Argentum

IBM HQ

Tenant

IBM Danmark A/S

Guarantor (if any)

N/A

Lease premises

Total GLA of 5,341 sqm. The lease premises comprise 3,176 sqm of office space and show room located on the parterre, ground and 1st floors, 684 sqm of office/canteen space and 1,481 sqm of storage and support areas.

Parking

The lease includes 146 on-ground parking spaces on the Property; however, IBM only pays for 142 spaces.

Lease commencement

The lease commenced on 13 November 2014. The canteen expansion addressed in the first lease amendment took effect on 1 April 2015. "The lease is non-terminable until 13 November 2016, after which date the tenant has a 12-month termination notice period. The landlord may terminate the lease to expire not later than 10 years after lease commencment, i.e. on 13 November 2024. However, if the tenant terminates the lease before May 2025, the tenant is obligated to pay part of the landlord's cost of the canteen expansion." The tenant pays an annual base rent of DKK 900 per sqm for office and canteen space, DKK 450 per sqm for storage and support areas and DKK 3,000 per parking space. Please refer to p. 56 for the indexed rental rates as per 1 January 2018. The rent is adjusted annually on 1 October, in accordance with the increase in the NPI from July to July, subject to indexation of minimum 2%. Cash deposit equivalent to six months' rent plus VAT at all times. If the rent is adjusted, both the tenant and the landlord may demand an additional deposit to cover the 6-month rent deposit requirement. The deposit carries no interest. Both the tenant and the landlord can request that the rent is adjusted to market rent in accordance with section 13 of the Danish Commercial Lease Act. Rent payments are due quarterly in advance.

Lease term and termination

Rent

Rent adjustment

Payment terms

LEASE ABSTRACT

Security deposit

Market rent review

Operating expenses All operating expenses including taxes, service charges and other costs related to the building operations are payable by the tenant by reimbursement to the landlord. Maintenance, repairs and renewals "The landlord is responsible for all external repairs and renewal of the building envelope, except for the external window shades which are the responsibility of the tenant. The landlord is also responsible for the maintenance and renewal of the entire kitchen and the Property's open areas, including parking areas.

Renewal and replacement of the heating supply system and technical installations and systems are the responsibility of the landlord, but the tenant pays a capital allocation amount as part of the utility budget for said renewals. The tenant is responsible for all internal maintenance and renewal of the Property."

Utilities

In addition to the base rent, the tenant must pay all utility charges and related costs included in the utility accounts.

Subletting

The tenant may sublease all or part of the leased premisses subject to the landlord's prior written approval, not to be unreasonably withheld. The tenant is not entitled to assign the lease in full or in part to third parties. However, the tenant may assign the lease to a related entity provided that the tenant assumes primary liability as guarantor. Upon vacating the premisses, the tenant must deliver the Property in a refurbished condition as regards surfaces such as floors and walls, which must be newly painted. The Property is to be cleared and cleaned.

Assignment

Surrender of the premisses

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