Commercial Office Real Estate Term Sheet
Commercial Office Real Estate Term Sheet
Prepared for: [YOUR COMPANY NAME]
Date: August 30, 2060
1. Property Details
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Property Address: New York, NY 10001
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Building Name: Supreme Tower
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Floor/Suite: Suite 567
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Total Square Footage: 10,000 sq. ft.
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Building Class: Class A
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Year Built: 2050
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Parking: 100 dedicated parking spaces; Additional spaces available upon request
2. Lease Terms
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Lease Commencement Date: January 1, 2061
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Lease Term: 10 years
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Base Rent: $50.00 per sq. ft. per annum
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Rent Escalation: 3% per annum
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Rentable Square Footage (RSF): 10,000 sq. ft.
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Usable Square Footage (USF): 9,000 sq. ft.
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Security Deposit: Three months' base rent
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Tenant Improvement Allowance (TIA): $100 per sq. ft.
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Renewal Options: One (1) option to renew for 5 years at market rate
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Termination Option: Termination after year 5 with 12 months' notice and a termination fee equivalent to six months' rent
3. Operating Expenses
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Common Area Maintenance (CAM) Charges: Estimated at $8.00 per sq. ft. per annum
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Real Estate Taxes: Included in CAM charges
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Insurance: Pro rata share included in CAM charges
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Utilities: Separately metered and billed directly to Tenant
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Maintenance and Repairs: Landlord responsible for structural repairs; Tenant responsible for non-structural repairs within the leased premises
4. Use and Occupancy
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Permitted Use: General office use, professional services
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Hours of Operation: Monday-Friday: 8:00 AM - 6:00 PM; Saturday: 9:00 AM - 1:00 PM
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Subletting/Assignment: Allowed with Landlord's prior written consent
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Signage: Building standard signage provided by Landlord
5. Insurance Requirements
Tenant's Insurance:
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Commercial General Liability: Minimum $2,000,000 per occurrence
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Property Insurance: Covering Tenant's improvements and personal property
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Workers' Compensation Insurance: As required by law
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Additional Insured: Landlord to be named as additional insured on all policies
6. Legal and Financial Terms
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Governing Law: State of New York, USA
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Brokerage Commissions: Landlord to pay commissions to [Broker Name], equivalent to 5% of the total lease value
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Attorneys' Fees: Each party shall bear its own legal costs and fees
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Confidentiality: Both parties agree to maintain the confidentiality of this Term Sheet and related negotiations
7. Miscellaneous Provisions
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Force Majeure: Neither party shall be liable for delays or failure to perform due to causes beyond their reasonable control
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Access to Premises: Landlord shall have access to the premises upon reasonable notice for inspection, maintenance, or repairs
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Environmental Compliance: The premises must comply with all applicable environmental laws and regulations
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Estoppel Certificates: Tenant agrees to provide estoppel certificates within 15 days of request by Landlord
