Located at 1862 South 4800 West in Salt Lake City, Utah, the Warehouse is owned by an affiliate of the entity from whom Overstock.com previously leased the space. The new lease extends the term of occupancy to August 31, 2026.
From May 1, 2013 through August 31, 2013, Overstock will pay no rent, but will pay $27,428 per month, which represents monthly amortization of certain tenant improvement costs incurred under the first amendment to the Company’s previous lease of the Warehouse.
From September 1, 2013 through August 31, 2026 the base monthly rent of the lease will vary from $284,980 per month, to $376,677 per month for the last 18 months of the lease.
The Lease allows Overstock to refurbish a certain portion of the facility through reasonable tenant improvements for additional corporate office space within the Warehouse. Overstock also has three options to renew for five years each.