GSA Awards Lease for Former Pres. Clinton's Harlem Office
April 17, 2001
GSA # 9815
Contact: Viki Reath 202-501-1231
WASHINGTON -- The U.S. General Services Administration (GSA) today awarded a 10-year lease for former President Bill Clinton at 55 West 125th Street in Harlem. The Office of President Clinton will occupy 8,300 square feet at the top of the 14-story building. GSA will pay $31.50 per square foot as base rent, plus $6.21 for improvements and $2.50 for electricity, for a total of $40.21 per square foot per year. The total rent is the same for the 308 square feet the Secret Service Space will occupy, which also is part of the lease.
Under the lease terms, GSA pays the landlord $346,127.68 per year. The Treasury Department reimburses GSA for the Secret Service Space. The Office of the Former President reimburses GSA for the Clinton space. (The cost of the Clinton space alone is $333,743; the cost of the Secret Service space alone is $12,385).
The Office of the Former President and the Secret Service pay a total of $366,895 to GSA, including management fees. Management fees cover lease negotiations and administration, along with property management.
The lease can be terminated at the end of the third, sixth, and eighth years. Occupancy is expected in July of this year. The landlord is Judy LLC., and the Managing Agent is Cogswell Realty Group LLC.
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