Lease terms and costs
One monthly rent · twelve-month terms
How the lease works
Every office at 2277 West Street Offices in Germantown, Tennessee, a Memphis suburb leases on a 12-month, modified-gross term. One monthly rent covers utilities, property taxes, building insurance, operating expenses, common-area cleaning. You arrange your own internet and phone service and any cleaning inside your office. As of , Office 306 (134 sq ft) is $800 per month, about $72 per square foot per year.
Modified gross
What your rent covers
Included in rent
- Utilities
- Property taxes
- Building insurance
- Operating expenses
- Common-area cleaning
You arrange and pay for
- Internet and phone service
- Cleaning inside your own office
Offices lease unfurnished, so plan on bringing your own desk and chairs.
The standard lease
Lease terms
The same lease covers every office on the floor. Deal-specific details, such as the start date and the deposit, are set in each lease.
| Term | 12 months |
|---|---|
| Lease type | Modified gross |
| Security deposit | Set per lease |
| Insurance | Commercial general liability of $1,000,000 per occurrence and $2,000,000 aggregate, naming 2277 West Street, LLC as additional insured |
| Shared areas | The shared kitchen, common area, restrooms and halls are not added to the size you lease. |
| Not offered | Month-to-month terms, Mail-only virtual offices, Staffed reception, Day passes or hot desks |
| Disclosure | Every lease includes a building disclosure rider covering the event venue downstairs |
Plan your budget
Your monthly cost here
Rent plus the few things you arrange yourself. Change any figure to match your own quotes.
Your estimated monthly cost
$1,000.00
Office 306 for one person comes to about $1,000 a month, or $12,000 a year, with these assumptions.
| Rent includes utilities, taxes, building insurance, common-area cleaning | $800.00 |
|---|---|
| Internet and phone service | $75.00 |
| Cleaning inside your office | $0.00 |
| Furniture $1,500 over 12 months | $125.00 |
| Monthly total | $1,000.00 |
| Per year | $12,000.00 |
| Per person, per month | $1,000.00 |
Assumptions are starting points, not quotes. Not shown: the general liability insurance the lease requires ($1,000,000 per occurrence), which many small businesses already carry, and the security deposit, which each lease sets.
Plain English
Lease types, explained
Office listings quote rent in different ways. Here is what the common terms mean.
- Full service gross
- Rent covers every building cost, often including janitorial service inside the suite. The landlord pays the running costs and builds them into one rent.
- Modified gross
- Rent covers the building’s main running costs (utilities, taxes, insurance, operating expenses, common-area cleaning) and the tenant pays a few items specific to their space. This is how every office at 2277 West Street leases.
- Triple net (NNN)
- Base rent covers the space only. Property taxes, building insurance and common-area maintenance are billed to the tenant on top, usually as a monthly estimate trued up each year.
- Load factor
- An add-on that spreads shared areas (halls, restrooms, lobbies) across tenants’ rentable square footage. Offices here carry no load factor: the size you lease is the size of your office.
Written down, not buried
The event-venue disclosure in your lease
The second floor is Pike & West, an event venue run by the same owner. It regularly hosts weddings, corporate events and receptions, typically on evenings and weekends. Events can bring music, noise, foot traffic and heavy parking use. Office tenants may not pass through the event space during an event. Every office lease discloses this in writing.
The disclosure is a separate page you initial line by line, so nobody signs without knowing what the building is. The floor between the venue and the offices holds sound well. Most of what carries comes up the open foyer and through office doors, so offices toward the back of the floor are noticeably quieter during events. Pike & West hosts events most weekends and programs on some weeknights, often Monday and Friday evenings. If you do a lot of after-hours or weekend work and need quiet, this building is probably not a match.
Four steps
How leasing works
-
Tour the floor
A private tour during the workday: the available offices, the kitchen and common area, and the stairs.
-
Agree on the basics
A short letter of intent sets the office, the monthly rent, the start date and the security deposit.
-
Sign the lease
The standard 12-month lease and its building disclosure rider, which you initial line by line, are signed electronically.
-
Move in
Send your insurance certificate, the deposit and the first month’s rent, and schedule your furniture move with the landlord.
Lease questions
How much does an office cost?
Office 306 (134 square feet) is $800 per month. Offices 304–305, two connected offices totaling 402 square feet, are $2,400 per month. Pricing for the center room depends on how you would use it, so ask. Rent is modified gross: utilities, property taxes, building insurance and common-area cleaning are included in that one monthly figure.
What's included in the rent?
Utilities, property taxes, building insurance, operating expenses and cleaning of the common areas are all included in your monthly rent. You arrange and pay for your own internet or phone service and any cleaning inside your office. The shared kitchen, common area and restrooms are not added to the size you lease.
What does modified gross mean?
It means your rent is one monthly figure that already covers the building's main running costs: utilities, property taxes, insurance, operating expenses and common-area cleaning. You add only what is specific to your office, here your internet and in-office cleaning. A triple-net (NNN) lease, by contrast, bills those building costs to you separately.
How long is the lease?
Twelve months. Every third-floor office leases on a 12-month, modified-gross term. Month-to-month plans and mail-only virtual offices are not offered, so this fits if you want a real office of your own for at least a year.
What insurance do I need?
You need commercial general liability insurance of $1 million per occurrence and $2 million aggregate, with 2277 West Street, LLC named as an additional insured. The requirement is the same for every office on the floor and is written into the standard lease.
Is there a security deposit?
Yes. Each lease sets its own security deposit, so ask for the figure that applies to the office you want. Under the standard lease, any unapplied portion is returned within 60 days after the lease ends and you move out.
Are the offices furnished?
Plan on bringing your own furniture. Offices lease unfurnished, which lets you set the room up your way. The shared kitchen and common area are for every tenant on the floor, and furniture moves in and out are scheduled with the landlord.
Is internet included?
No. Each tenant sets up its own internet and phone service, which keeps your connection private to your business. Which providers serve the building is being confirmed, so ask on your tour and we will tell you what current tenants use.
Can I use my office number as a mailing address?
Not yet. The office numbers on this site follow the floor's planned numbering, and some are not yet recognized by the Postal Service, so mail and package handling is confirmed when you sign your lease. The building's street address is 2277 West Street, Germantown, TN 38138.
See the third floor for yourself
Office 306 (134 sq ft, $800 per month), Offices 304–305 (402 sq ft, $2,400 per month) and Conference room (320 sq ft) are available now. Come see them on a private tour.