EtourandTravel Renews Lease, Expands in Orlando
Posted May 24, 2012
EtourandTravel, Inc. has entered into an agreement to renew and expand its lease at the Siemens - Orlando Building in Orlando, FL.
The Siemens - Orlando Building consists of two single-story office buildings containing 82,000 rentable square feet in Orlando, FL. The lease amendment, which is effective June 1, 2012, expands Etour's square footage from 12 percent to 20 percent of the buildings and extends the lease term on the expanded square footage from November 30, 2012 to December 31, 2017.
A joint venture partnership between Wells Real Estate Fund XIII, L.P. and Wells Real Estate Fund XIV, L.P. owns the asset.
Effective June 1, 2012, annual base rent per square foot will decrease from $17.11 to $14.00 and is scheduled to increase by 3% annually beginning on June 1, 2013. In addition to base rent, E tour and travel is required to reimburse the Joint Venture for its pro rata share of all operating expenses.
Etourandtravel is entitled to a landlord-funded tenant allowance of approximately $254,000.