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Six years remain on primary lease with options to renew.
The property is fully leased to Walgreens and will have 20 years of primary lease term remaining upon commencement.
In the Niobrara oil shale play Fidelity Exploration & Production Company has signed an agreement to acquire approximately 27,000 net acres with primary lease terms of five years.
The trust estate pledged to bondholders encompasses the primary lease between the authority and TUFF Archives LLC, including all rental revenues derived from the facility, as well as the loan obligation of TUFF Archives LLC to the authority.
Due to the construction component, financing was secured for a 26-year term, to mirror the approximate ten-month construction period and the 25-year primary lease between ownership and tenant.
Wilson, President of Imperial said, "We have been seeking a development partner for the PRVB leases in an effort to secure additional capital prior to the expiration of the primary lease terms beginning early next year.
Several years remain on primary lease with five year option to renew.
With the help of its tenant rep, the New York office of The Staubach Company, Novell, whose 10-year primary lease for the 35th floor ended in January, searched all along the Sixth Avenue corridor for a new home.
The sublease will expire upon the expiration of the primary lease, whereupon the Company's obligation with respect to the primary lease also will terminate.
Having such "privity of contract" with the property owner assures the space user that building services will be available directly from the landlord without the involvement of an intermediary, whereas a subtenant is at risk of losing its space as a result of its sublandlord's default under the primary lease.
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