HomeMy WebLinkAboutIR 8552 INFORMAL REPORT TO CITY COUNCIL MEMBERS NO. 8552
»la December 9, 2003
a#,pATX1.*a To the Mayor and Members of the City Council
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SUBJECT: Relocation of Fort Worth International Center
The Fort Worth International Center has been located in the Baker Building at 711 Houston Street in
downtown Fort Worth since April, 1997. The City has a lease on the space, with extensions, valid until
March 31, 2008. XTO bought the Baker Building in 2003. and is in the process of renovating the
building and restoring the original facade. They have notified the City that upon completion of the
restoration project, they plan to fully occupy the building and have requested that the Fort. Worth
International Center relocate. Comparable downtown space was identified at the Commerce Building, at
the corner of 6`h and Throckmorton Streets. Negotiations between the City, XTO and the landlord of the
Commerce Building have produced the following results:
The Commerce Building has agreed to the following:
• 13,344 sq. feet in the Commerce Building
• $12/sq.ft/year rental rate ($160,128)
• 5 year term
• Right to renew for an additional 3-year term at prevailing market rate
• 10 free parking spaces in adjacent parking garage
• 10 additional parking spaces at$70/month ($25 below market rate)
• Build-out of space estimated at$155,000
XTO has agreed to the following:
• Pay for all move expenses
• Pay for relocation of telephone and computer equipment
• $15,000 cash to replace print materials caused by relocation
• $20,000 cash to replace furniture and fixtures at Baker Building location
• $2,000 cash for move announcements
• $16,090 reduction of rent at the Baker Building from September, 2003 until move date
• $20,000 for excess build-out costs
The City Council will be asked to:
• Approve the lease terms described above
• Waive the fees for street closure for up to 120 days while the build-out of the lease space at the
Commerce Building and the renovation of the Baker Building are performed for:
• 1 traffic lane of the 100 block of West 7th Street and the adjoining sidewalk
• 1 traffic lane of the 700 block of Houston St. and the adjoining parking spaces
• Subject to TPW approval of the contractor's application and traffic management plan
Gary . Jac on
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS