Audit Case Study Synopsis™ (7224)
Savings (square foot)
Exclusive Service Provider
RRG’s audit covered three (3) operating years.
Following RRG’s review of audit information provided, it was noted that there were three (3) abatement periods granted under the terms of the lease. The periods correlated to the first calendar year quarter in each of the first three (3) years of the lease term. Within such defined abatement periods, all base rent payments were to be relieved. It was confirmed that the client was billed, and paid full, base rent for the initial thirty-six (36) months of the term. Following correspondence with the property manager and presentation of the findings, it was agreed that a credit would be generated for the client (corresponding to nine (9) months of base rent) to apply to the upcoming months of base rent until exhausted.
RRG also adjusted club membership dues and the cost to acquire the artwork and sculptures that were decorating the lobby of the building which were being passed through.
Base Rent Stream Determination
General Administrative (Club Memberships)
General Administrative (Artwork)
General Administrative (Sculptures)