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Real-Life Guide To Medical Office Buildout In 100 Images

 (CLICK HERE TO DOWNLOAD GUIDES IN PDF)


Dear Doctor,


When you lease a medical office space in NYC, in most instances it will require a substantial buildout. Just for you to understand how typical medical offices are built, we have developed this case study that shows a medical office space construction in 100 actual images. The buildout started with a full demolition of a former law office, and ended 6 weeks later with an installation of custom made cabinets, furniture, and equipment. Please, enjoy the art of the medical office space construction in pictures - a picture is worth a thousand words! 

P.S. At the very bottom you will find the Exhibit with deal terms for this office.
 

FLOORPLAN FOR THE CASE STUDY
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Case Study: Medical Office Space Buildout from A to Z in 100 Actual Images


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Exhibit 1: Offer, Counteroffer, and Final Lease Terms

Here are the Initial Offer, Counteroffer and Final Deal Terms for the office above. There were several rounds of offers and counteroffers before the  Landlord and the Tenant have reached the consensus. Some deal terms are approximate or not disclosed as they are a subject to a confidentiality agreement


Offer

Counteroffer

Deal



Tenant

NYS Corporation

Tenant (personally)

NYS Corporation


Guarantor

Good Guy Clause

Full Personal Guarantee

Good Guy Clause


Building

Not disclosed

Not disclosed

Not disclosed


Space

Partial Floor

Partial Floor

Partial Floor


Size in RSF

1,400 RSF

1,400 RSF

1,400 RSF


Term

10 Years and 6 Months

10 Years and 3 Months

10 Years and 6 Months


Base Rent Per RSF

Y1 -11: $30/RSF

Y1-5: $34/RSF
Y6-11: $36/RSF
 (asking $35/RSF)

Y1-3: $30/RSF
Y4-5: $31/RSF
Y6-11: $33/RSF


Electricity per RSF

Y1-11: $3/RSF

Y1-3: $3/RSF
Y3-11: $3.50/RSF

Y1-5: $3/RSF
Y6-11: $3.50/RSF


Fixed Escalation

3%

3%

3%


Real Estate Tax Escalation

Proportionate share of increases over Base Year 2014

Proportionate share of increases over Base Year 2013

Proportionate share of increases over Base Year 2013/2014


Free Rent

6 Months (upfront)

3 Months (structured)

6 Months (structured)


Possession

Upon substantial completion of LL’s Work

Upon substantial completion of LL’s Work

Upon substantial completion of LL’s Work


Landlord’s Work

Full Standard Buildout with Plumbing

Full standard Buildout without Plumbing

Full standard Buildout without Plumbing


Tenant’s Work

None

None

None


Tenant’s Contribution for 7 sinks, ADA bathroom, wood floor,
glass reception

TBD

$26,000

$26,000


Security Deposit

3 Months of the Base Rent

6 Months of the Escalated Rent

4 Months of Escalated Rent with Burndown


Security Burndown

None

None

1 Month after Y2


Option to Sublease

Yes, with LL’s Consent

Yes, but to very limited list of uses

Yes, to comprehensive list of uses


Option to Extend

Option to Extent for 5 Years at Fixed Rate

None

Option to Extent for 5 Years at Fair Market Rate


MedicalOfficeNYC.com by
OfficeNYC.com, Inc. - Licensed Real Estate Brokers
32 Union Square, Suite 1204
New York, NY 10003
​212.235.2000
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