The Wilshire Center building offers a tenant improvement allowance for new tenants to use toward the renovation of their suites and for renewal tenants to use for paint and carpet or minor alterations. For new tenants, the allowance is $5.00 per square foot for each lease year and for renewals the allowance is $1.00 per square foot for each lease year. For a 5-year lease, the allowance for a new tenant would be $25.00 per square foot and for a renewing tenant $5.00 per square foot.

The tenant improvement allowance can be used for design fees, construction, project management costs, cabling, phone installation, and moving expenses. If the allowance exceeds the project cost, the tenant is given 50% of the surplus as a rent credit amortized over the term of the lease. If the project cost exceeds the allowance, the tenant must pay the difference to the Wilshire Center building within 30-days of a final project accounting. If the tenant makes arrangements in advance of the project, it is possible that a tenant improvement deficit can also be amortized over the term of the lease at an interest rate equivalent to STIP.

For more information about tenant improvement, please contact Loana O'Reilly Rosenblatt, Director of Asset Management, at (310) 794-0661 or WilshireCenter@be.ucla.edu.

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Last updated 06/15/2004