Joe,
How do you know that the rate he is getting is double the going rate? Do you know the square footage? What TI he got as part of the deal? Is his lease triple net?
Apparently, the office is 8300 sf at $650,000, which is $78.31 per sf.
Does it include TI and is the lease triple net? This is important info that was not included in the news release and provides additional evaluation as to whether the lease rate is fair one or not. Did you know that office space is at a 10 year high for several major American cities including NYC? Did you know that 8300 sq. ft. is an incredibly small space by office standards and that the rates go up commensurately.....the smaller the space, the higher the rate...to get a better rate he would probably have to lease over 20,000 sq. ft.
The question is not what the going rate is for super luxury office, but why has he not chosen a "normal" office, not one on 56th floor of a luxury building.
A normal office...what do you call a normal office....something around the lower east side? Give me a break.....this is a former president....former presidents don't office in what you call normal offices.
Hey, maybe we can get him something out in Queens.....that would be even more normal.
Just for comparison, the other 4 living presidents will bill the taxpayers combined amount of 624,000, vs. Clinton's $650,000. It just shows what respect he has for the taxpayers.
Right, Reagan got space in Century City which at the time was the most expensive space in LA. Only difference, LA had a glut of office space on the market and its rate was fairly cheap. I don't think presidents typically are expected to get into cheap offices after they leave the presidency.....they are expected to maintain a certain status. They were, afterall, a leader of one the most important countries in the world.
This whole discussion re office rents is just simple gossip and dissing both here and in the media.
ted |
