AgdaPkt 2012-01-09 - Laserfiche WebLink

Browse Search

8.A. - Page 48 Expected future leases as reported by VII Pac Shores include the followi�lg: Lelsa�le �xpected �xpected Btulding Square Lease Lease �xpected Cturent Street Address Expected Tenant Peet Start Date End Date �xtension Option 1800 - Seaport Blvd Zaaale lnc 119,730 8/1 /2012 7/31 /2020 5 Ye1r Option 1300 - Seaport Blvd First Virtual Group, lnc 8,551 4/1 /2012 9/30 /2017 5 Year Option 1300 - Seaport Blvd The Thomas & Stacey Siebel 8,551 4/1 /2012 9/30 /2017 5 Year Option Potuldation 1300 -Seaport Blvd C3, LLC 51,307 4/1/2012 9/30/2017 5 Year Option Based on the foregoing, the buildings located at 2100, 2000, 1900, 1800 and 1200 Seaport Boulevard are all currently ft�lly leased (the building at 1100 Seaport Boulevard is fully utilized by the Pacific Shores Club); and the overall vacancy rate for the buildings located on the nine Taxable Parcels currently owned by VII Pac Shores is approximately 16%�, which vacancy rate is expected to drop to approximately 10% from and after April 1, 2012. No assurance can be given that any current tenant in any of the buildings that are owned by VII Pac Shores in the Center will continue its tenancy for any particular time. Special Taxes are levied on the fee title owner of the respective parcel, and the payment of the Special Taxes are the responsibility of the fee title owners of the Taxable Parcels on which they are levied. VII Pac Shores has advised that it is engaged in discussions to sell two of the Taxable Parcels (including the buildings thereon), bt�t no assurance can be given that any such sale will occur. SP�I Ei;�ht Pacific Shores LLC. SIZI Eight Pacific Shores LLC ("SRI Eight") is a Delaware limited liability company that owns two of the Taxable Parcels in the District. The two Taxable Parcels are responsible for 26.43% of the Fiscal Year 2011/2012 Special Tax levy (see Taxable 3 under "—Special Tax Allocation" below). SRI Eight reports that there is a nonrecourse loan of $183,700,000 encumbering its parcels in the District, and that no defaults have occurred with respect to the loan. Any encumbrance on the two Taxable Parcels owned by SIZI Eight Pacific Shores LLC securing the repayment of the loan is subordinate to the lien on such parcels securing the payment of Special Taxes levied on the Taxable Parcels pursuant to the Notice of Special Tax Lien (see "THE DISTIZICT — History of the District"). SRI Eight reports that the current status of the leasing of the buildings located on the two Taxable Parcels owned by it in the District, both of which are currently fully leased, is as follows: Building Lease Lease End Street Address Current Tenant"' Start Date Date 1400Seaport OpenwaveSystemslnc./BiotechCorporation 4/30/2001 12/31/2021 P�lvd 1500 Seaport Facet Biotech Corporation 1/01 /2007 12 /31 /2021 Blvd (1) SRI Light reports that, at the tinle it ptuchased the two parcels indicated lbove in 2007 (i) Openwave Systems lnc, a Dellwlre corporation ("Openwlve") had leased $te 1400 building in 1 lease that commenced on 4/30/01 and went through 4/30/13, (ii) Openwlve h1d stibleased the 1400 building to PDL BioPharma, 1 Delawlre corporltion ("PDL"), and (iii) PDL had entered into both 1n immedilte direct lease for the 1500 building and a direct lelse for the 1400 building when the existing Openwave lelse expired, both of whidl expire on 12/31/21. h1 December 2008, PDL completed a spinoff of a portiarl of its business to a new entity called Pacet 6iotech Corporation, a Delaware corporation ("Pacet"). Sltl �ight consented to the assignment of the PDL lease �1nd sublease to Iacet conditioned on PDL and Facet remrlining jointly and severely liable under the leases and rn1 increase in the letter of credit securing the lease obligations to �5million. On April 21, 2010, Pacet became a -24-