value Option Term (or Tenant's lease of the existing improvements, if any, in the Premises, such value of existing improvements to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by general office users (First Offer Space) as contrasted compared to the Tenant), and (v) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; provided, however(v) any "Renewal Allowance," as defined herein below, to be provided to Tenant in connection with the Option Term (or any improvement allowance provide to Tenant in connection with its lease of First Offer Space) as compared to the improvements or allowances provided or to be provided in the Comparable Transactions, taking into account the contributory value of the existing improvements in the Premises (or First Offer Space), such value to be based upon the age, design, quality of finishes, and layout of the existing improvements and the extent to which the same can be utilized by a general office user other than Tenant (provided that in no event shall the contributory value of the existing improvements in the Premises exceed an amount equal to $70.00 per RSF of the 720213.12/XXX000000-00005/4-9-14/mem/ejw EXHIBIT G-4- Salesforce Tower415 MISSION STREET[xxxxxxxxxx.xxx, Inc.] Premises, which foregoing amount shall be increased annually during the Lease Term by $1.00 per RSF, commencing on the first anniversary of the Phase 5 Lease Commencement Date), (vi) all other monetary concessions, if any, being granted to Tenant or to tenants in connection with such Comparable Transactions (excluding, Tenant's "Signage and Naming Rights," as that term is defined in Article 23 of this Lease, above, which shall not be taken into consideration, and the Market Rent shall be determined as if Tenant did not have any Signage and Naming Rights), (vii) the size of the Tranche of the Premises (or Reduced Tranche or First Offer Space, as applicable) as compared to the size of the premises leased in the Comparable Transaction taking into account with respect to the floors within a Tranche the different sizes and locations of such floors within the Building, (viii) views, (ix) the size of Comparable Buildings, and (x) the brokerage commissions payable in connection with the Comparable Transaction compared to the fact that no broker commissions are payable under this Lease in connection with the Option Term. In addition, in determining the Market Rent, the difference between the Building and the Comparable Buildings in terms of level of LEED certification, raised floor base building systems, and proximity to mass transit, may be taken into account and the Market Rent may be appropriately adjusted (to the extent such factors normally affect the rent received by the landlord of the Comparable Buildings) to reflect the existence or non-existence of such factors. Notwithstanding any contrary provision hereof, in determining the Market Rent, no consideration shall be given to (1) the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with the applicable term or the fact that the Comparable Transactions do or do not involve the payment of real estate brokerage commissions, and (2) any period of rental abatement, if any, granted to tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements in such comparable spacesimprovements. The Market Rent shall include adjustment In addition, because the rentable square footage of the stated size Premises shall have determined pursuant to Section 1.2 of the Lease, no consideration shall be given to the measurement standard used to determine the rentable square footage of the Comparable Transactions, as compared to the measurement standard used by Landlord and Tenant to determine the rentable square footage of the Premises, based upon the standards of measurement utilized and in the Comparable Transactions. In no event shall Alterations the size of the Premises change in connection with the determination of Market Rent; provided, however, the foregoing shall not preclude adjusting Comparable Transactions if the Neutral Arbitrator determines that the measurement method used in a Comparable Transaction is above or improvements constructed by Tenant at Tenant's cost be considered in determining the comparability of other spacebelow market standards.
Appears in 1 contract
Samples: Office Lease (Salesforce Com Inc)
RELEVANT FACTORS. The "“Market Rent," ” as used in this Lease, shall be derived from an analysis (as such derivation and analysis are set forth in this Exhibit FH) of the "“Net Equivalent Lease Rates," ” of the "“Comparable Transactions"”. The "“Market Rent," ” as used in this Lease, shall be equal to the annual rent per rentable square foot as would be applicable on the commencement of the Option Term foot, at which tenants, are, pursuant to transactions consummated within the period occurring within the twelve (12) month period immediately preceding prior to the first day commencement of the applicable Option Term or First Offer Term (provided that timing adjustments shall be made to reflect any perceived changes which will occur in the Market Rent following the date of any particular Comparable Transaction up to the date of the commencement of the applicable Option Term or First Offer Term) leasing non-renewal, non-expansion, non-sublease, non-encumbered, non-equity office space comparable in location and quality to the Premises to be leased during the subject Option Term or First Offer Space, as the case may be, and consisting of one full floor lease transactions of comparable amounts of space for First Offer Space or greater transactionsthe Premises to be leased during the subject Option Term, for a comparable termterm of between and including five (5) and ten (10) years, in an arm'sarm’s-length transaction, which comparable space is located in the "“Comparable Buildings," ” as that term is defined in Section 4, below (transactions satisfying the foregoing criteria shall be known as the "“Comparable Transactions"”). In the event that the Premises to be leased by Tenant during an Option Term shall exceed 100,000 rentable square feet, the size requirement set forth above with regard to Comparable Transactions shall be considered satisfied with any Comparable Transaction in excess of 100,000 rentable square feet. The terms of the Comparable Transactions shall be calculated as a Net Equivalent Lease Rate pursuant to the terms of this Exhibit F H and shall take into consideration all relevant factors, including only the following terms and concessions: (i) the rental rate and escalations for the Comparable Transactions, (ii) the amount of parking rent per parking permit paid in the Comparable Transactions, (iii) operating expense and tax escalation protection granted in such Comparable Transactions such as a base year or expense stop and any limits/caps (although for each such Comparable Transaction the base rent shall be adjusted to a triple net base rent using reasonable estimates of operating expenses and taxese.g., Proposition 13 protection); (iv) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, the value of the existing improvements, if any, in the Premises, such value of existing improvements to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by general office users (as contrasted to the Tenant), and (v) rental abatement concessions, if any, being granted such tenants in connection with such comparable space, (v) tenant improvements or allowances provided or to be provided for such comparable space, taking into account the value of the existing improvements in the Premises to be leased during the subject Option Term or the First Offer Space, as the case may be, such value to be based upon the age, quality and layout of the improvements (and not considering the value of any improvements installed in the Premises to be leased during the subject Option Term by Tenant with funds in excess of the Tenant Improvement Allowance), (vi) consideration of the level of control and the usage rights of space and parking areas by Tenant, of the Project with respect to rights to use the Common Areas, rights to parking automobiles, and signage rights, (vii) brokerage commissions paid, and (viii) all other monetary and nonmonetary concessions, if any, being granted such tenants in connection with such Comparable Transactions; provided, however, that for an Option Term, but not a First Offer Term, no consideration shall be given to (1) the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with the applicable term or the fact that the Comparable Transactions do or do not involve the payment of real estate brokerage commissions, and (2) any period of rental abatement, if any, granted to tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements in such comparable spaces. The Market Rent shall include adjustment of the stated size of the PremisesPremises to be leased during the subject Option Term or the First Offer Space, as the case may be based upon the standards of measurement (i.e., the ratio of rentable to usable square feet) utilized in the Comparable Transactions. In no event shall Alterations or improvements constructed by Tenant at Tenant's cost be considered in determining the comparability of other space.
Appears in 1 contract
Samples: Office Lease (ServiceTitan, Inc.)
RELEVANT FACTORS. The "Market Rent," as used in this LeaseFourth Amendment, shall be derived from an analysis (as such derivation and analysis are set forth in this Exhibit FD) of the "Net Equivalent Lease Rates," of the "Comparable Transactions"" (as that term is defined below). The "Market Rent," , as used in this LeaseFourth Amendment, shall be equal to the annual rent per rentable square foot as would be applicable on the commencement of the Option Term foot, at which tenants, are, pursuant to transactions consummated within the twelve (12) month period immediately preceding months prior to the first day commencement of the Option Term (Term, provided that timing adjustments shall be made to reflect any perceived changes which will occur in the Market Rent following the date of any particular Comparable Transaction up to the date of the commencement of the applicable Option Term) , leasing non-sublease, non-encumbered, non-equity encumbered space comparable in location and quality to the Premises and consisting containing a square footage comparable to that of one full floor or greater transactions, the Premises for a comparable termterm of five (5) years, in an arm's-length transaction, which comparable space is located in the "Comparable Buildings," as that term is defined in Section 4, below (transactions satisfying the foregoing criteria shall be known as the "Comparable Transactions"). The terms of the Comparable Transactions shall be calculated as a "Net Equivalent Lease Rate Rate" pursuant to the terms of this Exhibit F D, and shall take into consideration all relevant factors, including only the following terms and concessions: (i) the rental rate and escalations for the Comparable Transactions, (ii) the amount of parking rent per parking permit paid in the Comparable Transactions, (iii) operating expense and tax escalation protection granted in such Comparable Transactions such as a base year or expense stop (although for each such Comparable Transaction the base rent shall be adjusted to a triple net base rent using reasonable estimates of operating expenses and taxestaxes as reasonably determined by Landlord for each such Comparable Transaction); (iv) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, the value of the existing improvements, if any, in the Premises, such value of existing improvements to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by general office users (as contrasted to the Tenant), and (viii) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; provided, however(iv) any "Renewal Allowance," as defined herein below, that to be provided by Landlord to Tenant in connection with the Option Term as compared to the improvements or allowances provided or to be provided in the Comparable Transactions, taking into account the contributory value of the existing improvements in the Premises, such value to be based upon the age, design, quality of finishes, and layout of the existing improvements, and (v) all other monetary concessions, if any, being granted such tenants in connection with such Comparable Transactions. Notwithstanding any contrary provision hereof, in determining the Market Rent, no consideration shall be given (A) to (1) the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with the applicable term or the fact that the Comparable Transactions do or do not involve the payment of real estate brokerage commissions, and (2) any period of rental abatement, if any, granted to tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements improvements, or (B) any commission paid or not paid in connection with such comparable spacesComparable Transaction. The Market Rent shall include adjustment of the stated size of the Premises, Premises based upon the standards of measurement utilized in the Comparable Transactions. In no event shall Alterations or improvements constructed by Tenant ; provided, however, the size of the Premises shall, notwithstanding the foregoing, be at Tenant's cost be considered least equal to the square footages set forth in determining the comparability of other spacethis Fourth Amendment.
Appears in 1 contract
RELEVANT FACTORS. The "Market Rent," as used in this Lease, “Comparable Transactions” shall be derived from an analysis (as such derivation and analysis are set forth in this Exhibit F) of the "“Net Equivalent Lease Rates," of the "Comparable Transactions". The "Market Rent," as used in this Lease, shall be equal to the annual rent ” per rentable square foot as would be applicable on the commencement of the Option Term foot, at which tenants, are, pursuant to transactions consummated within the period occurring between twelve (12) month period immediately preceding months and six (6) months prior to the first day commencement of the Option Term (provided that timing adjustments if there are not enough Comparable Transactions to make a determination of Market Rent, then such period shall be made to reflect any perceived changes which will occur in the Market Rent following the date of any particular Comparable Transaction up extended to the date of period occurring between twenty-four (24) months and six (6) months prior to the commencement of the Option Term) ), leasing non-sublease, non-encumbered, non-equity encumbered space comparable in location and quality to the Premises and consisting of one full floor or greater transactions, an entire building containing not less than 50,000 rentable square feet for a comparable termterm of between and including five (5) and ten (10) years, in an arm'sarm’s-length transaction, which comparable space is located in the "“Comparable Buildings," as that term is defined in Section 4, below (transactions satisfying the foregoing criteria shall be known as the "Comparable Transactions"). .” The terms of the Comparable Transactions shall be calculated as a “Net Equivalent Lease Rate Rate” pursuant to the terms of this Exhibit F H, and shall take into consideration all relevant factors, including only the following terms and concessions: (i) the rental rate and escalations for the Comparable Transactions, (ii) the amount of parking rent per parking permit paid in the Comparable Transactions, if any, (iii) operating expense and tax escalation protection granted in such Comparable Transactions such as a base year or expense stop (although for each such Comparable Transaction the base rent shall be adjusted to a triple net base rent using reasonable estimates of operating expenses and taxestaxes as determined by Landlord for each such Comparable Transaction); (iv) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, the value of the existing improvements, if any, in the Premises, such value of existing improvements to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by general office users (as contrasted to the Tenant), and (v) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; provided, however(v) any “Option Term Improvement Allowance,” as defined herein below, that to be provided by Tenant in connection with each Option as compared to the improvements or allowances provided or to be provided in the Comparable Transactions, taking into account the contributory value of the existing improvements in the Premises, such value to be based upon the age, design, quality of finishes, and layout of the existing improvements, and (vi) all other monetary concessions (including the value of any signage), if any, being granted such tenants in connection with such Comparable Transactions. Notwithstanding any contrary provision hereof, in determining the Market Rent, no consideration shall be given to (1) the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with the applicable term or the fact that the Comparable Transactions do or do not involve the payment of real estate brokerage commissions, and (2) any period of rental abatement, if any, granted to tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements in such comparable spacesimprovements. The Market Rent shall include adjustment of the stated size of the Premises, Premises based upon the standards of measurement utilized in the Comparable Transactions. In no event shall Alterations or improvements constructed by Tenant at Tenant's cost be considered in determining the comparability of other space.
Appears in 1 contract
RELEVANT FACTORS. The "Market Rent," as used in this Lease, shall be derived from an analysis (as such derivation and analysis are set forth in this Exhibit FH) of the "Net Equivalent Lease RatesRate," of the "Comparable Transactions"" (as those terms are defined below). The "Market Rent," , as used in this Lease, shall be equal to the annual rent per rentable square foot as would be applicable on the commencement of the Option Term foot, at which tenants, are, pursuant to transactions consummated within the twelve (12) month period immediately preceding months prior to the first day commencement of the Option Term (Term, provided that timing adjustments shall be made to reflect any perceived changes which will occur in the Market Rent following the date of any particular Comparable Transaction up to the date of the commencement of the applicable Option Term) , leasing non-sublease, non-encumbered, non-equity encumbered space comparable in location and quality to the Premises and consisting containing a square footage comparable to that of one full floor or greater transactions, the Premises for a comparable termterm of five (5) years, in an arm's-length transaction, which comparable space is located in the "Comparable Buildings," as that term is defined in Section 4, below (transactions satisfying the foregoing criteria shall be known as the "Comparable Transactions"). The terms of the Comparable Transactions shall be calculated as a "Net Equivalent Lease Rate Rate" pursuant to the terms of this Exhibit F H, and shall take into consideration all relevant factors, including only the following terms and concessions: (i) the rental rate and escalations for the Comparable Transactions, (ii) the amount of parking rent per parking permit paid in the Comparable Transactions, if any, (iii) operating expense and tax escalation protection granted in such Comparable Transactions such as a base year or expense stop (although for each such Comparable Transaction the base rent shall be adjusted to a triple net base rent using reasonable estimates of operating expenses and taxestaxes as determined by Landlord for each such Comparable Transaction); (iv) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, the value of the existing improvements, if any, in the Premises, such value of existing improvements to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by general office users (as contrasted to the Tenant), and (v) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; provided, however(v) any "Renewal Allowance," as defined herein below, that to be provided by Landlord in connection with the Option Term as compared to the improvements or allowances provided or to be provided in the Comparable Transactions, taking into account the contributory value of the existing improvements in the Premises, such value to be based upon the age, design, quality of finishes, and layout of the existing improvements, and (vi) all other monetary concessions (including the value of any signage), if any, being granted such tenants in connection with such Comparable Transactions. Notwithstanding any contrary provision hereof, in determining the Market Rent, no consideration shall be given to (1) the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with the applicable term or the fact that the Comparable Transactions do or do not involve the payment of real estate brokerage commissions, and (2A) any period of rental abatement, if any, granted to tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements improvements, or (B) any commission paid or not paid in connection with such comparable spacesComparable Transaction. The Market Rent shall include adjustment of the stated size of the Premises, Premises based upon the standards of measurement utilized in the Comparable Transactions; provided, however, the size of the Premises shall, notwithstanding the foregoing, be at least equal to the greater of: (i) the square footages set forth in this Lease, and (ii) the square footage of the Premises determined pursuant to the standards of space measurement used in the Comparable Transactions. In no event addition, the Market Rent determination shall Alterations or improvements constructed by Tenant at Tenant's cost be considered take into account the stipulated Base Year for the Option Term as set forth in determining Section 2.2.4 of the comparability of other space.Lease
Appears in 1 contract
Samples: Office Lease (Nektar Therapeutics)
RELEVANT FACTORS. The "Market Rent," as used in this Lease, “Comparable Transactions” shall be derived from an analysis (as such derivation and analysis are set forth in this Exhibit F) of the "“Net Equivalent Lease Rates," of the "Comparable Transactions". The "Market Rent," as used in this Lease, shall be equal to the annual rent ” per rentable square foot as would be applicable on the commencement of the Option Term foot, at which tenants, are, pursuant to transactions consummated within the period occurring between twelve (12) month period immediately preceding months and six (6) months prior to the first day commencement of the Option Term (provided that timing adjustments if there are not enough Comparable Transactions to make a determination of Market Rent, then such period shall be made to reflect any perceived changes which will occur in the Market Rent following the date of any particular Comparable Transaction up extended to the date of period occurring between twenty-four (24) months and six (6) months prior to the commencement of the Option Term) ), leasing non-sublease, non-encumbered, non-equity encumbered space comparable in location and quality to the Premises and consisting of one full floor or greater transactions, an entire building containing not less than 50,000 rentable square feet for a comparable termterm of between and including five (5) and ten (10) years, in an arm'sarm’s-length transaction, which comparable space is located in the "“Comparable Buildings," as that term is defined in Section 4, below (transactions satisfying the foregoing criteria shall be known as the "Comparable Transactions"). .” The terms of the Comparable Transactions shall be calculated as a “Net Equivalent Lease Rate Rate” pursuant to the terms of this Exhibit F H , and shall take into consideration all relevant factors, including only the following terms and concessions: (i) the rental rate and escalations for the Comparable Transactions, (ii) the amount of parking rent per parking permit paid in the Comparable Transactions, if any, (iii) operating expense and tax escalation protection granted in such Comparable Transactions such as a base year or expense stop (although for each such Comparable Transaction the base rent shall be adjusted to a triple net base rent using reasonable estimates of operating expenses and taxestaxes as determined by Landlord for each such Comparable Transaction); (iv) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, the value of the existing improvements, if any, in the Premises, such value of existing improvements to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by general office users (as contrasted to the Tenant), and (v) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; provided, however(v) any “Option Term Improvement Allowance,” as defined herein below, that to be provided by Tenant in connection with each Option as compared to the improvements or allowances provided or to be provided in the Comparable Transactions, taking into account the contributory value of the existing improvements in the Premises, such value to be based upon the age, design, quality of finishes, and layout of the existing improvements, and (vi) all other monetary concessions (including the value of any signage), if any, being granted such tenants in connection with such Comparable Transactions. Notwithstanding any contrary provision hereof, in determining the Market Rent, no consideration shall be given to (1) the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with the applicable term or the fact that the Comparable Transactions do or do not involve the payment of real estate brokerage commissions, and (2) any period of rental abatement, if any, granted to tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements in such comparable spacesimprovements. The Market Rent shall include adjustment of the stated size of the Premises, Premises based upon the standards of measurement utilized in the Comparable Transactions. In no event shall Alterations or improvements constructed by Tenant at Tenant's cost be considered in determining the comparability of other space.
Appears in 1 contract
Samples: Sublease (Dexcom Inc)
RELEVANT FACTORS. The "Market Rent," as used in this Lease, shall be derived from an analysis (as such derivation and analysis are set forth in this Exhibit FG) of the "Net Equivalent Lease Rates," of the "Comparable Transactions". The "Market Rent," as used in this Lease, shall be equal to the annual rent per rentable square foot as would be applicable on the commencement of the applicable Option Term at which tenants, are, pursuant to transactions consummated within the twelve (12) month period immediately preceding the first day of the Option Term (provided that timing adjustments shall be made to reflect any perceived changes which will occur in the Market Rent following the date of any particular Comparable Transaction up to the date of the commencement of the Option Term) leasing non-sublease, non-encumbered, non-equity space comparable in location and quality to the Premises and consisting of one full floor or greater transactionsat least fifty thousand (50,000) rentable square feet, for a comparable term, in an arm's-length transaction, which comparable space is located in the "Comparable Buildings," as that term is defined in Section 4, below (transactions satisfying the foregoing criteria shall be known as the "Comparable Transactions"). The terms of the Comparable Transactions shall be calculated as a Net Equivalent Lease Rate pursuant to the terms of this Exhibit F G and shall take into consideration all relevant factors, including only the following terms and concessions: concessions (the "Concessions"): (i) the rental rate and escalations for the Comparable Transactions taking into account the amenities included in such Comparable Transactions, such as usage rights with respect to unique amenities, common areas, parking rights, and signage rights, compared with the amenities included under this Lease, parking rights, the Common Areas, and signage rights, (ii) the amount of parking rent per parking permit paid in the Comparable Transactions, (iii) operating expense and tax escalation protection granted in such Comparable Transactions such as a base year or expense stop (although for each such Comparable Transaction the base rent shall be adjusted to a triple net base rent using reasonable estimates of operating expenses and taxes)stop; (iv) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, as compared to the value of the existing improvements, if any, improvements in the Premises, such value of existing improvements in the Premises to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by general office users (as contrasted to the Tenant)users, and (v) rental rental/parking abatement concessions, if any, being granted such tenants in connection with such comparable space, and (vi) all other monetary allowances and concessions being granted such tenants in connection with such Comparable Transactions; provided, however, that no consideration shall be given to (1) the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with the applicable term or the fact that the Comparable Transactions do or do not involve the payment of real estate brokerage commissions, and (2) any period of rental abatement, if any, granted to tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements in such comparable spacesspace; provided, however, to the extent any of the tenants in the Comparable Transactions complete (or are reasonably anticipated to complete) the construction of improvements in such comparable space early, and are allowed to occupy their premises for purpose of conducting business without the payment of rent (similar to Tenant's beneficial occupancy right in Section 2.5.2 of this Lease), then 738132.04/XXX000000-00001/6-26-15/alf/alf EXHIBIT G-2- 301 XXXXXXX[Dropbox, Inc.] such occupancy period shall be considered in connection with the determination of Option Rent. The Market Rent shall include adjustment of the stated size of the Premises, based upon the standards of measurement utilized in the Comparable Transactions. In addition, because the rentable square footage of the Premises shall have determined pursuant to Section 1.2 of the Lease, no consideration shall be given to the measurement standard used to determine the rentable square footage of the Comparable Transactions, as compared to the measurement standard used by Landlord and Tenant to determine the rentable square footage of the Premises, and in no event shall Alterations or improvements constructed by Tenant at Tenant's cost be considered the size of the Premises change in determining connection with the comparability determination of other spaceMarket Rent.
Appears in 1 contract
Samples: Sublease (Okta, Inc.)
RELEVANT FACTORS. The "“Market Rent," ” as used in this Lease, shall be derived from an analysis (as such derivation and analysis are set forth in this Exhibit FG) of the "“Net Equivalent Lease Rates," ” of the "“Comparable Transactions"”. The "“Market Rent," ” as used in this Lease, shall be equal to the annual rent per rentable square foot as would be applicable on the commencement of the Option Term at which tenants, are, pursuant to transactions consummated within the twelve (12) month period immediately preceding the first day of the Option Term (provided that timing adjustments shall be made to reflect any perceived changes which will occur in the Market Rent following the date of any particular Comparable Transaction up to the date of the commencement of the Option Term) leasing non-sublease, non-encumbered, non-equity space comparable in location and quality to the Premises and consisting of one full floor or greater transactions, for a comparable term, in an arm'sarm’s-length transaction, which comparable space is located in the "“Comparable Buildings," ” as that term is defined in Section 4, below (transactions satisfying the foregoing criteria shall be known as the "“Comparable Transactions"”). The terms of the Comparable Transactions shall be calculated as a Net Equivalent Lease Rate pursuant to the terms of this Exhibit F G and shall take into consideration all relevant factors, including only the following terms and concessions: (i) the rental rate and escalations for the Comparable Transactions, (ii) the amount of parking rent per parking permit paid in the Comparable Transactions, (iii) operating expense and tax escalation protection granted in such Comparable Transactions such as a base year or expense stop (although for each such Comparable Transaction the base rent shall be adjusted to a triple net base rent using reasonable estimates of operating expenses and taxestaxes for each such Comparable Transaction); (iv) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, the value of the existing improvements, if any, in the PremisesPremises and/or improvement allowances granted to Tenant, such value of existing improvements to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by general office users (as contrasted to the Tenant), and (v) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; provided, however, that no consideration shall be given to (1) the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with the applicable term or the fact that the Comparable Transactions do or do not involve the payment of real estate brokerage commissions, and (2) any period of rental abatement, if any, granted to tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements in such comparable spaces. The Market Rent shall include adjustment of the stated size of the Premises, based upon the standards of measurement utilized in the Comparable Transactions. In no event shall Alterations or improvements constructed by Tenant at Tenant's cost be considered in determining the comparability of other space.
Appears in 1 contract
RELEVANT FACTORS. The "Market Rent," as used in this Lease, shall be derived from an analysis (as such derivation and analysis are set forth in this Exhibit F) of the "Net Equivalent Lease Rates," of the "Comparable Transactions". The "Market Rent," as used in this Lease, shall be equal to the annual rent per rentable square foot as would be applicable on the commencement of the Option Term at which renewal tenants, are, pursuant to transactions consummated within the twelve (12) month period immediately preceding the first day of the Option Term (provided that timing adjustments shall be made to reflect any perceived changes which will occur in the Market Rent following the date of any particular Comparable Transaction up to the date of the commencement of the Option Term) leasing are extending the term of its lease of non-sublease, non-encumbered, non-equity space comparable in location and quality to the Premises and consisting of one full floor transactions similar size to the Premises (provided that if the Premises is 100,000 rentable square foot or more, then transactions of 100,000 rentable square feet and greater transactionsshall be deemed to be of similar size to the Premises regardless of the actual size of the Premises), for a comparable term, in an arm's-length transaction, which comparable space is located in the "Comparable Buildings," as that term is defined in Section 4, below (transactions satisfying the foregoing criteria shall be known as the "Comparable Transactions"). The terms of the Comparable Transactions shall be calculated as a Net Equivalent Lease Rate pursuant to the terms of this Exhibit F and shall take into consideration all relevant factors, including only the following terms and concessions: (i) the rental rate and escalations for the Comparable Transactions, (ii) the amount of parking rent per parking permit paid in the Comparable Transactions, (iii) operating expense and tax escalation protection granted in such Comparable Transactions such as a base year or expense stop (although for each such Comparable Transaction the base rent shall be adjusted to a triple net base rent using reasonable estimates of operating expenses and taxestaxes as determined by Landlord for each such Comparable Transaction); (iv) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, the value of the existing improvements, if any, in the PremisesPremises and/or improvement allowances granted to Tenant, such value of existing improvements to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by general office users (as contrasted to the Tenant)laboratory and research and development users, and (v) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; provided, however, that no consideration shall be given to and (1vi) the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with the applicable term or the fact that the Comparable Transactions do or do not involve the payment of real estate brokerage commissions; provided, and (2) however, that no consideration shall be given to any period of rental abatement, if any, granted to tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements in such comparable spaces. The Market Rent shall include adjustment of the stated size of the Premises, based upon the standards of measurement utilized in the Comparable Transactions. In no event shall Alterations or improvements constructed by Tenant at Tenant's cost be considered in determining the comparability of other space.
Appears in 1 contract
RELEVANT FACTORS. The "Market Rent," as used in this Lease, shall be derived from an analysis (as such derivation and analysis are set forth in this Exhibit F) of the "Net Equivalent Lease Rates," of the "Comparable Transactions". The "Market Rent," as used in this Lease, shall be equal to the annual rent per rentable square foot as would be applicable on the commencement of the Option Term at which renewal tenants, are, pursuant to transactions consummated within the twelve (12) month period immediately preceding the first day of the Option Term (provided that timing adjustments shall be made to reflect any perceived changes which will occur in the Market Rent following the date of any particular Comparable Transaction up to the date of the commencement of the Option Term) leasing are extending the term of its lease of non-sublease, non-encumbered, non-equity space comparable in location and quality to the Premises and consisting of one full floor or greater transactionstransactions similar size to the Premises, for a comparable term, in an arm's-length transaction, which comparable space is located in the "Comparable Buildings," as that term is defined in Section 4, below (transactions satisfying the foregoing criteria shall be known as the "Comparable Transactions"). The terms of the Comparable Transactions shall be calculated as a Net Equivalent Lease Rate pursuant to the terms of this Exhibit F and shall take into consideration all relevant factors, including the following terms and concessionsconcessions relating to the Comparable Transactions, including, but not limited to: (i) the rental rate and escalations for the Comparable Transactions, (ii) the amount of parking rent per parking permit paid in the Comparable Transactions, (iii) operating expense and tax escalation protection granted in such Comparable Transactions such as a base year or expense stop (although for each such Comparable Transaction the base rent shall be adjusted to a triple net base rent using reasonable estimates of operating expenses and taxestaxes as determined by Landlord for each such Comparable Transaction); (iv) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, the value of the existing improvements, if any, in the PremisesPremises and/or improvement allowances granted to Tenant, such value of existing improvements to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by general office users (as contrasted to the Tenant), and (v) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; provided, however, that no consideration shall be given to and (1vi) the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with the applicable term or the fact that the Comparable Transactions do or do not involve the payment of real estate brokerage commissions; provided, and (2) however, that no consideration shall be given to any period of rental abatement, if any, granted to tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements in such comparable spaces. The Market Rent shall include adjustment of the stated size of the Premises, based upon the standards of measurement utilized in the Comparable Transactions. In no event shall Alterations or improvements constructed by Tenant at Tenant's cost be considered in determining the comparability of other space.
Appears in 1 contract
Samples: Lease (Nuvasive Inc)
RELEVANT FACTORS. The "“Market Rent," ” as used in this Lease, shall be derived from an analysis (as such derivation and analysis are set forth in this Exhibit FH) of the "“Net Equivalent Lease Rates," ” of the "“Comparable Transactions"” (as that term is defined below). The "Market Rent," , as used in this Lease, shall be equal to the annual rent per rentable square foot as would be applicable on the commencement of the Option Term foot, at which tenants, are, pursuant to transactions consummated within the twelve (12) month period immediately preceding months prior to the first day commencement of the Option Term (Term, provided that timing adjustments shall be made to reflect any perceived changes which will occur in the Market Rent following the date of any particular Comparable Transaction up to the date of the commencement of the applicable Option Term) , leasing non-sublease, non-encumbered, non-equity encumbered space comparable in location and quality to the Premises and consisting containing a square footage comparable to that of one full floor or greater transactions, the Premises for a comparable termterm of three (3) years, in an arm'sarm’s-length transaction, which comparable space is located in the "“Comparable Buildings," as that term is defined in Section 4, below ” (transactions satisfying the foregoing criteria shall be known as the "“Comparable Transactions"”). The terms of the Comparable Transactions shall be calculated as a “Net Equivalent Lease Rate Rate” pursuant to the terms of this Exhibit F H, and shall take into consideration all relevant factors, including only the following terms and concessions: concessions (collectively, the “Concessions”): (i) the rental rate and escalations for the Comparable Transactions, (ii) the amount of parking rent per parking permit paid in the Comparable Transactions, if any, (iii) operating expense and tax escalation protection granted in such Comparable Transactions such as a base year or expense stop (although for each such Comparable Transaction the base rent shall be adjusted to a triple net base rent using reasonable estimates of operating expenses and taxestaxes as determined by Landlord for each such Comparable Transaction); (iv) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, the value of the existing improvements, if any, in the Premises, such value of existing improvements to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by general office users (as contrasted to the Tenant), and (v) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; provided, however(v) any “Renewal Allowance,” as defined herein below, that to be provided by Landlord in connection with the Option Term as compared to the improvements or allowances provided or to be provided in the Comparable Transactions, taking into account the contributory value of the existing improvements in the Premises, such value to be based upon the age, design, quality of finishes, and layout of the existing improvements, and (vi) all other monetary concessions (including the value of any signage), if any, being granted such tenants in connection with such Comparable Transactions. Notwithstanding any contrary provision hereof, in determining the Market Rent, no consideration shall be given to (1) the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with the applicable term or the fact that the Comparable Transactions do or do not involve the payment of real estate brokerage commissions, and (2A) any period of rental abatement, if any, granted to tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements improvements, or (B) any commission paid or not paid in connection with such comparable spacesComparable Transaction. The Market Rent shall include adjustment of the stated size of the Premises, Premises based upon the standards of measurement utilized in the Comparable Transactions; provided, however, the size of the Premises shall, notwithstanding the foregoing, be at least equal to the greater of: (i) the square footages set forth in this Lease, and (ii) the square footage of the Premises determined pursuant to the standards of space measurement used in the Comparable Transactions. In no event Notwithstanding anything to the contrary contained above in this Section 1, if there are not a sufficient number of Comparable Transactions with comparable lease terms to the Option Term to determine the Market Rent of the Premises for a lease of such duration, then the Market Rent for purposes of this Section 1 shall Alterations or improvements constructed by Tenant at Tenant's cost be considered in determining equal to that of Comparable Transactions with terms of five (5) years, provided that the comparability Concessions shall be appropriately adjusted to account for the difference between the Option Term and the lease terms of other spacethe Comparable Transactions.
Appears in 1 contract
Samples: Office Lease (Versartis, Inc.)
RELEVANT FACTORS. The "Market Rent," as used in this Lease, “Comparable Transactions” shall be derived from an analysis (as such derivation and analysis are set forth in this Exhibit F) of the "“Net Equivalent Lease Rates," of the "Comparable Transactions". The "Market Rent," as used in this Lease, shall be equal to the annual rent ” per rentable square foot as would be applicable on the commencement of the Option Term foot, at which tenants, are, pursuant to transactions consummated within the twelve (12) month period immediately preceding the first day of the Option Term (provided that timing adjustments shall be made months prior to reflect any perceived changes which will occur in the Market Rent following the date of any particular Comparable Transaction up to the date of the commencement of the Option Term) , leasing non-sublease, non-encumbered, non-equity encumbered space comparable in location and quality to the Premises and consisting containing a square footage comparable to that of one full floor or greater transactions, the Premises for a comparable term, in an arm's-length transaction, which comparable space is located in the "Comparable Buildings," as that term is defined in Section 4, below (transactions satisfying the foregoing criteria shall be known as the "Comparable Transactions"). of [***] The terms of the Comparable Transactions shall be calculated as a “Net Equivalent Lease Rate Rate” pursuant to the terms of this Exhibit F G, and shall take into consideration all relevant factors, including only the following terms and concessions: (i) the rental rate and escalations for the Comparable Transactions, (ii) the amount of parking rent per parking permit paid in the Comparable Transactions, if any, (iii) operating expense and tax escalation protection granted in such Comparable Transactions such as a base year or expense stop (although for each such Comparable Transaction the base rent shall be adjusted to a triple net base rent using reasonable estimates of operating expenses and taxestaxes as determined by Landlord for each such Comparable Transaction); (iv) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, the value of the existing improvements, if any, in the Premises, such value of existing improvements to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by general office users (as contrasted to the Tenant), and (v) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; provided, however(v) any “Renewal Allowance,” as defined herein below, that no consideration shall to be given to (1) the fact that Landlord is or is not required to pay a real estate brokerage commission provided by Tenant in connection with the applicable term Option Term as compared to the improvements or the fact that the Comparable Transactions do allowances provided or do not involve the payment of real estate brokerage commissions, and (2) any period of rental abatement, if any, granted to tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements in such comparable spaces. The Market Rent shall include adjustment of the stated size of the Premises, based upon the standards of measurement utilized be provided in the Comparable Transactions, taking into account the contributory value of the existing improvements in the Premises, such value to be based upon the age, design, quality of finishes, and layout of the existing improvements, and (vi) all other monetary concessions. In no event shall Alterations or improvements constructed by Tenant at Tenant's cost be considered in determining the comparability of other space.[***]
Appears in 1 contract
RELEVANT FACTORS. The "Market Rent," as used in this Lease, “Comparable Transactions” shall be derived from an analysis (as such derivation and analysis are set forth in this Exhibit F) of the "“Net Equivalent Lease Rates," of the "Comparable Transactions". The "Market Rent," as used in this Lease, shall be equal to the annual rent ” per rentable square foot as would be applicable on the commencement of the Option Term foot, at which tenants, are, pursuant to transactions consummated within the twelve (12) month period immediately preceding the first day of the Option Term (provided that timing adjustments shall be made months prior to reflect any perceived changes which will occur in the Market Rent following the date of any particular Comparable Transaction up to the date of the commencement of the Option Term) , leasing non-sublease, non-encumbered, non-equity encumbered space comparable in location and quality to the Premises and consisting containing a square footage comparable to that of one full floor or greater transactions, the Premises for a comparable termterm of five (5) years, in an arm'sarm’s-length transaction, which comparable space is located in the "“Comparable Buildings," as that term is defined in Section 4, below (transactions satisfying the foregoing criteria shall be known as the "Comparable Transactions"). .” The terms of the Comparable Transactions shall be calculated as a “Net Equivalent Lease Rate Rate” pursuant to the terms of this Exhibit F G, and shall take into consideration all relevant factors, including only the following terms and concessions: (i) the rental rate and escalations for the Comparable Transactions, (ii) the amount of parking rent per parking permit paid in the Comparable Transactions, if any, (iii) operating expense and tax escalation protection granted in such Comparable Transactions such as a base year or expense stop (although for each such Comparable Transaction the base rent shall be adjusted to a triple net base rent using reasonable estimates of operating expenses and taxestaxes as reasonably determined by Landlord for each such Comparable Transaction); (iv) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, the value of the existing improvements, if any, in the Premises, such value of existing improvements to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by general office users (as contrasted to the Tenant), and (v) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; provided, however(v) any “Renewal Allowance,” as defined herein below, that to be provided by Tenant in connection with the Option Term as compared to the improvements or allowances provided or to be provided in the Comparable Transactions, taking into account the contributory value of the existing improvements in the Premises, such value to be based upon the age, design, quality of finishes, and layout of the existing improvements, and (vi) all other monetary concessions (including the value of any signage), if any, being granted such tenants in connection with such Comparable Transactions. Notwithstanding any contrary provision hereof, in determining the Market Rent, no consideration shall be given to (1) the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with the applicable term or the fact that the Comparable Transactions do or do not involve the payment of real estate brokerage commissions, and (2) any period of rental abatement, if any, granted to tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements improvements, or any commission paid or not paid in connection with such comparable spacesComparable Transaction. The Market Rent shall include adjustment of the stated size of the Premises, Premises based upon the standards of measurement utilized in the Comparable Transactions. In no event The Market Rent shall Alterations or improvements constructed by additionally be subject to appropriate adjustments (if any) to account for differences in the then-existing financial condition of the Tenant at Tenant's cost be considered in determining vis-à-vis the comparability subject tenants under the Comparable Transactions and taking into account any applicable credit enhancements (e.g., security deposits, letters of other spacecredit, guaranties, etc.).
Appears in 1 contract
Samples: Office Lease (SERVICE-NOW.COM)
RELEVANT FACTORS. The "“Market Rent," ” as used in this Lease, shall be derived from an analysis (as such derivation and analysis are set forth in this Exhibit FH) of the "Net Equivalent Lease Rates," , of the "Comparable Transactions"Transactions (as that term is defined below). The "Market Rent," , as used in this Lease, shall be equal to the annual rent per rentable square foot as would be applicable on the commencement of the Option Term foot, at which tenants, are, pursuant to transactions consummated within the twelve (12) month period immediately preceding months prior to the first day commencement of the Option Term (Term, provided that timing adjustments shall be made to reflect any perceived changes which will occur in the Market Rent following the date of any particular Comparable Transaction up to the date of the commencement of the applicable Option Term) , leasing non-sublease, non-encumbered, non-equity encumbered space comparable in location and quality to the Premises and consisting containing a square footage of one full floor or greater transactions, no less than 100,000 rentable square feet for a comparable termterm of five (5) years (or for the length of the First Offer Term, if longer), in an arm'sarm’s-length transaction, which comparable space is located in the "Comparable Buildings," as that term is defined in Section 4, below Buildings (transactions satisfying the foregoing criteria shall be known as the "“Comparable Transactions"”). The terms of the Comparable Transactions shall be calculated as a Net Equivalent Lease Rate pursuant to the terms of this Exhibit F H, and shall take into consideration all relevant factors, including only the following terms and concessions: concessions (collectively, the “Concessions”): (i) the rental rate and escalations for the Comparable Transactions, (ii) the amount of parking rent per parking permit paid in the Comparable TransactionsTransactions and whether such permits are rented on a “must-take” or “without obligation” basis, if any, (iii) operating expense and tax escalation protection granted in such Comparable Transactions such as a base year or expense stop (although for each such Comparable Transaction the base rent shall be adjusted to a triple net base rent using reasonable estimates of operating expenses and taxestaxes for each such Comparable Transaction); (iv) tenant rental abatement, moving allowance, lease takeover payments and other economic concessions, if any, being granted such tenants in Comparable Transactions in connection with such comparable space, (v) any “Renewal Allowance,” as defined herein below, to be provided by Landlord in connection with the Option Term as compared to the improvements or allowances provided or to be provided for such comparable spacein the Comparable Transactions, taking into account, account the contributory value (if any) of the existing improvements, if any, improvements in the Premises, such value of existing improvements to be based upon the age, design, quality of finishes, and layout of the improvements existing improvements, (vi) consideration of the level of control and the extent to which usage rights of the same could be utilized Terrace, Common Areas, parking areas and signage rights by general office users (as contrasted to Tenant at the Tenant)Project, and (vvii) rental abatement concessionsall other monetary concessions (including the value of any signage), if any, being granted such tenants in connection with such comparable space; providedComparable Transactions. Notwithstanding any contrary provision hereof, howeverin determining the Market Rent, that no consideration shall be given to (1) the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with the applicable term or the fact that the Comparable Transactions do or do not involve the payment of real estate brokerage commissions, and (2) any period of rental abatement, if any, granted to tenants in Comparable Transactions solely in connection with the design, permitting and construction of tenant improvements in such comparable spacesimprovements. The Market Rent shall include adjustment of the stated size of the Premises, Premises based upon the standards of measurement utilized in the Comparable Transactions. In no event shall Alterations or improvements constructed by Tenant at Tenant's cost be considered in determining the comparability of other space.
Appears in 1 contract
Samples: Office Lease (Box Inc)
RELEVANT FACTORS. The "Market Rent," as used in this Lease, shall be derived from an analysis (as such derivation and analysis are set forth in this Exhibit F) of the "Net Equivalent Lease Rates," of the "Comparable Transactions". The "Market Rent," as used in this Lease, shall be equal to the annual rent per rentable square foot as would be applicable on the commencement of the Option Term foot, at which tenants, are, pursuant to transactions consummated within the twelve (12) month period immediately preceding months prior to the first day commencement of the Option Term (Term, provided that timing adjustments shall be made to reflect any perceived changes which will occur in the Market Rent following the date of any particular Comparable Transaction up to the date of the commencement of the applicable Option Term) , leasing non-sublease, non-encumbered, non-equity encumbered space comparable in location and quality to the Premises and consisting containing RSF equal to or in excess of one full floor or greater transactions, hundred thousand (100,000) RSF for a comparable termterm of five (5) years, in an arm's-length transaction, which comparable space is located in the "Comparable Buildings," as that term is defined in Section 4, below (transactions satisfying the foregoing criteria shall be known as the "Comparable Transactions"). The terms of the Comparable Transactions shall be calculated as a "Net Equivalent Lease Rate Rate" pursuant to the terms of this Exhibit F F, and shall take into consideration all relevant factors, including only the following terms and concessions: (i) the rental rate and escalations for the Comparable Transactions, (ii) the amount of parking rent per parking permit paid in the Comparable Transactions, if any (and taking into consideration that Tenant is provided parking without charge and the availability and type of parking), (iii) operating expense and tax escalation protection granted in such Comparable Transactions such as a base year or expense stop (although for each such Comparable Transaction the base rent shall be adjusted to a triple net base rent using reasonable estimates of operating expenses and taxestaxes as determined by Landlord for each such Comparable Transaction); (iv) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, the value of the existing improvements, if any, in the Premises, such value of existing improvements to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by general office users (as contrasted to the Tenant), and (v) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; provided, however(v) any "Renewal Allowance," as defined herein below, that to be provided by Landlord in connection with the Option Term as compared to the improvements or allowances provided or to be provided in the Comparable Transactions, taking into account the contributory value of the existing improvements in the Premises (or Reduced Premises, as applicable), such value to be based upon the age, design, quality of finishes, and layout and use of the existing improvements, and (vi) all other monetary concessions (including the value of any signage, availability of amenities and services), if any, being granted such tenants in connection with such Comparable Transactions. Notwithstanding any contrary provision hereof, in determining the Market Rent, no consideration shall be given to (1) the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with the applicable term or the fact that the Comparable Transactions do or do not involve the payment of real estate brokerage commissions, and (2A) any period of rental abatement, if any, granted to tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements improvements, or (B) any commission paid or not paid in connection with such comparable spacesComparable Transaction. The Market Rent shall include adjustment of the stated size of the Premises (or Reduced Premises, as applicable) based upon the standards of measurement utilized in the Comparable Transactions. In no event shall Alterations or improvements constructed by Tenant ; provided, however, the size of the Premises shall, notwithstanding the foregoing, be at Tenant's cost be considered least equal to the greater of: (i) the square footages set forth in determining this Lease, and (ii) the comparability square footage of other spacethe Premises determined pursuant to the standards of space measurement used in the Comparable Transactions.
Appears in 1 contract
Samples: Office Lease (Roku, Inc)
RELEVANT FACTORS. The "Fair Market Rent," as used in this Lease, Rent shall be derived from an analysis (as such derivation and analysis are set forth in this Exhibit FSchedule 1) of the "Net Equivalent Lease Rates," Rates of the "Comparable Transactions"Transactions (each as defined below). The "“Fair Market Rent," as used in this Lease, ” shall be equal to the annual rent per rentable square foot RSF as would be applicable on the commencement of the Option Term at which tenants, are, pursuant to transactions consummated within the twelve six (126) month period immediately preceding the first day of the Option Term (provided that timing adjustments shall be made to reflect any perceived changes which will occur in the Fair Market Rent following the date of any particular Comparable Transaction up to the date of the commencement of the Option Term) leasing non-sublease, non-encumbered, non-equity space comparable in location and quality to the Premises and consisting of one full floor or greater transactionscomparable size space, for a comparable term, with comparable amenities and signage rights, in an arm'sarm’s-length transaction, which comparable space is located in the "Comparable Buildings," as that term is defined in Section 4, below Buildings (transactions satisfying the foregoing criteria shall be known as the "“Comparable Transactions"”). The terms of the Comparable Transactions shall be calculated as a Net Equivalent Lease Rate pursuant to the terms of this Exhibit F Schedule 1 and shall take into consideration all relevant factors, including only the following terms and concessions: (i) the rental rate and escalations for the Comparable Transactions, ; (ii) the amount of parking rent per parking permit paid in the Comparable Transactions, ; (iii) operating expense and tax escalation protection granted in such Comparable Transactions such as a base year or expense stop (although for each such Comparable Transaction the base rent shall be adjusted to a triple net base rent using reasonable estimates of operating expenses and taxes)stop; (iv) tenant improvements or allowances provided or to be provided for such comparable spacein Comparable Transactions, taking into account, the value of the existing improvements, if any, in the Premises, such value of existing improvements to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by general office users (as contrasted to the Tenant), and ; (v) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; provided, however, that no consideration shall be given to (1) the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with the applicable term or the fact that the Comparable Transactions do or do not involve the payment of real estate brokerage commissions, and (2vi) any period distinctions between “gross” and “net” leases or leases which are net of rental abatement, if any, granted to tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements in such comparable spaces. The Market Rent shall include adjustment of the stated size of the Premises, based upon the standards of measurement utilized in the Comparable Transactions. In no event shall Alterations or improvements constructed by Tenant at Tenant's cost be considered in determining the comparability of other spaceelectric.
Appears in 1 contract