Ordinance Authorizing Fourth
Amendment to Lease for Building
169 with Williams Sonoma, Inc.
Staff Recommendation by: City Manager Jennifer Ott and Community Development Director Lisa Maxwell
June 6, 2023
Building 169: Williams Sonoma, Inc.
Background
• Tenant – Williams Sonoma, Inc. a Delaware
Corporation, acting for and on behalf of Williams-
Sonoma Stores, Inc., a California Corporation
(Williams Sonoma)
• Located at Viking St. & Oriskany Ave. (1680 Viking
Street)
• Retail sales of home furnishings and
embellishments
• Building includes 43,335 s.f. , plus adjacent
parking area
• Lease commenced March 2017; 3-year term;
amended three times
• Lease expired April 30, 2023; currently month-to-
month holdover tenancy
• Current lease rate: $260,010 annually
• aaa
Building 169: Williams Sonoma
Fourth Amendment Terms
• Term commences retroactively April 30,
2023; terminates April 30, 2024
• No extension option
• William Sonoma to discontinue
operations at site in one year
• Renewal option for one year allows
transition period for winding down
operations
• Rent increased to $0.70 cents per s.f.
(from $.050 cents per s.f.) or $365,262
annually ($104,000 increase)
3 Building 169: Williams Sonoma
Additional Fourth Amendment
Terms
• 6-month termination right by
either party
• Security deposit increased to
$30,348.50 = one months rent
(from $21,677.50) to reflect
increased rent
4 Building 169: Williams Sonoma
Recommendation:
Introduce ordinance authorizing City Manager to execute a Fourth Amendment to the Lease with Williams Sonoma for one-year extension of term and increase in rent and security deposit 5