We signed our third new lease today with John Spach, a financial planner who wanted to be in creative office space and loves our building. It is another five year lease, starting January 1st, and he is paying $2.15 per square foot, modified gross with 3% annal increases. With our three new leases, we are proving that the market is in the $2.10-$2.20 psf MG range for creative office space in that area. Kamus + Keller is starting on the plans for their space today, and we expect it to be right in line with our building standard.
We have three other proposals in the works, and hope to have more good news to report in the near future. We are also putting together revised projections based on these new deals and our actual costs, and will get them to investors in the next couple of weeks.
