$131,551 / yr · $42.44 PSF · Lease Year 3
Base rent + $29,700 est. pass-throughs · $52.02 PSF
Renewal notice deadline
Expires Jan 14, 2031 · 7-year initial term
Earliest date Tenant may deliver written notice of renewal — 300 days before expiration.
Latest date to exercise the single 5-year renewal option. Missing this forfeits the option entirely.
Initial term ends at 11:59 p.m. Holdover converts to month-to-month unless Landlord elects otherwise.
Section 5 obligates Tenant to pay its Proportionate Share of Operating Expenses with no stated annual cap and no base-year stop. Tenant carries full exposure to year-over-year increases in a category the Landlord controls.
Suggested action:Negotiate a 4–5% annual cap on controllable expenses at the next amendment or renewal.
The only renewal right requires written notice between 180 and 300 days before expiration. Notice delivered outside that window can be rejected, and there is no second option behind it.
Suggested action:Calendar Mar 20, 2030 and Jul 18, 2030 now, with a 60-day internal warning.
Renewal rent is set at FMV for comparable dental space, agreed within 60 days or determined by an independent appraiser, with a floor at the last month of the initial term. There is a floor but no ceiling.
Suggested action:Push for a collar — e.g. FMV not to exceed 103–105% of expiring rent.
Section 7.4 places dentistry, health care, patient privacy, medical waste, OSHA, fire/life safety, accessibility, x-ray and radiation compliance entirely on Tenant at Tenant's sole cost — including capital work triggered by a change in law.
Suggested action:Seek a carve-out for capital compliance work not caused by Tenant's specific use.
A five-day grace period, then a late charge of 5% of the overdue amount or $250 — whichever is greater — plus interest at the Default Rate. On a small Additional Rent item the $250 floor is disproportionate.
Suggested action:Automate rent payment; request the $250 floor be dropped for amounts under $2,500.
Section 15.1 subordinates the Lease to present and future mortgages provided the lender agrees to a "commercially reasonable non-disturbance arrangement." No form SNDA is attached, so the actual protection is undefined.
Suggested action:Request an executed SNDA on an agreed form from the current lender.
Operating expense audits are limited to once per Expense Year, by an independent CPA, on 15 business days' notice, and must be initiated within 120 days of receiving the annual statement. The window closes quietly.
Suggested action:Add a recurring 30-day post-reconciliation task to review the statement.
Landlord will not lease to a "primary full service general dentistry practice" that is materially competitive — but specialty medical and dental uses are expressly carved out, as are uses that do not "materially cannibalize" patient traffic. Both qualifiers are subjective.
Suggested action:Tighten to a named-use list at the next amendment.
The lease requires no cash security deposit and no letter of credit. That is unusual for a medical-use tenant and materially favourable — no capital is trapped for the life of the lease.
Keep in place:Preserve this term through any renewal or amendment.
Landlord makes $88,000 available toward approved Tenant Improvements, disbursed as reimbursement against a complete draw package within 30 days of a compliant submission.
Keep in place:Confirm the full allowance has been drawn — unreimbursed allowance is forfeited value.
| LY | Period | Annual base rent | Monthly | $ / SF |
|---|---|---|---|---|
| 1 | 01/15/2024 – 01/14/2025 | $124,000.00 | $10,333.33 | 40.00 |
| 2 | 01/15/2025 – 01/14/2026 | $127,720.00 | $10,643.33 | 41.20 |
| 3 | 01/15/2026 – 01/14/2027Current | $131,551.00 | $10,962.58 | 42.44 |
| 4 | 01/15/2027 – 01/14/2028 | $135,497.53 | $11,291.46 | 43.71 |
| 5 | 01/15/2028 – 01/14/2029 | $139,562.46 | $11,630.21 | 45.02 |
| 6 | 01/15/2029 – 01/14/2030 | $143,749.33 | $11,979.11 | 46.37 |
| 7 | 01/15/2030 – 01/14/2031 | $148,061.81 | $12,338.48 | 47.76 |
Fixed 3.0% annual escalation beginning with Lease Year 2. Gross lease for base rent; pass-throughs billed as Additional Rent.
Asterline Medical Services, Inc., a Georgia corporation
Riverside Gateway Commercial Holdings, LLC, a Georgia limited liability company
725 Ponce de Leon Avenue NE, Atlanta, Georgia 30306
Fulton County, Georgia
3,100 SF
155,000 SF
2.00%
Rentable and usable square feet, BOMA or similar office standard as allocated by Landlord
Single floor; suite number not stated in the lease
44 non-exclusive spaces, including 4 accessible spaces
Non-exclusive use of lobby, elevators, stairwells, corridors, common restrooms, loading and service areas, parking, landscaped areas, sidewalks and Building approaches — subject to Rules and Regulations.
None. Tenant has no option to expand, contract or relocate within the Building.
November 15, 2023
January 15, 2024
January 14, 2031 at 11:59 p.m.
7 years
On or about February 20, 2024 — does not alter the Commencement Date or rent schedule
Permitted from the Effective Date for Tenant Improvements and equipment installation
One (1) option to renew for one additional five (5) year term, January 15, 2031 through January 14, 2036.
Written notice not less than 180 days and not more than 300 days before expiration — March 20, 2030 through July 18, 2030. Tenant must not be in material uncured default at notice or at commencement of the renewal term.
Fair Market Rent for comparable dental office space, agreed in good faith within 60 days of notice. Failing agreement, determined by an independent appraiser, with a floor equal to the last month of the initial term. Annual escalations of 3.0% during the renewal term.
None granted
None granted
Month-to-month only unless Landlord elects otherwise in writing. Acceptance of rent after expiration does not create a tenancy for years.
Gross lease for Base Rent purposes, with express Additional Rent obligations for CAM, Taxes and Insurance
Operating lease
$131,551.00
$10,962.58
Fixed percentage
3.0% annually, each Lease Year after January 14, 2027
In advance on the first day of each calendar month; first partial month prorated per diem
Greater of 5% of the overdue amount or $250, after a 5-day grace period; imposed once per delinquent installment, not compounded
Overdue amounts bear interest at the Default Rate from the due date, capped at the maximum permitted by law
Base Rent and Additional Rent abate proportionately where the Premises are rendered untenantable, inaccessible or materially unusable by casualty, condemnation, failure of Building services not caused by Tenant, or Landlord default after notice and cure.
None. Rent is payable without setoff, deduction, counterclaim or defense except as expressly provided or ordered by a court. Disputes are resolved after payment.
None granted
Not applicable
None required — no cash deposit and no letter of credit
$9,600.00 ($800.00 / mo)
$14,500.00 ($1,208.33 / mo)
$5,600.00 ($466.67 / mo)
$29,700.00 ($2,475.00 / mo)
None stated for operating expenses. No base year stop for taxes — taxes billed on the actual current bill with annual reconciliation.
None stated
Real estate taxes, insurance premiums, utilities billed through or for the Premises, capital expenditures, interest, and any costs arising from casualty or condemnation. Also excluded: costs for unoccupied Building areas, leasing and corporate administrative payroll, and legal fees for disputes with other tenants, lenders or third parties.
Electricity, water, sewer, gas, chilled water, heating fuel, after-hours HVAC
Annual. Excess payments credited against future installments or refunded if the Lease has expired; deficiencies payable within 30 days of the statement.
Once per Expense Year, at Tenant's expense, by an independent CPA reasonably acceptable to Landlord, on 15 business days' written notice, initiated within 120 days after receipt of the annual statement.
Not addressed in the original lease
Building-side systems including base-building rooftop units, chillers, boilers and common-area distribution; repair of failures not caused by Tenant.
Preventive maintenance program for HVAC equipment under Tenant's control, including filters and tenant-side controls.
Landlord. No alterations to roof systems without Landlord's prior written approval.
Tenant maintains fixtures, faucets, supply stops, drains, disposals and tenant-side plumbing within the Premises. Landlord maintains building risers and distribution to the point of connection.
Tenant — clean, orderly, sanitary and good condition
Landlord, except where the condition is caused by Tenant's negligence, misuse or alteration
Landlord maintains accessibility in Common Areas, Building access routes and required accessible parking. Tenant is responsible for accessibility within the Premises to the extent Tenant controls it.
Tenant, at its sole cost, must comply with all Laws applicable to its business and occupancy — dentistry, health care, patient privacy, medical waste, OSHA, fire and life safety, accessibility, x-ray and radiation equipment, and environmental handling of chemicals and regulated waste.
Tenant may not bring, generate, store, use, release or dispose of Hazardous Materials except those customarily used in a dental office, handled in strict compliance with Environmental Laws, infection-control requirements and license conditions.
Dental office only — general dentistry and customary ancillary services including examinations, cleanings, restorative dentistry, consultations, imaging, sterilization, administrative functions, staff offices, patient waiting and limited retail sale of oral care products.
Any unlawful, disorderly, noxious, hazardous or offensive use; any use that materially increases insurance, violates Law, creates a nuisance, overburdens Building systems, or causes excessive odor, noise, vibration or electromagnetic interference; surgical center requiring overnight stays; residential dwelling; storage of fuel, explosives or bulk hazardous chemicals; smoking or vaping.
Yes. So long as Tenant is not in default, Landlord will not knowingly lease Building space to be used as a primary full-service general dentistry practice materially competitive with Tenant. Carve-out: specialty medical or dental uses that do not materially cannibalize Tenant's core patient traffic are permitted.
None. The lease does not include a co-tenancy provision.
Limited to the suite entry sign, lobby directory space, and any approved monument or building directory panel. No signs, posters, decals or banners visible from Common Areas without Landlord's prior written approval.
Yes. Tenant may peacefully hold and enjoy the Premises during the Term, subject to no default. Temporary interruptions for maintenance, repair, casualty response or compliance do not breach the covenant.
Not specified
Permitted with Landlord consent. "Transfer" includes any sublease or assignment.
On at least 10 business days' prior written notice and without consent, Tenant may transfer to an Affiliate, or in connection with a merger, consolidation, reorganization or sale of substantially all assets of the dental practice — provided the transferee assumes Tenant's obligations and the transferee's net worth is not materially less than Tenant's.
Failure to pay Base Rent or Additional Rent within 5 days after written notice; failure to perform any non-monetary covenant within 30 days after written notice, or such longer period as reasonably required if Tenant commences cure promptly and pursues it diligently.
Terminate the tenancy and repossess the Premises; sue for unpaid rent and damages; injunctive relief and specific performance; recover attorneys' fees and costs; peaceably re-enter and secure the Premises after an uncured default.
The Lease is subject and subordinate to present and future mortgages, provided the mortgagee agrees to a commercially reasonable non-disturbance arrangement on terms customary for comparable office properties. No form SNDA is attached.
At the end of the Term Tenant may remove Trade Fixtures and Tenant's Property, but must repair all damage caused by removal and restore the Premises as required by Section 26.
$88,000.00, applied to eligible hard and soft costs of Tenant Improvements described in Exhibit C and approved by Landlord
State of Georgia, without regard to conflicts-of-law principles
Yes — both parties waive jury trial to the extent permitted by law
Excuses delay for events beyond reasonable control — acts of God, fire, flood, war, governmental orders, labor disputes, supply chain interruption. Does not excuse the obligation to pay money.
Riverside Gateway Commercial Holdings, LLC c/o Midtown Asset Management Partners, LLC 1180 Spring Street NW, Suite 1400 Atlanta, Georgia 30309
725 Ponce de Leon Avenue NE, Atlanta, Georgia 30306 With a copy to: Asterline Medical Holdings, Inc. Attn: Real Estate Department 500 Peachtree Center Ave NE, Suite 1200 Atlanta, Georgia 30308
notices@midtownassetmgmt.com
admin@asterlinemedical.com
Midtown Asset Management Partners, LLC
No broker, finder or agent entitled to a fee other than as disclosed in Section 20
Clause text is not available for this citation.
Lease Agreement dated November 15, 2023 · Asterline Medical Services, Inc.