Details
Written by: RJ
Chase is opening another Sapphire Lounge, this time in Seattle-Tacoma International Airport. The new Sapphire lounge will be 16k square feet and be neighbors with the Delta Sky Club.
- 15-year lease term
- $500/SF per year
- 0% rent step in years 6 and 11
- Total tenant investment (Initial Capital Investment and Midterm
- Refurbishment): $70M
- Rent to the Port over the 15-year lease term: $135.6M
- No additional Port of Seattle investment
- 15-year NPV of over $36M with a four (4)-year payback period
First reported by VFTW
Thoughts
More options is always nice.
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