Last week, we signed our first new lease with Kamus + Keller Interior and Architecture, a well-respected architectural firm. They will be taking the 2,547 sq. ft. "Spec Suite" and will move in by October 1st (with rent starting February 1, 2014). It is a 5 year deal at $2.125 per square foot, modified gross with 3% annual increases. We have to do some slight modifications to the space, which we will complete over the next couple of weeks. This is right in line with where we hoped to be in terms of the lease rate for the building.
Kamus + Keller are excellent first tenants for LC3. They have fully embraced the concept of creative office space, and will help us to build a community of forward-thinking companies. In addition, they are excellent commercial interior designers, and we will use them to design our tenant improvements going forward. We have already used them with several prospective tenants, and they have been very innovative as well as efficient and responsive.
We have also extended the lease with Diodes for one year, and have expanded the Law Offices of Heywood Friedman by 507 square feet as of August 1st. While these are small deals, they help with our cash flow while we are leasing up the building.
We have several other good deals in the works, and hope to have another good report for you soon!
