THE PORT EVERGLADES DEPARTMENT RECOMMENDS APPROVAL.
This action supports the Broward County Board of County Commissioners' (Board) Value of "Ensuring economic opportunities for Broward's diverse population and businesses" and the Goal to "Increase the economic strength and impact of revenue-generating County enterprises balancing economic, environmental, and community needs.
Siemens Corporation, a Delaware Corporation acting through its Siemens Real Estate Division (Siemens), is an electronic service organization providing services at Port Everglades. Siemens has been a tenant at Port Everglades since January, 2007. Its most current lease was approved by the Board on March 14, 2017 (Item No. 7), effective retroactive to March 1, 2017, for a 520-square-feet office space in Suite 7 of the Amman Building, located at 2550 Eisenhower Boulevard in Port Everglades, with a two-year term. The current lease expires on February 28, 2019.
The new lease provides for a two-year term effective March 1, 2019, with an initial annual rent of $10,946, or $21.05 per square foot. The rate for the second year of the lease will be increased by the greater of the percentage change in the Consumer Price Index for All Urban Consumers (CPI-U) or 3%. The established rate for this office space pursuant to Chapter 32, Part 1, Section 32.6.a.2.(b) of the Broward County Administrative Code (Code) is no less than $18.25 per square foot. The Code provides that leases may be adjusted upward or downward based on factors such as length of lease, condition and location of the premises, and current market conditions, but at no less than the established rate. The initial rent for this new lease is 3% higher than the rent in the expiring lease.
The agreement has been reviewed by the Port Everglades' Risk Manager and approved as to form by the Office of the County Attorney. |