Attachment A: History of Lease Amendments
Agreement* Agreement
Date
Term Square
Feet
Initial
Monthly
Rent
Initial
Annual
Rent
Key Terms
Original
Lease1
7/31/1998 9/1/1998 –
8/31/2008
9,202 $21,624.70 $259,496.40 1007 Elwell;
3% annual
increases
1st
Amendment2
4/1/2003 1003
Elwell:
4/1/2003 –
3/31/2005
14,894 1003
Elwell:
$7,115.00
1003 Elwell:
$85,380.00
Added 5,692
square feet at
1003 Elwell
for 2 years
2nd
Amendment
3/16/2005 1003
Elwell:
4/1/2005 –
9/30/2005
14,894 1003
Elwell:
$7,115.00
1003 Elwell:
$85,380.00
(Annualized)
Extend 1003
Elwell for 6
more months
3rd
Amendment3
10/1/2005 1003
Elwell:
10/1/2005
–
9/30/2006
14,894 1003
Elwell:
$7,328.45
1003 Elwell:
$87,941.40
Extend 1003
Elwell for 1
more year
4th
Amendment4
6/6/2006 1003
Elwell:
10/1/2006
–
8/31/2008
14,894 1003
Elwell:
$7,328.45
1003 Elwell:
$87,941.40
Lease 1003
Elwell for 23
more months
5th
Amendment5
5/17/2007 Term for
entire
space
extended
to
8/31/2013
16,157 $36,348.08;
9/1/2008:
$21,004.10
$436,176.96;
9/1/2008:
$252,049.20
Terminate
possession of
1003 Elwell
and add 6,955
square feet at
1005 Elwell.
Starting
9/1/2008,
reduced to
$1.30 per
1 City Council, July 13, 1998, CMR:307:98: https://portal.laserfiche.com/Portal/DocView.aspx?id=60834&repo=r- 704298fc&searchid=c347cd0d-e2e8-4cb1-a4ff-d42293a77ec9
2 City Council, March 10, 2003, CMR:165:03: https://www.cityofpaloalto.org/files/assets/public/v/1/agendas- minutes-reports/reports/city-manager-reports-cmrs/year-archive/2003/cmr-165-03.pdf 3 City Council, September 19, 2005, CMR:362:05:
https://portal.laserfiche.com/Portal/DocView.aspx?id=47164&repo=r-704298fc&searchid=d37d5072-a337-467f- abca-2cff0d0b16e0
4 City Council, June 5, 2006, CMR: 234:06: https://www.cityofpaloalto.org/files/assets/public/v/1/agendas-minutes- reports/reports/city-manager-reports-cmrs/year-archive/2006/cmr234-06.pdf 5 City Council, May 14, 2007, CMR: 226:07: https://www.cityofpaloalto.org/files/assets/public/v/1/agendas- minutes-reports/reports/city-manager-reports-cmrs/year-archive/2007/cmr-226-07.pdf square foot
with annual
$0.05 per
square foot
increases
6th
Amendment
8/30/2013 9/1/2013 –
8/31/2015
16,157 $26,659.05 $319,908.60 City exercises
option to
extend.
Annual 3%
increases
7th
Amendment6
3/23/2015 9/1/2015 –
8/31/2018
16,157 $48,471.00 $581,652.00 Extend term
for 3 years + 3
year option.
2.5% annual
increases.
8th
Amendment
1/12/2018 9/1/2018 –
8/31/2021
16,157 $52,197.00 $626,364.00 Extend term
for 3 years + 3
year option.
2.5% annual
increases
9th
Amendment7
6/24/2021 9/1/2021 –
8/31/2024
16,157 $56,210.46 $674,525.52 Extend term
for 3 years.
$250,000 TIs.
2.5% annual
increases.
10th
Amendment
10/20/2021 9/1/2021 –
8/31/2024
16,157 $56,210.46 $674,525.52 Modify TI
provision.
11th
Amendment
Pending 9/1/2024 –
8/31/2027
16,157 $59,344.19 $712,130.28 Extend term
for 3 years + 3
year option.
*Link to staff report in footnotes if available.
6 City Council, March 23, 2015, ID # 5599: https://www.cityofpaloalto.org/files/assets/public/v/1/agendas-minutes- reports/reports/city-manager-reports-cmrs/year-archive/2015/5599.pdf 7 City Council, June 21, 2021, ID # 12247: https://www.cityofpaloalto.org/files/assets/public/v/1/agendas-minutes- reports/reports/city-manager-reports-cmrs/year-archive/2021/id-12247.pdf