Outpatient surgery center operation AmSurg Corp., has agreed to a new build-to-suit headquarters lease.
AmSurg entered into a lease with an affiliate of Eakin Properties in to lease an 110,000-square-foot building to be constructed in Nashville, TN. The company intends for the leased property to serve as its corporate headquarters beginning in 2015.
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Prior to taking possession, the company may terminate the lease agreement if the company does not receive certain approvals from the Metropolitan Government of Nashville and Davidson County and from the Industrial Development Board or if the landlord has failed to obtain construction financing or satisfy certain construction milestones.
The company’s rental obligations consist of base rent of $2.3 million in the first year, with base rent increasing annually by 1.9% thereafter.
The landlord will provide the company with an allowance of $4.4 million for certain interior tenant improvements to the leased property.
The deal has an initial term of 15 years and is scheduled to commence on March 1, 2015, and expire on Feb. 28, 2030. The company may extend the term by up to two successive 5-year terms.
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