Burns & McDonnell_Denver RFP Response_FLIP BOOK
OME
COMPARATIVE ANALYSIS
6. Provide an example of comparative analysis of proposals received from multiple landlords. Below is a link to our template comparative analysis that the Project Team will use to present potential options to the client. This analysis is a comprehensive overview of all quantitative and qualitative factors that should be taken into account when comparing potential buildings and spaces. We include an in depth financial analysis, photos and floorplans for each building, and a qualitative overview of each option that compares signage potential, expansion opportunities, nearby amenities, and a number of other factors that are not reflected in a purely financial comparison. This package allows the client to make informed decisions about each property and ensure that no important component is left out of the decision making process.
PROPOSAL SUMMARY TENANT ADVISORY GROUP
August 16, 2021
PROPOSAL SUMMARY
1900 16th Street - 3rd Floor (estimated) BentallGreenOak
1900 16th Street - 17th Floor
2001 16th Street Invesco (Landlord) DaVita (Sublandlord) 133 Months September 1, 2022 September 30, 2033
PREPARED BY
BentallGreenOak 156 Months September 1, 2022 August 31, 2035
LANDLORD LEASE TERM TARGET COMMENCEMENT DATE EXPIRATION DATE FLOOR / PREMISES RENTABLE SQUARE FOOTAGE
130 Months
STEVE BILLIGMEIER Executive Managing Director +1 303 813 6413 steve.billigmeier@cushwake.com ROB BAIN Director +1 303 813 6452 rob.bain@cushwake.com Suite 800 24,700 SF
September 1, 2022 June 30th, 2033
FINANCIAL ANALYSIS
Suite 1700 23,762 SF
Suite 300 26,443 SF
Month 9/1/2022 - 8/31/2023 9/1/2023 - 8/31/2024 9/1/2024 - 8/31/2025 9/1/2025 - 8/31/2025 9/1/2026 - 8/31/2027 9/1/2027 - 8/31/2028 9/1/2028 - 8/31/2029 9/1/2029 - 8/31/2030 9/1/2030 - 8/31/2031 9/1/2031 - 8/31/2032 9/1/2032 - 8/31/2033 9/1/2033 - 8/31/2034 9/1/2034 - 8/31/2035
$$$ $0.00/RSF, NNN $37.00/RSF, NNN $37.93/RSF, NNN $38.87/RSF, NNN $39.84/RSF, NNN $40.84/RSF, NNN $41.86/RSF, NNN $42.91/RSF, NNN $43.98/RSF, NNN $45.08/RSF, NNN $46.20/RSF, NNN $47.36/RSF, NNN $48.54/RSF, NNN
$$$ $0.00/RSF, NNN $32.00/RSF, NNN $32.80/RSF, NNN $33.62/RSF, NNN $34.46/RSF, NNN $35.32/RSF, NNN $36.21/RSF, NNN $37.11/RSF, NNN $38.04/RSF, NNN $38.99/RSF, NNN $39.96/RSF, NNN $40.96/RSF, NNN
Month 9/1/2022 - 4/30/2023 5/1/2023 - 4/30/2024 5/1/2024 - 4/30/2025 5/1/2025 - 4/30/2026 5/1/2026 - 4/30/2027 5/1/2027 - 4/30/2028 5/1/2028 - 4/30/2029 5/1/2029 - 4/30/2030 5/1/2030 - 4/30/2031 5/1/2031 - 4/30/2032 5/1/2032 - 4/30/2033 5/1/2033 - 9/30/2033
$$$ $0.00/RSF, NNN $33.00/RSF, NNN $33.83/RSF, NNN $34.67/RSF, NNN $35.54/RSF, NNN $36.43/RSF, NNN $37.34/RSF, NNN $38.27/RSF, NNN $39.23/RSF, NNN $40.21/RSF, NNN $41.21/RSF, NNN
Month 9/1/2022 - 6/30/2023 7/1/2023 - 6/30/2024 7/1/2024 - 6/30/2025 7/1/2025 - 6/30/2025 7/1/2026 - 6/30/2027 7/1/2027 - 6/30/2028 7/1/2028 - 6/30/2029 7/1/2029 - 6/30/2030 7/1/2030 - 6/30/2031 7/1/2031 - 6/30/2032 7/1/2032 - 6/30/2033
OPTION 3 - RELOCATE: 2001 16th St, Denver, CO_DaVita Sublease_Sublandlord Response 8.12.21 24.7K SF Sublease - Suite 800: 133 mos
OPTION 1 - RENEW: 1900 16th St - 17th Floor, Denver, CO_Landlord Counter 7.7.21 23.76K SF Renewal Lease - 17th Floor: 156 mos
OPTION 2 - RENEW: 1900 16th St - 3rd Floor, Denver, CO_Landlord Proposal 7.29.21 26.44K SF Renewal Lease - 3rd Floor: 130 mos
FINANCIAL ANALYSIS Denver Lease Options Renew / Relocate
BASE RENT SCHEDULE (SF/MONTH)
Analysis Period Rentable Square Feet Lease Commencement Date Lease Term
Sep'22 - Apr'35 (156 mos) 23,762 sf
Sep'22 - Jun'33 (130 mos) 26,443 sf
Sep'22 - Sep'33 (133 mos) 24,700 sf
9/1/2022
9/1/2022
9/1/2022
No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to errors, omissions, change of price rental or other conditions, withdrawal without notice, and to any special listing conditions, imposed by our principals. 156.0 mos 13.0 yrs 8/31/2035
130.0 mos
10.8 yrs
133.0 mos
11.1 yrs
Lease Expiration Date Rent Base Rent Free Rent Free Rent Value Annual Escalation Effective Rent Operating Expense OpEx / Prop Tax
6/30/2033
9/30/2033
$3.08 sf/mos
$37.00 sf/yr
$2.75 sf/mos
$33.00 sf/yr
$2.67 sf/mos
$32.00 sf/yr
2.5% 12 Months Gross Rent $20.46/SF
2.5%
2.5% 8 Months Gross Rent $25.73/SF
ANNUAL BASE RENT INCREASES FREE RENT EST. 2022 OPEX & TAXES T.I. ALLOWANCE EST. UP FRONT COSTS AVERAGE ANNUAL OPERATING EXPENSE PARKING RATIO
First 12 mos Free - Gross
First 10 mos Free - Gross $1,167,877
First 8 mos Free - Gross
10 Months Gross Rent $20.46/SF $80.00/SF
$1,353,006
$956,966
2.50%
2.50%
2.50%
$110.00/SF FINANCIAL ANALYSIS $39.26 sf/yr $2.84 sf/mos
$3.27 sf/mos
$34.13 sf/yr
$2.82 sf/mos
$33.89 sf/yr
$100.00/SF $475,240 $1,606,333 1.30:1,000 SF
$1.70 sf/mos
$20.46 sf/yr
$1.70 sf/mos
$20.46 sf/yr
$2.14 sf/mos
$25.73 sf/yr
$1,057,720
$247,000
NNN
NNN
NNN
$1,642,188
$1,622,158
$0.33 sf/mos
$3.98 sf/yr
$0.32 sf/mos
$3.87 sf/yr
$0.25 sf/mos
$3.01 sf/yr
OpEx - Parking 1
31 spaces (1.3 / 1,000): $220/mos - Unreserved, $285/mos - Reserved
1.14:1,000 SF 34 spaces (1.3 / 1,000): $220/mos - Unreserved, $285/mos - Reserved
28 spaces (1.14 / 1,000): $225/mos - Unreserved.
1.30:1,000 SF
Capital Items
OPTION 3 - RELOCATE: 2 01 16th St, Denver, CO_DaVita Sublease_Sublandlord Response 8.12.21 24.7K SF Sublease - Suite 800: 133 mos
Buildout Requirement Total Capital Items
$120.00 sf $120.00 sf $100.00 sf $20.00 sf
$2,851,440 $2,851,440 $2,376,200
$120.00 sf $120.00 sf $80.00 sf $40.00 sf
$3,173,160 $3,173,160 $2,115,440 $1,057,720 4 mos 31-Dec-22 Stub Period
$120.00 sf $120.00 sf $110.00 sf $10.00 sf 2 mos 31-Dec-24
$2,964,000 $2,964,000 $2,717,000 12 mos $247,000 31-Dec-26
LL Provided TI Allowance
Analysis Period
133 mos
12 mos
12 mos
12 mos
12 mos
12 mos
12 mos
12 mos
12 mos
9 mos
31-Dec-23
31-Dec-25
31-Dec-27
31-Dec-28
31-Dec-29
31-Dec-30
31-Dec-31
31-Dec-32
31-Dec-33 Stub Period
Fiscal Year Ended
Year 1: Net 1-Time Expense / Capital
$475,240
24,700 SF
Cash Cost
total
total
$247,000 $18,447,919 $12,365,369 total $1,642,188 $1,039,799 $1,556,564 ($823 6 3) ($694,446) ($81,135) $0 $0
CASH
Nom $s Total
(Expense) / Income
$21,357,565 $13,371,095 $475,240
$18,631,100 $12,801,041
NOM Pre Tax $'s NPV Pre Tax $'s
24.7K SF Sublease - Suite 800: 133 mos Rent: NNN
($9,276,727)
($0)
($526,933)
($803,573)
($844,254)
($865,361)
($886,995)
($909,169)
($931,899)
($955,196)
($979,076)
($750,608)
Day 1 Cash Cost - Net of TI 2023 Cash Operating Cost 2 2024 Cash Operating Cost - Stabilized Yr 2 Avg Annual Operating Cost 3 [1] Model assumes parking spaces at 50/50 split between reserved and unreserved pricing. No LL provided split. DaVita assumes all unreserved as no reserve mentioned. [2] Operating Cost includes Rent, OpEx/Tx and Parking. Free rent is captured in Year 1 amount. No Capital or 1-Time expense included. [3] Avg Annual Operating Cost is average of Rent, OpEx/Tx and Parking over the life of the lease. Free rent is included in this calc as well. No Capital or 1-Time expense included. $1,622,158 $1,566,032 $1,606,333 $1,502,486 $557,321 $1,057,720 $820,366 Free Rent: Gross OpEx / Prop Tax - NNN ($7,945,629) Parking ($978,563) ($24,750) Total Buildout Required ($2,964,000) ($2,964,000) Tenant Improvement Allowance $2,7 7,000 $2,717,000 Pre Tax Cash Flow ($18,447,919) Net Present Value: 7% disc rate ($12,365,369)
Captured in Rent and OpEx Stream
$0 ($436,388)
($674,219) ($78,772)
($715,279) ($83,569)
($736,737) ($86,076)
($758,840) ($88,658)
($781,605) ($91,318)
($805,053) ($94,058)
($829,204) ($96,879)
($854,081) ($99,786)
($659,777) ($77,085)
($76,478)
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
V11.0_8.13.21
($271,750) ($1,039,799) ($1,556,564) ($1,599,243) ($1,643,102) ($1,688,174) ($1,734,493) ($1,782,092) ($1,831,009) ($1,881,280) ($1,932,942) ($1,487,470)
V11.0_8.13.21
Page 2
Rubin Brown_Exist vs Proposed_Denver_V11.0_8.13.21
CLICK HERE to see the full Comparative Analysis
Page 4
Rubin Brown_Exist vs Proposed_Denver_V11.0_8.13.21
33 RFP for Real Estate Services BURNS & MCDONNELL
Made with FlippingBook - professional solution for displaying marketing and sales documents online