used to refinance certain indebtedness which matured in the fourth quarter of 2014 .interest is payable semi-annually in arrears on march 18 and september 18 of each year , or approximately $ 35 million per year .the 2024 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price .the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2024 notes .2022 notes .in may 2012 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations .these notes were issued as two separate series of senior debt securities , including $ 750 million of 1.375% ( 1.375 % ) notes , which were repaid in june 2015 at maturity , and $ 750 million of 3.375% ( 3.375 % ) notes maturing in june 2022 ( the 201c2022 notes 201d ) .net proceeds were used to fund the repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates and for general corporate purposes .interest on the 2022 notes of approximately $ 25 million per year is payable semi-annually on june 1 and december 1 of each year .the 2022 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price .the 201cmake-whole 201d redemption price represents a price , subject to the specific terms of the 2022 notes and related indenture , that is the greater of ( a ) par value and ( b ) the present value of future payments that will not be paid because of an early redemption , which is discounted at a fixed spread over a comparable treasury security .the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2022 notes .2021 notes .in may 2011 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations .these notes were issued as two separate series of senior debt securities , including $ 750 million of 4.25% ( 4.25 % ) notes maturing in may 2021 and $ 750 million of floating rate notes , which were repaid in may 2013 at maturity .net proceeds of this offering were used to fund the repurchase of blackrock 2019s series b preferred from affiliates of merrill lynch & co. , inc .interest on the 4.25% ( 4.25 % ) notes due in 2021 ( 201c2021 notes 201d ) is payable semi-annually on may 24 and november 24 of each year , and is approximately $ 32 million per year .the 2021 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price .the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2021 notes .2019 notes .in december 2009 , the company issued $ 2.5 billion in aggregate principal amount of unsecured and unsubordinated obligations .these notes were issued as three separate series of senior debt securities including $ 0.5 billion of 2.25% ( 2.25 % ) notes , which were repaid in december 2012 , $ 1.0 billion of 3.50% ( 3.50 % ) notes , which were repaid in december 2014 at maturity , and $ 1.0 billion of 5.0% ( 5.0 % ) notes maturing in december 2019 ( the 201c2019 notes 201d ) .net proceeds of this offering were used to repay borrowings under the cp program , which was used to finance a portion of the acquisition of barclays global investors from barclays on december 1 , 2009 , and for general corporate purposes .interest on the 2019 notes of approximately $ 50 million per year is payable semi-annually in arrears on june 10 and december 10 of each year .these notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price .the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2019 notes .13 .commitments and contingencies operating lease commitments the company leases its primary office spaces under agreements that expire through 2043 .future minimum commitments under these operating leases are as follows : ( in millions ) .
[['year', 'amount'], ['2018', '141'], ['2019', '132'], ['2020', '126'], ['2021', '118'], ['2022', '109'], ['thereafter', '1580'], ['total', '$ 2206']]
in may 2017 , the company entered into an agreement with 50 hymc owner llc , for the lease of approximately 847000 square feet of office space located at 50 hudson yards , new york , new york .the term of the lease is twenty years from the date that rental payments begin , expected to occur in may 2023 , with the option to renew for a specified term .the lease requires annual base rental payments of approximately $ 51 million per year during the first five years of the lease term , increasing every five years to $ 58 million , $ 66 million and $ 74 million per year ( or approximately $ 1.2 billion in base rent over its twenty-year term ) .this lease is classified as an operating lease and , as such , is not recorded as a liability on the consolidated statements of financial condition .rent expense and certain office equipment expense under lease agreements amounted to $ 132 million , $ 134 million and $ 136 million in 2017 , 2016 and 2015 , respectively .investment commitments .at december 31 , 2017 , the company had $ 298 million of various capital commitments to fund sponsored investment funds , including consolidated vies .these funds include private equity funds , real assets funds , and opportunistic funds .this amount excludes additional commitments made by consolidated funds of funds to underlying third-party funds as third-party noncontrolling interest holders have the legal obligation to fund the respective commitments of such funds of funds .generally , the timing of the funding of these commitments is unknown and the commitments are callable on demand at any time prior to the expiration of the commitment .these unfunded commitments are not recorded on the consolidated statements of financial condition .these commitments do not include potential future commitments approved by the company that are not yet legally binding .the company intends to make additional capital commitments from time to time to fund additional investment products for , and with , its clients .contingencies contingent payments related to business acquisitions .in connection with certain acquisitions , blackrock is required to make contingent payments , subject to achieving specified performance targets , which may include revenue related to acquired contracts or new capital commitments for certain products .the fair value of the remaining aggregate contingent payments at december 31 , 2017 totaled $ 236 million , including $ 128 million related to the first reserve transaction , and is included in other liabilities on the consolidated statements of financial condition. .

Question: what is the growth rate in based rent for hudson yards , new york facility in the second period?
Answer: 13.7%