Tenant Improvement & Relocation Policies at the Wilshire Center

New Tenants

The Wilshire Center building offers their tenant improvement allowance for new tenant to use towards the renovation of their suites. New tenants are given an allowance of $5.00 per square foot for each lease year. For a five year lease, the allowance would be $25.00 per square foot.

Renewing Tenants 

Renewal tenants are offered assistance to use paint and carpet or minor alterations. Renewal tenants are given an allowance of $1.00 per square foot for each lease year. For a five year renewing tenant, the allowance would be $5.00 per square foot.

Allowances

The tenant improvement allowance can be used for design fees, construction, project management costs, cabling, phone installation and moving expenses. If allowance exceeds the project cost, the tenant is given 50% of the surplus rent credit amortized over the term of the lease. If the project cost exceeds the allowance, the tenant must pay the difference to the Wilshire Center building within 30-days of a final project accounting. If the tenant makes arrangements in advance of the project, it is possible that a tenant improvement deficit can also be amortized over the term of the lease at an interest rate equivalent to STIP.

Contact Information

Asset Management

Phone: (310) 794-3078
Fax: (310)794-3080
Email: AssetMgmt@re.ucla.edu