Commercial Office Real Estate Term Sheet
Prepared for: [YOUR COMPANY NAME]
Date: August 30, 2060
1. Property Details
Property Address: New York, NY 10001
Building Name: Supreme Tower
Floor/Suite: Suite 567
Total Square Footage: 10,000 sq. ft.
Building Class: Class A
Year Built: 2050
Parking: 100 dedicated parking spaces; Additional spaces available upon request
2. Lease Terms
Lease Commencement Date: January 1, 2061
Lease Term: 10 years
Base Rent: $50.00 per sq. ft. per annum
Rent Escalation: 3% per annum
Rentable Square Footage (RSF): 10,000 sq. ft.
Usable Square Footage (USF): 9,000 sq. ft.
Security Deposit: Three months' base rent
Tenant Improvement Allowance (TIA): $100 per sq. ft.
Renewal Options: One (1) option to renew for 5 years at market rate
Termination Option: Termination after year 5 with 12 months' notice and a termination fee equivalent to six months' rent
3. Operating Expenses
Common Area Maintenance (CAM) Charges: Estimated at $8.00 per sq. ft. per annum
Real Estate Taxes: Included in CAM charges
Insurance: Pro rata share included in CAM charges
Utilities: Separately metered and billed directly to Tenant
Maintenance and Repairs: Landlord responsible for structural repairs; Tenant responsible for non-structural repairs within the leased premises
4. Use and Occupancy
Permitted Use: General office use, professional services
Hours of Operation: Monday-Friday: 8:00 AM - 6:00 PM; Saturday: 9:00 AM - 1:00 PM
Subletting/Assignment: Allowed with Landlord's prior written consent
Signage: Building standard signage provided by Landlord
5. Insurance Requirements
Tenant's Insurance:
Commercial General Liability: Minimum $2,000,000 per occurrence
Property Insurance: Covering Tenant's improvements and personal property
Workers' Compensation Insurance: As required by law
Additional Insured: Landlord to be named as additional insured on all policies
6. Legal and Financial Terms
Governing Law: State of New York, USA
Brokerage Commissions: Landlord to pay commissions to [Broker Name], equivalent to 5% of the total lease value
Attorneys' Fees: Each party shall bear its own legal costs and fees
Confidentiality: Both parties agree to maintain the confidentiality of this Term Sheet and related negotiations
7. Miscellaneous Provisions
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