Planning Board Resolution Memorializing Executive Drive AINR #20-09

building. According to the property maintenance superintendent, the air conditioning units require frequent servicing in the summer. i. 100 Executive Drive, 200 Executive Drive and 10 Rooney Circle have experienced significant vacancies over at least the last five years. The current property owner agreed to acquire the subject properties in late 2016, and formally recorded the transaction in May 2017. At the end of 2016, 100 Executive Drive was 69.5% vacant, 200 Executive Drive was 51.1% vacant, and 10 Rooney Circle was 58.5% vacant. Today, 100 Executive Drive is 100% vacant, 200 Executive Drive is 53.7% vacant, and 10 Rooney Circle is 58.5% vacant. The significant vacancies in the Study Area were present when the property changed hands in 2017. Since that time, the vacancies have persisted. j. In February 2008, 100 Executive Drive was largely tenanted and had a vacancy rate of just 14.4%. Between January 2009 and December 2011, during the Great Recession, the vacancy rate rose to 32.2%. It would hit 47.6% in late 2012 before dropping to 29% in January 2014 thanks to a new tenant occupying a 14,503 square foot unit. Since January 2014, the building has seen a steady increase in its vacancy. By December 2015, vacancy rates had climbed to 72.5%. When the current owner took title to the property in 2017, the vacancy rate was 69.9%. From 2017 until the middle of 2019, the property owner worked with multiple brokers and listing services to find new tenants. By the end of 2019, the property was 79.9% vacant. As of this writing, the property is entirely vacant. k. The vacancy rate of 10 Rooney Circle has been stable for over a decade. The Transportation Security Administration (TSA) began leasing the 29,372 square foot second floor of the building in September 2002 and has at times had a “day-to-day” option to use ‘1,000 square foot area on the lower level. The lease extends through the end of August 2026. Since at least 2009, no other tenants have occupied the building. The property has consistently suffered a 58.5% vacancy rate for over a decade. The current property owner acquired the building in 2017 and worked with brokers and listing services to attempt to find tenants for the remaining space. Today, the TSA remains the only tenant. 1 In February 2008, 200 Executive Drive was nearly 100% tenanted with only 2,989 square feet of vacant space (2.7%). By

o find tenants for the remaining space. Today, the TSA remains the only tenant. 1 In February 2008, 200 Executive Drive was nearly 100% tenanted with only 2,989 square feet of vacant space (2.7%). By December 2009, the vacancy rate had reached 40.2%. Since 2009, the vacancy rate has fluctuated between 38% and 54%. When the current owner took title to the property in 2017, the vacancy rate was 51.1%. From 2017 until the middle of 2019, the property owner worked with multiple brokers and listing services to find new tenants. By the end of 2019, the property was 51.1% vacant. The property is 53.7% vacant today with Lincoln Educational as the primary tenant, though said lease is due to expire at the end of 2020, which will leave the property completely vacant. The building has exhibited significant vacancies for years with the building never having been more than 62% occupied during the past decade. m. Vacated suburban office complexes are inefficient land uses that leave municipalities with a plethora of issue to combat. The suburban spraw] that office parks contribute to ~ (40908317: 4}