Electronic Arts – Tiburon (EA), home to many popular titles under the EA SPORTS label, including Madden NFL Football and Tiger Woods PGA TOUR Golf, has amended its lease with landlord Liberty Property, LP for space it occupies in Orlando, FL.
JLL brokered the transaction, which extends EA’s lease through October 2025 and provides the right of first refusal at space in neighboring buildings. Liberty Property has also granted EA the right to extend the term of its lease for two additional terms of five years each.
EA currently leases 128,240 rentable square feet in Maitland Summit Park I, which is located at 1950 Summit Park Dr in Orlando. This lease includes the exclusive use of the parking garage immediately adjacent to the building. EA also subleases 12,590 rentable square feet on a portion of the third floor in what is known as Building III.
The amended lease stipulates that EA will pay $15.80 per square foot, or $168,849.33 per month, for the first year of its extended lease, which runs from November 2013 to October 2014. That rate grows to $20.73 per square foot, or $221,534.60 per month, by the final year of the lease, which runs from November 2024 throug October 2025.
EA also has the right to use an outdoor area around the building labeled as “Potential Athletic Field” as an athletic field for its employees at no additional rent.
EA can terminate the lease as of October 31, 2021 by giving the landlord written notice between October 31, 2020 and January 31, 2021. Within thirty days of the termination date, EA would have to pay a termination fee of $1.85 million.
EA also has the right of first refusal at neighboring buildings. In Building III, EA’s right of first offer is subordinate to the existing expansion and renewal rights of other tenants in the building, and the rights of first opportunity for Building III held by Schwab.
Schwab occupies Maitland Summit Park II located at 1958 Summit Park Drive, and EA’s right of first offer for this building is subject and subordinate only to the existing rights of Schwab, which are only that Schwab has existing lease rights to occupy its leased space with renewal rights.