- 10 -
which includes the lobby and auditorium; and (2) the
retail/office component, which is in turn composed of (a) the
West retail space, which includes the ground floor and mezzanine
level;9 (b) the East retail space, which includes the ground
floor and mezzanine level; (c) the Second floor office space; and
(d) the Third floor office space.10 The square footage of
building areas, both gross and net rentable, is as follows:
Gross Net Rentable
Area Sq. Ft. Sq. Ft.
Theater 24,358 24,358
East retail:
Ground floor 2,625 2,611
Mezzanine 2,625 2,475
West retail:
Ground floor 2,625 2,06511
Mezzanine 2,625 2,174
Second floor office 6,090 6,090
Third floor office 876 876
9 Logistically, the mezzanine levels can only be leased in
conjunction with their respective first floor retail spaces.
10 The appraisers refer to the different areas by a variety
of designations. For clarity, when discussing the experts'
reports, we will refer to the different areas by the designations
we have assigned. We note, however, that our designation of the
East retail and West retail spaces as "retail" spaces in no way
implies that we find these areas to be suitable only for retail
use to the exclusion of office use.
11 The West retail space contains an entryway vestibule with
both a staircase and an elevator which services the Second and
Third floor office spaces. The square footage of the entryway
vestibule is not rentable with the West retail space, and is thus
deducted from the gross square footage of the area.
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Last modified: May 25, 2011