The lease between Tower 333 and Expedia is reported by the Globe St.com to have signed a 10-year lease for 348,000 square feet, which is 84% of the available 414,000 square feet offered by the building in construction.
According to a SEC filing Expedia will begin their rent at $35.73 per square foot, and end their 10-year lease at an estimated $45.73, which includes the buildings operating expenses. It seems Expedia received about a 6% volume discount from what their asking prices were on officespace.com.
Also interesting to note:
- If Tower 333 does not deliever the building by September 30, 2008 Expeida can cancel the terms of the lease.
- Expedia will also have certain rights to additional lease space and the option to extend its lease by an additional 10 years.