GSA – Internal Revenue Service
Square Feet: 107,849 Lease Expiration: December 2028
The IRS is a bureau of the Department of Treasury and one of the world’s most efficient tax administrators. In 2004, the IRS collected more than $2 trillion in revenue and processed more than 224 million tax returns.
The IRS is not expected to commence until January 2009 and, therefore, the IRS rent payments have not commenced. However, the seller will provide a rent subsidy for the IRS from the close of escrow until the projected commencement date.
Option to terminate at any time on or after 12/31/2018 with 90 days notice.
Phoenix International School of Law, Inc.
Square Feet: 54,822 or 13.52% of the property
Lease Expiration: September 2016
The Phoenix School of Law opened in January 2005, and received provisional approval from the American Bar Association on June 11, 2007. According to the ABA, “A school that is provisionally approved is entitled to all the rights of a fully approved law school.
Similarly, graduates of provisionally approved law schools are entitled to the same recognition that is accorded graduates of fully approved Schools.” It is the only law school in Arizona that offers part-time and evening degree programs.
Option to terminate effective on the last day of the 72nd month of the lease term (September 24, 2012) with notice by the end of the 63rd month of the lease term (December 24, 2011) and payment three months basic rent ($333,043.65) plus unamortized leasing costs at ten percent (50 percent payable on notice date and 50 percent payable on termination date).