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Got back the lease renewal. Here are the highlights:

1) Lease runs through January 31, 2017. (I asked for December 2016 and they asked if we could do January 2017 as ending a lease at the end of a calendar year is difficult for them.)
2) We get one month's free rent for the first month of the renewal (September 2014).
3) We can get rid of Suite 715 (the BD space) with six months notice and only after February 28, 2015. (So we are locked into that space through February 2015.)
4) They will pay for construction to close up the space between the two suites - no cost to us.

I am not 100% sure of this but it seems from the lease renewal that the rent has decreased slightly (although there are real estate taxes due on top of rent starting in September 2015 which essentially make it a wash):

Current Rent: $21,024
September 2014-August 2014: $20,872
September 2015-August 2016: $21,603
September 2016-January 2017: $22,359

If we lose Suite 715, the above rent is reduced by $3,753 in the first year.

Thoughts?


Eric D. Schwerin
Rosemont Seneca Partners, LLC
1010 Wisconsin Ave., NW
Suite 705
Washington, DC 20007
(202) 333-1880
eschwerin@rosemontseneca.com
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