Renewal of Lease for ETT Office
The ETT Executive has unanimously agreed to renew the lease of the ETT Office at 4211 Yonge Street, Suite 300.
As per the direction from the membership, the following options were thoroughly examined over a six month period:
- Purchasing a property
- Relocation to a TDSB property
- Relocation to another rental property
- Renewing our lease for 4211 Yonge Street, Suite 300
Each option was assessed for cost, long-term security, and accessibility. Specifically, in regards to accessibility, ETT followed the direction from the membership that the ETT Office must be easily accessible from a TTC subway station, near a highway, and centrally located within the city.
Purchasing a Property
With the guidance of a Real Estate Broker, ETT investigated purchasing a building. At this time, this option is unaffordable, as ETT would have to put down a substantial down payment, coupled with mortgage payments nearly three times our current monthly rent.
The Executive has decided to strike a committee of Executive and ETT members to investigate and develop a plan to purchase a building in the future, and to bring the recommendations back to the membership.
Relocation to a TDSB Property
ETT investigated renting space in a TDSB building. Unfortunately, this option lacked long-term security, and, even if there was a TDSB space that met ETT’s office and location needs, the TDSB would not consent to critical and necessary renovations.
Relocation to Another Rental Property/Renewing Our Lease For 4211 Yonge Street, Suite 300
Over the six month period, ETT also examined a large number of similar rental properties, while simultaneously conducting negotiations with our landlord.
In consideration of cost, long-term security, and accessibly, ETT determined that the best option at this time was to renew our lease at 4211 Yonge Street, Suite 300.
In the past ten years, since we last negotiated a lease, rents have more than doubled.
We were able to negotiate a rental agreement for 4211 Yonge Street, Suite 300 that was an affordable increase over a 12 year lease, which includes incentives such as a free month of rent each year for the first ten years, secured parking privileges, and some improvements to release clauses. The 12 year lease agreement lowered the overall rent cost and made 4211 Yonge Street, Suite 300 a better option (especially with parking space) than any of the other properties we considered.