September 19, 2006
Status:
WITHDRAWN
Review response to Request for Letters of Interest (RLI) RLI 27-097T for the availability to purchase a minimum of 180,000 square feet of office space.
Approve the Authorization for staff to negotiate with Stiles Realty Company.
The goal of the RLI is to find office space that is beneficial in location, layout and pricing that will maximize the ease of relocation of School Board departments. The Board desires to attract interest and receive proposals on the availability to purchase a minimum of 180,000 square feet of office space between October and December 2010. The School Board desires to deal only with the owners/principals of the offered space or realtors/brokers who have firm listing agreements with the owners/principals. Of the 180,000 square feet, a minimum of 65,000 square feet will be required to be ready for occupancy by March 2007. The 65,000 square feet may be initially on a short-term lease but must roll into a purchase by December 2007.
The School Board has issued a Request for Letters of Interest (RLI) on August 4, 2006, with an August 11, 2006 response due date. The RLI was advertised on BECON scroll, Broward Schools website, Broward Times, El Heroldo, Sun-Sentinel, Supply Management & Logistics website, Westside Gazette, Onvia/Demand Star (over 931 e-mails and over 900 vendors). Additionally faxes were sent to 15 firms through Onvia/DemandStar, not including faxes sent to an additional five firms suggested by Real Estate and Environmental Planning. Stiles Realty Company was the only respondent to the RLI. Stiles proposal offers a total of 200,596 square feet of office space (of which 42,357 square feet is leased to third parties) within 1637 (Bldg. G), 1643 (Bldg. H), and 1649 (Bldg. J) NW 136th Avenue together with 9.2 acres of land including 460 existing surface parking spaces. The asking price, "as is" is $35,000,000 fixed through September 1, 2007. In order to accelerate occupancy prior to purchase, the proposal also includes a short-term lease of 65,605 square feet in Buildings G and J currently vacant, at a rental rate of approximately $13.00 per square foot plus $6.97 pass through expenses. The landlord will build-out the vacant area per a School Board approved plan. The lease and rent will commence upon receipt of the Certificate of Occupancy, which is anticipated to be on or about March 1, 2007.
The School Board currently leases approximately 92,634 square feet within Building H. Upon acquisition of the property, School Board's existing leases at the time of closing will be terminated.
There is no financial impact to the District.
Requested Action
WITHDRAWN
Review response to Request for Letters of Interest (RLI) RLI 27-097T for the availability to purchase a minimum of 180,000 square feet of office space.
Approve the Authorization for staff to negotiate with Stiles Realty Company.
Summary
The goal of the RLI is to find office space that is beneficial in location, layout and pricing that will maximize the ease of relocation of School Board departments. The Board desires to attract interest and receive proposals on the availability to purchase a minimum of 180,000 square feet of office space between October and December 2010. The School Board desires to deal only with the owners/principals of the offered space or realtors/brokers who have firm listing agreements with the owners/principals. Of the 180,000 square feet, a minimum of 65,000 square feet will be required to be ready for occupancy by March 2007. The 65,000 square feet may be initially on a short-term lease but must roll into a purchase by December 2007.
The School Board has issued a Request for Letters of Interest (RLI) on August 4, 2006, with an August 11, 2006 response due date. The RLI was advertised on BECON scroll, Broward Schools website, Broward Times, El Heroldo, Sun-Sentinel, Supply Management & Logistics website, Westside Gazette, Onvia/Demand Star (over 931 e-mails and over 900 vendors). Additionally faxes were sent to 15 firms through Onvia/DemandStar, not including faxes sent to an additional five firms suggested by Real Estate and Environmental Planning. Stiles Realty Company was the only respondent to the RLI. Stiles proposal offers a total of 200,596 square feet of office space (of which 42,357 square feet is leased to third parties) within 1637 (Bldg. G), 1643 (Bldg. H), and 1649 (Bldg. J) NW 136th Avenue together with 9.2 acres of land including 460 existing surface parking spaces. The asking price, "as is" is $35,000,000 fixed through September 1, 2007. In order to accelerate occupancy prior to purchase, the proposal also includes a short-term lease of 65,605 square feet in Buildings G and J currently vacant, at a rental rate of approximately $13.00 per square foot plus $6.97 pass through expenses. The landlord will build-out the vacant area per a School Board approved plan. The lease and rent will commence upon receipt of the Certificate of Occupancy, which is anticipated to be on or about March 1, 2007.
The School Board currently leases approximately 92,634 square feet within Building H. Upon acquisition of the property, School Board's existing leases at the time of closing will be terminated.
School Board Goals
| Goal 3 - All operations of the school system will demonstrate best practices while supporting student achievement. |
Financial Impact
There is no financial impact to the District.
Source of Additional Information
Thomas J. Coates 754 321-8351
Associated File Attachments
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Request for Letters of Interest (RLI) - RLI 27-097T (Files) | |
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Stiles Realty Company Response to RLI 27-097T (Files) | |
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Memo to Withdraw (Files) | |
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ExecutedARF (Files) |