United Bank for Africa- Analysis- 2019-11-07 for Real Estate

First page Previous page 7 Next page Last page

Renewal 1 Rockefeller Plaza - E8

United Bank for Africa | New York

Analysis Detail (Lessee Perspective)

Printed: Nov 7, 2019 at 3:13 PM

No temporary space at 1 Rockefeller Plaza for UBA to occupy in the event of a renewal and rebuild. Note : Cost of WeWork for 40 employees is assumed to be $600/employee per month for 6 months. Analysis is truncated to Dec. 31, 2039 for common term comparison

Key Assumptions

Required Capital

Hard Construction Soft Costs

$227.25/SF $4,564K $21.69/SF $436K $51.72/SF $1,039K

Analysis Period

Jan. 1, 2020 - Dec. 31, 2039

Analysis Term 20 Yrs

Discount Rate 7.00%/Yr.

2020 2020

Lease Type

Direct

OpEx Base ReTax Base

$26.35/SF $20.71/SF

0.280% Pro Rata

FF&E Technology Miscellaneous Swing Space (WeWork)

Total Rentable Area Lease Commencement

20,085 SF

0.280% Pro Rata

Nov. 1, 2021 18 Yrs, 2 Mos Dec. 31, 2039 Dec. 31, 2039

Submetered Electric Fixed Annual Increase Landlord Contribution Commissions (1.5X)

5% Mark-Up $3.00/SF

$2.14/SF $2.69/SF

$43K $54K

Lease Term

None

$1,808K

Lease Expiration Analysis Truncation

$90.00/SF $0.00/SF

$7.17/SF $144K

$0K

Rent Schedule Initial Free Rent:

Contingency (8.0%)

Start

End

$/SF/Year

$/Year

$25.01/SF $502K $337.68/SF $6,782K

12 months of free rent amortized at 7% over 20-year lease term.

None

Total

Tranche 1: Tranche 2: Tranche 3: Tranche 4: Tranche 5: Tranche 6: Tranche 7: Tranche 8:

60 Mos. (1 - 60) 60 Mos. (61 - 120) 60 Mos. (121 - 180) 38 Mos. (181 - 218)

Nov. 1, 2021 Oct. 31, 2026 Nov. 1, 2026 Oct. 31, 2031 Nov. 1, 2031 Oct. 31, 2036 Nov. 1, 2036 Dec. 31, 2039

$86.00/SF $92.00/SF $98.00/SF $104.00/SF

$1,727K $1,848K $1,968K $2,089K

+7.0% +6.5% +6.1%

Direct Expenses

- - - - -

Total

2 Mos

12 Mos

12 Mos 12 Mos 12 Mos 12 Mos 12 Mos 12 Mos 12 Mos

218 Mos

Cash Flow | $/SF

2020

2021

2022

2023

2024

2025

2026

2027

2028 2029 2030 2031 2035 2036 2039

Total

NPV @ 7.0% Annuity

Base Rent Free Rent

- - - - - - - - -

14.33

86.00

87.00

92.00

93.00

98.00

99.00

104.00

1,709.33

835.18

91.93

$26.35/SF, 2020 Base $20.71/SF, 2020 Base 12 Months

Operating Expense

0.15 0.12

1.88 1.47

2.86 2.25

3.89 3.05

4.95 3.89

6.04 4.75

7.17 5.64

8.35 6.56

9.56 7.52

10.82

12.12

17.80 13.99 (7.95)

19.34 15.20 (7.95)

24.31 19.10 (7.95)

217.41 170.85

86.80 68.22

9.55 7.51

Real Estate Tax

8.50

9.53

Amortized Free Rent

(1.33)

(7.95)

(144.51)

(72.27)

(7.95)

6 Gross Rent SubTotal

$13.28

$81.40 $83.16 $84.99 $86.88

$89.83 $96.86 $98.95 $101.12 $103.37 $106.69 $121.83 $125.59 $139.46

$1,953.09 $917.93 $101.03

Commercial Rent Tax Submetered Electric

5% Mark-Up 3.90% of the Gross Rent

0.54 0.54

3.31 3.37

3.38 3.49

3.46 3.61

3.53 3.74

3.65 3.87

3.93 4.01

4.02 4.15

4.11 4.29

4.20 4.44

4.34 4.60

4.96 5.28

5.11 5.46

5.68 6.06

79.42 83.21

37.32 39.00

4.11 4.29

9 Additional Cost SubTotal

$1.08

$6.68

$6.87

$7.07

$7.28

$7.53

$7.94 $8.17 $8.40 $8.65 $8.94 $10.23 $10.57 $11.73

$162.63 337.68

$76.32 337.57 (90.00)

$8.40 37.15 (9.91)

Required Capital

337.68 (90.00)

- - -

Landlord Contribution

(90.00)

12 Net Capital

$247.68 $247.68

$247.68 $247.57

$27.25

13 Total | $/SF

$14.36 $86.19

$88.08 $90.03 $92.06 $94.15 $88.08 $90.03 $92.06 $94.15

$97.36 $104.80 $107.12 $109.53 $112.02 $115.63 $132.06 $136.16 $151.19 $97.36 $104.80 $107.12 $109.53 $112.02 $115.63 $132.06 $136.16 $151.19

$2,363.40 $1,241.81 $136.68

Annualized Cost (Omitting 1X Costs)

2 Mos

12 Mos

12 Mos 12 Mos 12 Mos 12 Mos 12 Mos 12 Mos 12 Mos

218 Mos

Cash Flow | $K

2020

2021

2022

2023

2024

2025

2026

2027

2028 2029 2030 2031 2035 2036 2039

Total

NPV @ 7.0% Annuity

- - - - - - - -

288K 1,727K 1,727K 1,727K 1,727K 1,747K 1,848K 1,848K 1,848K 1,848K 1,868K 1,968K 1,988K 2,089K

34,332K 16,775K 1,846K

Base Rent Free Rent

3K 2K

38K 30K

58K 45K

78K 61K

99K 78K

121K 144K 168K 192K 217K 243K 357K 388K 488K 95K 113K 132K 151K 171K 191K 281K 305K 384K

4,367K 1,743K 3,432K 1,370K

192K 151K

Operating Expense

Real Estate Tax

(27K)

(160K)

(2,902K)

(1,452K)

(160K)

Amortized Free Rent

19 Gross Rent SubTotal

- $267K $1,635K $1,670K $1,707K $1,745K $1,804K $1,945K $1,987K $2,031K $2,076K $2,143K $2,447K $2,522K $2,801K $39,228K $18,437K $2,029K

11K 11K

66K 68K

68K 70K

69K 73K

71K 75K

73K 78K

79K 81K 83K 84K 87K 100K 103K 114K 80K 83K 86K 89K 92K 106K 110K 122K

1,595K 1,671K

750K 783K

83K 86K

Commercial Rent Tax Submetered Electric

22 Additional Cost SubTotal

$22K $134K $138K $142K $146K $151K $160K $164K $169K $174K $180K $206K $212K $236K

$3,266K $1,533K $169K

6,782K

- -

6,782K 6,780K

746K

Required Capital

(1,808K)

(199K)

Landlord Contribution

25 Net Capital

$4,975K

$4,975K $4,972K $547K

26 Total | $K

$4,975K $289K $1,769K $1,808K $1,849K $1,891K $1,955K $2,105K $2,152K $2,200K $2,250K $2,322K $2,652K $2,735K $3,037K $47,469K $24,942K $2,745K

Annualized Cost (Omitting 1X Costs)

- $1,731K $1,769K $1,808K $1,849K $1,891K $1,955K $2,105K $2,152K $2,200K $2,250K $2,322K $2,652K $2,735K $3,037K

All information furnished is from sources deemed reliable. No warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change in price, rental or other conditions, prior sale, lease, or financing or withdrawal without notice.

Made with FlippingBook Online newsletter