Source: http://www.rgm.co.tt/savannaheast/commercial-terms.html
Timestamp: 2019-02-22 07:45:11
Document Index: 649855038

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Commercial Terms | Savannah East
Area Calculation Examples
RGM is offering prime commercial office space to prospective tenants at Savannah East.
The base rental rate is TT$15.00 per square foot. The actual rate will be determined by different factors including the quantity of space to be leased, the term of the lease, and current market conditions.
The building has approximately 78,732 square feet of net rentable square feet available to be leased. The areas are broken down as follows:
Ground - 2,168 sq/ft
First - 5,598 sq/ft & 3,917 sq/ft
Second - 13,047 sq/ft
Third - 13,047 sq/ft
Fourth - 13,047 sq/ft
Fifth - 13,047 sq/ft
Sixth - 11,097 sq/ft
N.B.: These, and all measurements, are subject to change upon formal re-measure of the building on completion of construction. At that time, the building will be surveyed and all measurements formalised by an RICS certified consultant – Linden Scott and Associates. Linden Scott and Associates is RGM’s surveyor of record with regard to Savannah East. All measurements will be in accordance with the BOMA Standard Method of Measuring Floor Area in Office Buildings (ANSI/BOMA z.65.1-1996 of the Building Owners and Managers Association).
Space is being offered at a minimum size of 2,600 square feet, which represents approximately ¼ of a standard floor plate. CAD drawings of all floor plates are contained on the included DVD.
Service Rent and Electricity
In addition to the base rental rate, the prospective Tenant shall be charged service rent for the proportion of the cost of the common area services. These details are listed in Part 2 of the Draft Lease which is provided. The Service Rent estimate for the first year of the Lease is TT$5.22 +/- per sq/ft. This does not include electricity costs which are subsequently invoiced to each tenant based on prorating the monthly bill received, as a proportion of the net square footage occupied by each tenant.
The prospective Tenant’s cost of electricity for the Demised Premises is to be paid separately from the Service Rent, and the Landlord will separately invoice the electricity costs monthly, based on the proportion of the rentable area leased to the Tenant. A management fee of 3% will be charged on both service charge and electricity.
At the end of each year, the cost to the Landlord for providing the services under the Service Rent will be audited by reputable independent auditors. The audited cost figures will be used as the basis for computing any adjustments necessary from the previous year, and for establishing the budget for the following year.
The building is a modern, seven-storey, geometric structure overlooking the Queen’s Park Savannah, with the lobby and general building access fronting the Savannah
The design incorporates rooftop amenities that include a covered dining area and bar, an enclosed gym, and an outdoor recreational space. These amenities are accessible to all tenants and can be used for meals, appropriate daily activities, and approved functions. The rooftop, which includes a catering and server station, offers an entertaining area for small corporate functions.
The building comes with a minimum of 196 car park spaces. There will be three levels of parking, two of which will be underground. All the parking areas will be accessed by the building’s elevators and will be fully secured and monitored.
The main entrance lobby will be a two-storey atrium with modern, high-end finishes, defined by a 25’-high Carlisle Harris mural commissioned specifically for this project. The lobby will also include the first line of security for the internal spaces and the building’s reception desk area.
All the ﬂoors except the first will be open plan, with the service core located at the centre of the building. The service core, which includes the floor lobbies and elevator access, will also include all data, electrics, and HVAC connections. All the main floor areas will have an integrated access floor to allow for easy and flexible tenant outfitting and installation
There will be fully furnished and landlord managed meeting areas on the ground floor. This shared space will be made available to all tenants for a minor cost covered under common area charges. This space will allow for tenants, who do not want to use valuable permanent space for occasional meetings, to have access to modern, managed, meeting and training spaces on-site
There will be a ground floor locker room, shower, and changing area. This will be made available to tenants who wish to avail themselves of the Savannah for walking, jogging, or other exercise related activities
The lease of the Demised Premises will entitle the prospective tenant to a parking ratio of 1 car spot for every 500 sq/ft of space occupied in designated covered parking spaces in the secure basement parking levels. There will also be additional parking spaces available for rental prorated and then assigned on the basis of availability. There will be a designated visitor parking area on the ground floor level.
RGM’s objective is to provide the highest levels of security while still maintaining a level of discretion and professionalism that is appropriate for an A-class building. Measures include.
An integrated smart access system, with single badging, programmable and customisable for all access profiles.
Modern optical turnstiles and/or readers for main access areas and parking areas.
Full 24/7 camera coverage, live-monitored and backed up from RGM’s round-the-clock control room at Queen’s Park West.
Individual screening and selection for all on-site security personnel.
Site specific, general service and customer-contact training for all security personnel.
The building will have a modern standby power system to provide backup power for all tenants.
The building will have 40,000 gallons of water on-site for general usage and for the fire suppression system.
The building will have a modern, state-of-the-art fire detection and fire suppression system for all areas, including parking.
There will be emergency escape routes at both ends of the building, as well as the central core.
All of the building’s operations will be managed by a Building Management System that will allow both automated and real-time manual control.
All the building’s systems, equipment, sensors (flood, electrical, etc.), will be remote-monitored from RGM’s round-the-clock control room at Queen’s Park West.
RGM uses the BOMA methodology of calculating rentable and chargeable square footage.
On the following pages, RGM has given three examples of area calculations for the purposes of determining the chargeable square footage or what is defined as the Demised Premises. As follows
Typical Floor – This calculation example assumes that a tenant will occupy an entire floor, sharing that floor with no other tenants
Shared or Split Floor – This calculation assumes that a tenant will share a floor with another tenant and common area calculations, specific to sharing a floor plate, are illustrated.
Ground Floor – The ground floor calculations are extracted as that floor includes the lobby and other spaces where the charges are apportioned across the entire building. This would be similar to the sixth floor
These examples are meant to be illustrative only
GROUND FLOOR EXAMPLE OF RATE CALCULATIONS
Savannah East - Floor Areas (BOMA) - {Internal Estimate}
Office Area In Sq/Ft
Floor Common Area In Sq/Ft
Building Common Area In Sq/Ft
Building Common Area In Sq/Ft (Enclosed Rooftop [Bar, Gym, Common])
Building Common Area in Sq/Ft (Covered Rooftop)
Building Rental Area
Grd Vacant 1,948 72 49 59 2,128
1 Vacant 10,610 1,000 430 291 350 12,680
2 Vacant 11,094 969 446 302 364 13,175
3 Vacant 11,094 969 446 302 364 13,175
4 Vacant (Op 1) 5,161 451 208 140 169 6,129
Vacant (Op 2) 5933 518 239 161 194 7,046
5 Vacant 11,094 969 446 302 364 13,175
6 Vacant 9,308 969 380 257 310 11,224
Total 66,242 5,845 2,667 1,804 2,174 78,732
2,667 1,804 2,174
Base Rental Sq/Ft 76,559
Reduced Rental Sq/Ft 2,173
2,069 @ $18.00 PSF $37,242.00
59 @ $10.00 PSF $590.00
2,128 $37,832.00
: Monthly Rent Cost (VAT Exclusive)
2,128 @ $3.95 PSF $8,405.60
3% Mgmt Fee $252.17
: Monthly SC Cost (VAT Exclusive)
Electricity Calculation (Average)
2,128 @ $1.15 PSF $2,447.20
3% Mgmt Fee $73.42
: Monthly Average Electricity Cost (VAT Exclusive)
The Tenant shall also pay electricity costs which are subsequently invoiced to each tenant based on prorating the monthly bill received, as a proportion of the net square footage occupied by each tenant. A monthly management fee of 3% will also be assessed and charged on the electricity cost and this shall be payable to the Landlord by the Tenant. (The average monthly rate on electricity is TT$1.15 per sq/ft).
3RD FLOOR EXAMPLE OF RATE CALCULATIONS
12,811 @ $18.00 PSF $230,598.00
364 @ $10.00 PSF $3,640.00
13,175 $234,238.00
13,175 @ $3.95 PSF $52,041.25
3% Mgmt Fee $1,561.24
$53,602.49
13,175 @ $1.15 PSF $15,151.25
3% Mgmt Fee $454.54
$15,605.79
4TH FLOOREXAMPLE OF RATE CALCULATIONS
5,961 @ $18.00 PSF $107,298.00
169 @ $10.00 PSF $1,690.00
6,129 $108,988.00
6,129 @ $3.95 PSF $24,209.55
3% Mgmt Fee $726.29
$24,935.84
6,129 @ $1.15 PSF $7,048.35
3% Mgmt Fee $211.45
$7,259.80
Make your mark at Savannah East.
Savannah East offers the unique opportunity for one premier tenant to put its company name on the building and create a signiﬁcant and memorable brand presence. The location and quality of the building allow for great visibility in a high-trafﬁc area – an outstanding support mechanism for any corporate strategic plan.
The building’s design allows for logo placement in four directions:
From the North coming around the Queen’s Park Savannah
From the East, looking down from the Lady Young Road
Southward, facing Port of Spain and the commercial districts, and
East across the Savannah
Logo placement on the seventh ﬂoor will also allow for visibility over a signiﬁcant distance, in all directions.
Naming rights availability will be subject to commercial considerations, including the total square footage and term of the lease, as well as a license fee.
A QUICK GUIDE TO CHARGES
Servus Limited is an affiliate company that provides facilities management for all RGM buildings. Part of this responsibility is the management of the service charges including budgeting, procurement, and expenditure.
The building’s service charges are divided into “hard” and “soft” services. Hard services help ensure that the building’s mechanical and electrical systems are operating efficiently, reliably and safely, while soft services include items like building security, the reception area stafﬁng, cleaning, and other daily maintenance duties. The facilities management team also handles the monitoring and performance review of contractors for all services provided to the building.
The costs associated with this type of maintenance are referred to in the real estate industry as “service charges” or “CAM Charges”. Every year, RGM and Servus prepare a service charge budget that is reviewed and approved by both parties. This budget projects service charge expenses for the year in detail, in order to accurately determine the per-square-foot rate for that year. Works or services associated with service charge costs are managed by Servus and paid for through each tenant’s monthly service charge contribution.
Refer to Schedule 4 of the RGM Lease (on the DVD enclosed at the back of this package) for more information with regard to service charges.
Tenants may occasionally require works to be conducted within their rented office space for their own purpose, and at their own direction and cost. Because this would not be a building service function, and is not related to the building or landlord services, it is the tenants’ responsibility. However, Servus can provide these services. Should you wish to engage Servus for your internal space improvements or repairs, there would be a direct charge subject to a fixed and agreed management fee. It is recommended that Servus carry out or supervise these types of works because they are most familiar with the building’s operations.
Once a tenant makes a direct request of Servus, the company will prepare a requisition form detailing the cost of the job, along with a projected cost of any additionals related to labour, safety, or supervision that may be required. Servus will need the tenant’s sign-off on the requisition before proceeding with the project. Servus then submits their bills to RGM for settlement and RGM, in turn, invoices the tenant for reimbursement.
Electricity is a pass-through cost. RGM pays the electricity on a monthly basis and the cost is passed on to the tenants and apportioned by their square footage. The electricity bill and the accompanying worksheet are always provided for tenants’ information.
Service Charge Illustration
Budget Code (BOMA)
Service Charge Budget at an RGM Building
40-- Cleaning Expenses
40200 Routine Contract Services
40201 Cleaning:General Service Contract 150,000
40202 Cleaning:Special/Extra Service 10,000
40300 Specialised Contract Services
40305 Cleaning:Sani-Bins/Female Hygiene Services 45,000
40310 Cleaning:Window Service Contract
40311 Cleaning:Window Special
40400 Cleaning:Supplies & Materials
40401 Washroom Consumables 50,000
40500 Trash Removal
40501 Trash removal:Routine 32,000
40505 Trash Removal: Special 4,500
41-- Repairs/Maintenance
41200 Elevators/Escalators
41201 Elevator:General Service Contract 53,000
41202 Elevator:Inspection Fees 3,000
41205 Elevator:Repairs & Parts 10,000
41245 Elevator:Special Projects
41300 HVAC
41301 HVAC:General Service Contract 97,000
41305 HVAC:Repairs & Parts 50,000
41306 HVAC:Air Quality Tests
41310 HVAC:Smoke Vent Servicing
41311 HVAC:Smoke Vent Repairs & Parts
41315 HVAC:Exhaust Fans
41317 HVAC:Fire stairwell Pressure fans
41320 HVAC:Air Ducts
41325 HVAC:Painting
41345 HVAC:Special Projects
41400 Electrical
41401 Electrical:HV Maintenance Contract 12,375
41402 Electrical:HV Repairs & Parts 11,250
41410 Electrical:LV Maintenance Contract 15,000
41411 Electrical:LV Repairs & Parts 11,250
41412 Electrical:UPS Maintenance
41413 Electrical:UPS Repairs & Parts
41420 Electrical:General Repairs 22,500
41421 Electrical:Consumables 22,500
41430 Electrical:Generator Maintenance Contract 32,250
41431 Electrical:Generator Repairs & Parts 7,500
41432 Electrical: Generator License 5,400
41433 Electrical:Generator Diesel Fuel Oil 11,250
41434 Electrical:Generator Diesel Fuel Oil Tank Inspection 9,000
41445 Electrical:Special Projects 19,500
41500 Structural/Roofing
41501 General Building Fabric
41502 Roof Maintenance
41503 Expansion Joints
41545 Structural/Roofing:Special Projects
41600 Plumbing
41610 Plumbing:General Repairs 15,000
41611 Plumbing:Washroom Repairs 11,250
41612 Plumbing:Grease Traps 11,250
41613 Plumbing:General Parts 5,250
41615 Plumbing:Servicing Pumps & Tanks 15,000
41616 Plumbing:Pumps & Tanks, Repairs & Parts 9,000
41617 Plumbing:Servicing Wells & Tanks
41618 Plumbing:Servicing Sewerage Tanks & Pumps 4,050
41645 Plumbing:Special Projects 19,500
41700 Fire & Life Safety
41701 Fire Suppression Systems Maintenance Contract 11,250
41702 Fire Suppression Systems Repairs & Parts 7,500
41703 Fire Alarm Systems Contract 14,250
41704 Fire Alarm Systems Repairs and Parts 11,250
41705 Portable Fire Equipment 4,500
41706 Pressurisation Fans Maintenance
41745 Fire Systems:Special Projects
41800 General Building Repair/Maintenance - Interior
41801 Interior Window Replacement
41805 Interior Door Servicing 9,300
41806 Interior Door Repairs 7,500
41810 Pest Control 15,000
41820 Building Management System Maintenance Contract 34,571
41821 Building Management System Maintenance Repairs & Parts 15,000
41822 Building Management System Hardware 11,250
41825 PA System 3,750
41826 Ceiling Tiles 4,500
41827 Flooring Repair/Replacement
41830 Painting:Decorating
41831 Painting:Doors
41832 Painting:Anti-Corrosion
41833 Painting:M & E Hardware
41835 Painting:Touch Painting 15,000
41836 Painting:Line Painting 17,000
41840 Interior Plants 5,100
41845 Interior:Special Projects
41850 General Building Repair/Maintenance - Exterior
41851 Exterior Window Replacement
41852 Pressure Washing(Excluding Windows) 61,500
41853 Pressure Washing Basements 22,500
41854 Pressure Washing Balconies -
41855 Exterior Door Servicing 3,900
41856 Exterior Door Repairs 6,750
41860 Exterior Barriers & Gates 17,775
41861 Exterior Barriers & Gates:Repairs & Parts 7,500
41870 Gas Line
41875 Planters:Maintenance
41880 Painting:Exterior Decorating
41881 Painting:Exterior Doors
41882 Painting:Exterior Anti-Corrosion
41883 Painting:Exterior M & E Hardware
41885 Painting:Exterior Touch Painting 15,000
41886 Painting:Exterior Lines 10,000
41895 General Building Exterior:Special Projects
41900 Other Building Operating Expenses
41901 Miscellaneous Maintenance 20,000
41902 General Consumables 6,000
41903 Door Locks 6,000
41905 Tools 7,000
41910 Decorations:Christmas 15,000
41911 Decorations:Independence Day 15,000
41912 Carnival Barriers 1,000
41913 Decorations:General
41914 Decorations:Flags
41915 Safety Equipment/PPE 4,000
41916 Signage:All signs Interior and Exterior 25,000
41917 Drinking Water:Bottled 6,000
41918 Drinking Water:Filtered
41919 Inventory Management
42-- Utilities
42101 Electricity Bills
42601 Water & Sewerage Bills
42610 Water Other
42901 Telephone 15,000
42902 Telephones,Cellular
42903 Telephone,Internet 20,000
42904 Telephones,Pagers
43-- Roads/Grounds
43100 Landscaping
43101 Landscaping:General Service Contract 18,720
43110 Landscaping:Sprinklers Maintenance 8,000
43111 Landscaping:Sprinklers Repairs & Parts 4,000
43112 Landscaping:Plant Purchase 8,000
43145 Landscaping:Special Projects
43200 Car Parks
43201 Drain Clearance
43202 Car Park General Maintenance
43203 Car Park:Space Rental
43245 Car Parks:Special Projects
44-- Security
44201 Security:Guard Services Contract 819,000
44202 Security:Cash In Transit
44301 Security:Remote Monitoring
44401 Security:Equipment Maintenance Contract 15,000
44402 Security:Equipment Repairs & Parts 10,000
44403 Security:CCTV Maintenance Contract 10,000
44404 Security:CCTV Repairs & Parts 10,000
44405 Security:Intruder Alarm Contract
44406 Security:Intruder Alarm Repairs & Parts
44407 Security:Access Control Maintenance Contract 10,000
44408 Security:Access Control Repairs & Parts 15,000
44445 Security:Special Projects 15,000
45-- Administrative
45101 Servus Payroll 400,000
45102 Sevus Overtime 45,000
45105 Traveling Expenses
45106 Personnel Miscellaneous Costs
45107 Meals
45110 Servus Personnel Training 10,000
45300 Management Fees
45301 Servus Management Fees 175,000
45302 Servus Helpdesk/WebTMA Services 15,000
45400 Professional Fees
45401 Audit Fees 6,604.93
45402 HSSE On Site Coordinator Fee 7,730.10
45403 Facility Manager On site Coordinator Fee 37,679.60
45404 Building Reserve Fund 64,675.80
45500 General Office Expenses
45501 IT Hardware/Software Purchase 10,000
45502 IT Maintenance 5,000
47-- Fixed Expenses
47100 Real Estate Taxes
47101 Property Taxes 178,138.00
47400 Insurance
47401 Insurance:Public Liability
47402 Insurance:Building 573,331
52108 Stationery 25,000
Annual Total 3,709,850
Monthly Total 309,154
Total Net Square Feet Service Charge Rate per Square Foot $3.95
This service charge calculation is meant for illustration purposes only and is not intended to be used as an indication of actual charges.