L-7385 NOTICE OF LEASE TERMINATION #1 INTENT FINAL EXECUTED 12-10-2020.PDF

Maricopa County
Real Estate Department
Michelle Colby December 10, 2020
2801 West Durango
Phoenix, AZ 85009 VIA FIRST CLASS MAIL & CERTIFIED MAIL
Michelle Colby@maricopa.gov VIA EMAIL Chris.Latvaaho@am.jll.com
VIA EMAIL anelson@mainstreetcapital.com
G&I IX 2700 N Central Ave, LLC
Attn: DRA Advisors LLC
575 Fifth Avenue, 38" Floor
New York, NY 10017
Subject: Notice of Lease Termination
Tenant: Maricopa County Library District, Maricopa County Lease No. L-7385
Property Address: 2700 N Central Avenue, Phoenix, AZ 85004
Dear Mr. Latvaaho:
Thank you for speaking with Deborah Fisher and me regarding Lease Agreement L-7385, as amended from time
to time (collectively, the Lease), by and between the Maricopa County Library District (the District) and G&I IX
‘2700 N Central Ave, LLC, as successor in interest to 2700 Group, LLC, for District occupancy of space at 2700
N Central Avenue in Phoenix, Arizona (Premises). During our December 1, 2020 call, I informed you that, as
part of Maricopa County’s (County) continuing efforts to ensure that we provide fiscally responsible services for
the taxpayers, the County has been steadily reducing its footprint in leased space if there is an opportunity to -
accommodate staff and services into County-owned space. Those efforts have shown that the District’s remaining
staff working at the Premises can be accommodated alongside other District staff ina County-owned space. That
fact, coupled with the effects of the continuing COVID pandemic, and the resultant shift to a staffing model that
includes a predominantly telecommuting workforce due to COVID, has altered the District’s space needs and as
such, it is anticipated that funds for the Lease of the Premises will no longer be appropriated in the County’s next
fiscal year.
Given that funds are expected to no longer be appropriated for the Lease, the District’s Board of Directors
anticipates exercising its right to terminate the Lease in accordance with Section 22 of the Lease. This letter
serves as official notice of the anticipated exercise of that right and notice that the District plans to vacate the
Premises no earlier than February 28, 2021. We would like to discuss the District’s proposed early termination
of the Lease with you and the provisions in the Lease regarding the return of the space. Once we have discussed
the Lease provisions and toured the space with your representatives, we will send a subsequent notice to you
which contains a specific termination date (“Termination Date”).
Should you have any questions regarding this notice, please do not hesitate to reach out to Deborah Fisher.
Deborah can be reached by phone at 602-506-1054 or via e-mail at Deborah. fisher@maricopa. gov.
Sincerely,
bic hrboobse
Michelle Colby, SR/WA
Director
ce! Angela Nelson, Senior Manager, Pinnacle Property Management
Jeremy Reeder, Director, Maricopa County Library District
Reid Spaulding, Deputy County Manager
Rich Wegele, Director, Facilities Management Dept.
Betsy Pregulman, Deputy County Attorney
Deborah Fisher, Real Estate Dept. Property Management Supervisor
File