FACILITIESAMENDED

Valley Metro RPTA Joint Boards of Directors Meeting Agenda March 2026

Valley Metro Extends Downtown Office Lease to 2042

Not to exceed $35,859,553 for the amendment term (base rent $34,315,362 plus 4.5% for operating expenses and taxes)Regional Intergovernmental Public Transportation AuthoritySKANLANKEMPERBARD COMPANIESMarch 26, 2026

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Description

Valley Metro proposes to amend and extend its administrative office lease with SkanlanKemperBard Companies through September 30, 2042, at a maximum additional value of $35.86 million. The long-term lease locks in below-market rates, significant rent abatements, upgraded tenant improvements, and flexible options for future expansion or downsizing.

Contract Details

Contract Amount

Not to exceed $35,859,553 for the amendment term (base rent $34,315,362 plus 4.5% for operating expenses and taxes)

Vendor

SKANLANKEMPERBARD COMPANIES

Agency

Regional Intergovernmental Public Transportation Authority, AZ

Contract Type

FACILITIES

Document Date

March 26, 2026

Contract Term

Lease extension term through September 30, 2042 (195 months)

Renewal Date

2042-09-30

Renewal Info

Amendment renews and extends the existing lease for 195 months with 22 months free rent, updated 2027 and 2033 operating expense base years, two five-year renewal options, two early termination dates (2034 and 2038), and rights to expand or contract space.