PROPOSAL TO LEASE IN TOWER 1555

DRAFT
June 17, 2015

Prepared For:
Palm Beach County
Tourist Development Council
1555 Palm Beach Lakes Blvd., Suite 900
West Palm Beach, FL 33401

Prepared By:
Andrew Deitz, Asset Manager

TOWER 1555, LLLP

1555 Palm Beach Lakes Blvd., #1100
West Palm Beach, FL 33401

June 17, 2015

Palm Beach County
Tourist Development Council
1555 Palm Beach Lakes Blvd., Suite 900
West Palm Beach, FL 33401

Re: 1555 Palm Beach Lakes Boulevard, Suites 800, 900 & 930, West Palm Beach, FL 33401

Dear Ladies and Gentlemen,

Thank you for providing Tower 1555, LLLP (Landlord) the opportunity to submit a lease proposal for
the premises located at Tower 1555.
I am pleased to submit for your review the following proposed terms and conditions under which
Landlord would be willing to enter a lease at the above-referenced location to Palm Beach County
Tourist Development Council. (Tenant).

BUILDING:

Tower 1555
1555 Palm Beach Lakes Boulevard
West Palm Beach, Florida 33410

LANDLORD:

Tower 1555, LLLP

TENANT:

Palm Beach County Tourist Development Council

PREMISES:

Suite 800, 900, & 930

8th & 9th floor (19,700 RSF) *See exhibit A attached

LEASE TERM:

Ten (10) years

Page 2

RENT COMMENCEMENT:

August 1, 2017
Commencement of improvements will take place upon the
signing of this new agreement.
*See paragraph below under Tenant Improvements

ANNUAL BASE RENT:

The Annual Gross Rent per rentable square foot for the Premises
shall be as follows:
$25.95/SF/NNN
Gross Rent shall remain at the same rate for the first 5 years, and
increase by 5% for the second 5 years which begins on August 1,
2022.

OPERATING EXPENSES:

Tower 1555 is a full service office tower. The Operating Expenses

are in the Gross Rent, and includes servicing of the existing liebert
unit fixture within the space, electrical service, and HVAC during
building hours. Landlord shall supply janitorial services five days
a week, HVAC maintenance, exterior window washing, elevator
service, common area restrooms, on-site property management,
building security 24/7, 365 days a year. Excluded are increases in
the real estate tax in excess of the base year.

RENEWAL OPTION:

Tenant shall have the right to renew this lease with two (2), five (5)
year options at a five percent (5%) increase at each five (5) year
term. Tenant must provide Landlord with written notice at least
one (1) year prior to the expiration of the lease agreement (which
expires on July 31, 2027) of their intent to renew.

TENANT IMPROVEMENTS:

Tower 1555 shall provide a custom buildout of the 8th floor with
Class A finishes based on a mutually agreed upon floor plan.
Turn-key is defined as the space being leased is ready to move
into where items are in place; specifically, all wiring, fixtures,
flooring, partitions, and decorative items (such as paint, carpet
and/or vinyl flooring where applicable, base, doors, and door
casings).
Tower 1555 will also provide 8th and 9th floor updates
(improvements are defined to include such things as paint or
wallpaper, new carpeting and/or vinyl flooring where
applicable in the suite).
Landlord separately agrees to renovate the 8th & 9th floor corridors
similar to the scope of work on the 7th floor of the building.
Page 3

Landlord will pay for the design & architecture cost from an
architect mutually agreed upon by both Tenant and Landlord.
All work will be completed to building standard.
Building standard is defined as a particular style and quality of
building materials, finishes, and accessories used in Tower
1555.
NOTE: All work listed above will be performed after all
parties have signed this new renewal agreement.
PARKING:

The parking ratio is 3.5 spaces per 1,000 square feet leased. Based
on Tenants proportionate share, Twenty (20) unreserved roof
parking is provided at $0.00 per space per month; Thirty four (34)
unreserved undercover parking is provided at $0.00 per space per
month; Eleven (11) reserved garage parking spots at $20.00 per
space per month. Any additional parking requests will be at the
normal rate which is:
Unreserved roof parking is provided at $20.00 per space per
month, $40.00 per space per month for non-reserved garage
parking and $60.00 per space per month for reserved garage
parking.
*The parking rate shall remain the same for the initial term.

BUILDING HOURS:

The Building Hours are from 8:00 a.m. until 6:00 p.m. Monday
Friday and from 8:00 a.m. until 1:00 p.m. Saturdays, normal
business holidays excluded. There is an afterhours HVAC charge
of $20.00 per hour.

BUILDING AMENITIES:

One of Palm Beach Lakes finest office properties

Two-story glass atrium
Six (6) floors of covered garage parking, including air
conditioned covered bridge walkway access to building
from the parking garage
Fitness Center and Caf in the building
On-site manned security personnel, 24 hours a day, 7 days a
week
On-site ownership and management
Walking distance to the new Palm Beach Outlets with a
wide variety of restaurants and conveniences
Maintenance staff on-site Monday through Friday

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Unbeatable location just 1/4 mile east of I-95 at Exit 71 and

1 mile west of downtown West Palm Beach and Palm
Beach.
Minutes from Palm Beach International Airport

BROKERAGE:

It is understood that Andrew Deitz represents the Landlord in this

transaction and will be paid a fee by the Landlord under a separate
agreement.
Tenant represents and warrants that it is not
represented by any real estate broker or other party that is entitled
to a fee with respect to this transaction and hereby agrees to
indemnify and hold Landlord harmless from any and all claims for
commissions or other fees of third parties.

QUALIFYING CONDITIONS:

No proposal, counterproposal, letter, or oral statement will be

construed as a binding agreement or as a contract to enter into a
Lease, and all correspondence is considered to be an exploration
by both parties to determine if the basis of such agreement exists
between Tenant and the Landlord. It is understood that Tenant and
Landlord will only be bound by a written Lease Agreement that is
properly executed by both Tenant and Landlord. This proposal is
valid until July 10, 2015.

Sincerely,

AGREED TO AND ACCEPTED BY:

By:
__________________________________

Andrew Deitz
Deitz Realty

Name:
_______________________________
Title: ________________________________

Floor Plans on Exhibit A attached

Page 5

Exhibit A
*Existing to be revised and reconfigured

*Existing

Suite 930

OCCUPIED
OCCUPIED
8th & 9th Floor
Suite 800, 900, & 930:
TOTAL: 19,700 RSF
Suite 800

Page 6
Suite 900