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    NY CREATES IBM Board Packet

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    Sean Mickey
    IBM currently leases office space in Buffalo, NY and seeks to amend the lease to extend the term until 2023 and decrease the leased space. The proposed amendment would lease 43,027 square feet at an annual rent of $1,875,000, including operating expenses. The Finance Committee approved the lease amendment. The Board is requested to approve the lease amendment and authorize the appropriate officers to execute the amendment.

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    © All Rights Reserved
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    NY CREATES IBM Board Packet

    Uploaded by

    Sean Mickey
    4K views2 pages
    IBM currently leases office space in Buffalo, NY and seeks to amend the lease to extend the term until 2023 and decrease the leased space. The proposed amendment would lease 43,027 square feet at an annual rent of $1,875,000, including operating expenses. The Finance Committee approved the lease amendment. The Board is requested to approve the lease amendment and authorize the appropriate officers to execute the amendment.

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    Lease amendment with IBM for Buffalo Billion

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    IBM currently leases office space in Buffalo, NY and seeks to amend the lease to extend the term until 2023 and decrease the leased space. The proposed amendment would lease 43,027 square feet at an annual rent of $1,875,000, including operating expenses. The Finance Committee approved the lease amendment. The Board is requested to approve the lease amendment and authorize the appropriate officers to execute the amendment.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    4K views2 pages

    NY CREATES IBM Board Packet

    Uploaded by

    Sean Mickey
    IBM currently leases office space in Buffalo, NY and seeks to amend the lease to extend the term until 2023 and decrease the leased space. The proposed amendment would lease 43,027 square feet at an annual rent of $1,875,000, including operating expenses. The Finance Committee approved the lease amendment. The Board is requested to approve the lease amendment and authorize the appropriate officers to execute the amendment.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    To: New York Center for Research, Economic Advancement, Technology, Engineering and

    Science Corporation (“NY CREATES”) Board of Directors

    Re: Proposed Lease Amendment with IBM (FSMC)

    1) Description of Property: 562 Main St. a/k/a 40 Fountain Plaza, Buffalo, NY; office
    space

    2) Tenant: IBM currently leases 103,099 square feet of office space in condominiums
    owned by FSMC in an office building at 562 Main Street in Buffalo, NY. The lease
    commenced in 2015, the term expired on September 15, 2021 and, thus pursuant to the
    lease, IBM is currently a month-to-month tenant.

    3) Lease Terms: IBM seeks to amend the lease to extend the term and decrease the space
    leased. As amended, the lease will (i) include 43,027 square feet of space for a term
    expiring on September 15, 2023, with an option to extend for two years; and (ii) require
    tenant to pay annual rent of $1,875,000. The new rental rate includes operating expenses,
    utilities, taxes, condominium fees and related costs, and landlord’s insurance. The lease
    also includes a reconciliation of certain charges and payments as follows: (1) the tenant
    will pay $156,250 per month for the period from September 16, 2021 to the effective date
    of the amendment, and (2) the tenant will receive credits in the amount of (i) $276,662.11
    as a reconciliation of additional rent already paid by tenant for calendar year 2020, and
    (ii) $49,104.24 as a result of tenant’s overpayment of additional rent for the period of
    July 1, 2021 through September 15, 2021.

    4) Fair Market Value: The proposed lease represents a small fraction of the total building;
    therefor an appraisal of the fair market value of the asset is not practical. Staff has
    determined that the lease meets fair market value based on other existing leases in the
    area.

    5) Associated Costs for Site Preparation: None.

    6) Associated Cost of Lease: None.

    7) Finance Committee: The Finance Committee approved a resolution (1) approving and
    authorizing the Corporation to enter into a lease amendment with IBM on the terms stated
    above; (2) approving and authorizing the President, Treasurer and Chief Financial
    Officer, each of them without the other, on behalf of the Corporation, (i) to execute,
    acknowledge and deliver the aforesaid lease amendment with such changes, variations,
    omissions and insertions as the officer of the Corporation signing the same shall approve,
    the execution thereof by such officer to constitute conclusive evidence of such approval,
    and (ii) to take such actions as are necessary or appropriate to implement and carry out
    the purposes and intent of this resolution, including without limitation the execution,
    acknowledgement and delivery of other documents and agreements; and (3)
    recommending that the Board approve the same actions.
    8) Action Requested: Approve a resolution (1) approving and authorizing the Corporation
    to enter into a lease amendment with IBM on the terms stated above; and (2) approving
    and authorizing the President, Treasurer and Chief Financial Officer, each of them
    without the other, on behalf of the Corporation, (i) to execute, acknowledge and deliver
    the aforesaid lease amendment with such changes, variations, omissions and insertions as
    the officer of the Corporation signing the same shall approve, the execution thereof by
    such officer to constitute conclusive evidence of such approval, and (ii) to take such
    actions as are necessary or appropriate to implement and carry out the purposes and intent
    of this resolution, including without limitation the execution, acknowledgement and
    delivery of other documents and agreements.

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