A couple of weeks ago, Arkansas Business mentioned plans to lease the first and fifth floors of the Boyle Building in connection with state Attorney General Tim Griffin’s plans to breathe new life into the historic downtown Little Rock office building. We have more details on Griffin’s fiscal plan to accomplish that.
It starts with a five-year lease with the owner, an investment group led by Little Rock’s Moses Tucker Partners. That agreement will entail the AG’s office leasing the entire building and subleasing the first and fifth floors to others. The money from the subleases will reduce the AG’s net annual rent for the 10 floors it will occupy. After five years, a purchase option bearing an estimated price tag of $35 million becomes a possibility.
| Years | AG Monthly |
AG Annual |
Sublease* First Floor |
Sublease* Fifth Floor |
AG* Net Rental |
|---|---|---|---|---|---|
| Year 1 | $137,750 | $1,653,000 | $254,490 | $120,000 | $1,278,510 |
| Year 2 | $141,883 | $1,702,590 | $262,125 | $123,600 | $1,316,865 |
| Year 3 | $146,139 | $1,753,668 | $269,988 | $127,308 | $1,356,371 |
| Year 4 | $150,523 | $1,806,278 | $278,088 | $131,127 | $1,397,063 |
| Year 5 | $155,039 | $1,860,466 | $286,431 | $135,060 | $1,438,975 |
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