Tim,
Teresa and I had a chat with Cullen today and he is not very willing to do
much to help with reconstructing the space and then really didnt offer any
discount to stay in the space which we find too big for our business at the
moment. I think we should see what the proposal of the new office that
Brice has put forward and then make a decision. I will cancel the call
this afternoon as I dont have feedback from Brice yet but when I do I will
schedule another call.
Hope that works for you.
Thanks
Madonna
On Tue, Oct 1, 2024 at 2:36 PM Timothy Thomas <tt@thekey.com> wrote:
> Agreed, lets focus on the downsize and office reorganization.
>
> On Tue, Oct 1, 2024 at 4:05 PM Madonna Borger <madonna.borger@thekey.com>
> wrote:
>
>> What do you guys think?
>>
>> ---------- Forwarded message ---------
>> From: Cullen Magariel <Cullen@rubensteinre.com>
>> Date: Tue, Oct 1, 2024 at 1:04 PM
>> Subject: RE: The Key - College & Metcalf Plaza (Overland Park, KS)
>> To: Madonna Borger <madonna.borger@thekey.com>
>> Cc: Dwight Medbery <dmed@rubensteinre.com>
>>
>>
>> I don’t think a downsize is impossible if we reconstruct the wall that
>> divided the two suites from the prior HCA expansion.
>>
>>
>>
>> The only other availability with reasonable square footage is 2,010 SF,
>> which wouldn’t be ideal because it’s similar in size to your existing space
>> and requires significant build-out.
>>
>>
>>
>> Let’s focus on the downsize, in exchange for a longer term.
>>
>>
>>
>> Thanks!
>>
>>
>>
>> Cullen Magariel
>>
>> Rubenstein Real Estate Co
>>
>> 913-202-2395
>>
>>
>>
>> *From:* Madonna Borger <madonna.borger@thekey.com>
>> *Sent:* Tuesday, October 1, 2024 2:56 PM
>> *To:* Cullen Magariel <Cullen@rubensteinre.com>
>> *Subject:* Re: The Key - College & Metcalf Plaza (Overland Park, KS)
>>
>>
>>
>> Hi Cullen
>>
>> Yes back to reality!
>>
>> I think the team is only interested in renewing if we can divide the
>> office and negotiate a better rate.
>>
>> If you think that is not possible then that's okay. Are there any other
>> offices in the complex that are smaller that we could rent?
>>
>> THanks
>>
>>
>>
>> On Tue, Oct 1, 2024 at 12:32 PM Cullen Magariel <Cullen@rubensteinre.com>
>> wrote:
>>
>> Good afternoon Madonna,
>>
>>
>>
>> Welcome back to reality!
>>
>>
>>
>> Fortunately, I have the two “older” version of the floorplans that you
>> currently occupy. I also attached the amendment, which included the
>> expansion improvements from 2017.
>>
>>
>>
>> Please let us know how you would like to move forward. The Landlord
>> would be open to a long term renewal.
>>
>>
>>
>> Thanks!
>>
>>
>>
>> Cullen Magariel
>>
>> Rubenstein Real Estate Co
>>
>> 913-202-2395
>>
>>
>>
>> *From:* Madonna Borger <madonna.borger@thekey.com>
>> *Sent:* Tuesday, October 1, 2024 2:17 PM
>> *To:* Cullen Magariel <Cullen@rubensteinre.com>
>> *Subject:* Re: The Key - College & Metcalf Plaza (Overland Park, KS)
>>
>>
>>
>> Cullen,
>>
>> I just got back from vacation and was wondering if you could help. Do
>> you have a more recent floor plan so we can show you what we are wanting?
>>
>>
>>
>> Thanks
>>
>>
>>
>>
>>
>> On Tue, Sep 3, 2024 at 2:49 PM Cullen Magariel <Cullen@rubensteinre.com>
>> wrote:
>>
>> With reasonable term, I think we can make it work. The landlord typically
>> prefers a 5 year term if they’re contributing towards significant
>> improvements but I’m sure they’d consider a 3 year, depending on the cost.
>>
>>
>>
>> Would they add at least 3 years to the lease? Is the flooring a standard
>> roll-out commercial carpet throughout?
>>
>>
>>
>> Thanks!
>>
>>
>>
>> Cullen Magariel
>>
>> Rubenstein Real Estate Co
>>
>> 913-202-2395
>>
>>
>>
>> On Sep 3, 2024, at 4:45 PM, Madonna Borger <madonna.borger@thekey.com>
>> wrote:
>>
>>
>>
>> Cullen,
>>
>> I think I said we werent going to renew, however the general manager has
>> thought we could stay if we could get some fresh paint and some new
>> flooring as well as replacing the moldy ceiling tiles.
>>
>> What do you think?
>>
>>
>>
>>
>>
>> On Tue, Sep 3, 2024 at 12:35 PM Cullen Magariel <Cullen@rubensteinre.com>
>> wrote:
>>
>> Hi Madonna,
>>
>>
>>
>> I just received your email regarding updates to the space.
>>
>>
>>
>> Do you have an idea of the scope of work? If so, did management provide
>> a rough timeline for the renewal? If they are willing to extend, we could
>> present an offer, based on your construction.
>>
>>
>>
>> Feel free to call at your convenience.
>>
>>
>>
>> Thanks!
>>
>>
>>
>> Cullen Magariel
>>
>> Rubenstein Real Estate Co
>>
>> 913-202-2395
>>
>>
>>
>> *From:* Madonna Borger <madonna.borger@thekey.com>
>> *Sent:* Monday, August 19, 2024 12:08 PM
>> *To:* Cullen Magariel <Cullen@rubensteinre.com>
>> *Cc:* Dwight Medbery <dmed@rubensteinre.com>
>> *Subject:* Re: The Key - College & Metcalf Plaza (Overland Park, KS)
>>
>>
>>
>> Hi Cullen,
>>
>> There has been a change of management so will let you know end of week.
>>
>> Thanks
>>
>>
>>
>> On Mon, Aug 19, 2024 at 8:37 AM Cullen Magariel <Cullen@rubensteinre.com>
>> wrote:
>>
>> Good morning Madonna,
>>
>>
>>
>> Hope all is well!
>>
>>
>>
>> Following up to see if you want to discuss another renewal for the
>> Overland Park location, which is set to expire on 12/31/24.
>>
>>
>>
>> Feel free to call/email with your thoughts. thank you!
>>
>>
>>
>> Cullen Magariel
>>
>> Rubenstein Real Estate Co
>>
>> 913-202-2395
>>
>>
>>
>> *From:* Madonna Borger <madonna.borger@thekey.com>
>> *Sent:* Tuesday, September 5, 2023 2:00 PM
>> *To:* Cullen Magariel <Cullen@rubensteinre.com>
>> *Cc:* Dwight Medbery <dmed@rubensteinre.com>
>> *Subject:* Re: The Key - College & Metcalf Plaza (Overland Park, KS)
>>
>>
>>
>> Thank you so much.
>>
>>
>>
>> On Tue, Sep 5, 2023 at 11:49 AM Cullen Magariel <Cullen@rubensteinre.com>
>> wrote:
>>
>> No worries. attached is the executed version.
>>
>>
>>
>> Thank you!
>>
>>
>>
>> Cullen Magariel
>>
>> Rubenstein Real Estate Co
>>
>> 913-202-2395
>>
>>
>>
>> *From:* Madonna Borger <madonna.borger@thekey.com>
>> *Sent:* Tuesday, September 5, 2023 11:28 AM
>> *To:* Cullen Magariel <Cullen@rubensteinre.com>
>> *Cc:* Dwight Medbery <dmed@rubensteinre.com>
>> *Subject:* Re: The Key - College & Metcalf Plaza (Overland Park, KS)
>>
>>
>>
>> Sorry here it is.
>>
>> Thanks
>>
>>
>>
>> On Wed, Aug 30, 2023 at 8:54 AM Cullen Magariel <Cullen@rubensteinre.com>
>> wrote:
>>
>> Good morning,
>>
>>
>>
>> It looks like this version didn’t have the signature. Could you please
>> resend at your convenience?
>>
>>
>>
>> Thank you!
>>
>>
>>
>> Cullen Magariel
>>
>> Rubenstein Real Estate Co
>>
>> 913-202-2395
>>
>>
>>
>> *From:* Madonna Borger <madonna.borger@thekey.com>
>> *Sent:* Monday, August 28, 2023 2:33 PM
>> *To:* Cullen Magariel <Cullen@rubensteinre.com>
>> *Cc:* Dwight Medbery <dmed@rubensteinre.com>
>> *Subject:* Re: The Key - College & Metcalf Plaza (Overland Park, KS)
>>
>>
>>
>> Here is the signed doc from Chen.
>>
>>
>>
>> Thanks
>>
>>
>>
>> On Thu, Aug 17, 2023 at 6:32 PM Cullen Magariel <Cullen@rubensteinre.com>
>> wrote:
>>
>> Good afternoon,
>>
>>
>>
>> Please sign/return the attached at your convenience.
>>
>>
>>
>> Thank you!
>>
>>
>>
>> Cullen Magariel
>>
>> Rubenstein Real Estate Co
>>
>> 913-202-2395
>>
>>
>>
>> *From:* Madonna Borger <madonna.borger@thekey.com>
>> *Sent:* Thursday, August 17, 2023 10:59 AM
>> *To:* Cullen Magariel <Cullen@rubensteinre.com>
>> *Subject:* Re: The Key - College & Metcalf Plaza (Overland Park, KS)
>>
>>
>>
>> Cullen
>>
>> The business would like to go forward with one year renewal.
>>
>> Thanks again
>>
>> Madonna
>>
>>
>>
>> On Thu, Aug 17, 2023 at 8:43 AM Cullen Magariel <Cullen@rubensteinre.com>
>> wrote:
>>
>> Good morning,
>>
>>
>>
>> For reference, you pay $15.28/SF, NNN in 2,053 SF.
>>
>>
>>
>> For a 1-Year renewal, the Landlord proposed that your Base Rent is
>> $16/SF, NNN = $123/month increase.
>>
>>
>>
>> Please let me know your thoughts. If The Key is agreeable, I can draft
>> an amendment for your review.
>>
>>
>>
>> Feel free to call and discuss. Thank you!
>>
>>
>>
>> Cullen Magariel
>>
>> Rubenstein Real Estate Co
>>
>> 913-202-2395
>>
>>
>>
>> *From:* Madonna Borger <madonna.borger@thekey.com>
>> *Sent:* Wednesday, August 16, 2023 5:54 PM
>> *To:* Cullen Magariel <Cullen@rubensteinre.com>
>> *Subject:* Re: The Key - College & Metcalf Plaza (Overland Park, KS)
>>
>>
>>
>> Thank you
>>
>>
>>
>> On Wed, Aug 16, 2023 at 3:53 PM Cullen Magariel <Cullen@rubensteinre.com>
>> wrote:
>>
>> I’ll check with the landlord tomorrow and follow up. Thanks!
>>
>> Cullen Magariel
>>
>> Rubenstein Real Estate Co
>>
>> 913-202-2395
>>
>>
>>
>> On Aug 16, 2023, at 5:51 PM, Madonna Borger <madonna.borger@thekey.com>
>> wrote:
>>
>>
>>
>> Cullen
>>
>> What would be the rent if TheKey just renewed for a year?
>>
>> Thanks
>>
>>
>>
>>
>>
>> On Wed, Aug 16, 2023 at 12:14 PM Cullen Magariel <Cullen@rubensteinre.com>
>> wrote:
>>
>> Good afternoon Madonna!
>>
>>
>>
>> Absolutely. The Landlord made an exception last year and kept your rent
>> “flat” for the extension.
>>
>>
>>
>> Instead of a minimal increase for a 12 month renewal, would you consider
>> a 2 year renewal, where rent remained the same in Year 1 and didn’t incur
>> the bump until Year 2? I think that would be the most efficient way to
>> extend the term.
>>
>>
>>
>> Please let me know your thoughts and I’ll get the specific rent
>> proposal(s) from the Landlord’s representative.
>>
>>
>>
>> Feel free to call and discuss at your convenience