This office lease form describes provisions for using the area with respect to each office floor, mean the area within the exterior walls of the Building and, in the case of the lobby floor, the area within the demising walls of areas rented or to be rented which is considered floor area .
The Oklahoma Provision Using Floor Area as the Measurement Standard for Midtown Manhattan Modern Office Towers is a significant regulation implemented by the state of Oklahoma to establish a standardized method for determining the floor area of office spaces within modern office towers located in Midtown Manhattan, New York City. This provision is crucial for assessing the compliance of office tower developments and ensuring consistency in measurement standards. By adopting the floor area as the key metric to measure usable space, developers, architects, and building owners can effectively plan, design, and utilize their properties while meeting legal requirements. The Oklahoma Provision recognizes that accurate measurement of floor area is vital to create equitable guidelines for development. It ensures a fair assessment and comparison among different office towers and helps prevent potential discrepancies in data reporting. Under the Oklahoma Provision, office towers in Midtown Manhattan are classified into various types based on their functionality, design, and overall usage. These include: 1. Class A Office Towers: These are typically high-end, premier buildings characterized by their quality construction, superior amenities, and prime locations. They often house prestigious organizations, corporate headquarters, or financial institutions. 2. Class B Office Towers: These buildings are generally of good quality, but they may lack some amenities or have slightly lower rental rates compared to Class A towers. Class B towers attract a diverse range of businesses and organizations. 3. Class C Office Towers: These are entry-level or older buildings that may require some updates or renovations to meet modern functional and aesthetic standards. Class C towers usually offer lower rental rates compared to Class A and B towers and attract smaller businesses. The Oklahoma Provision also outlines the specific guidelines for measuring the floor area of office spaces within these different types of Midtown Manhattan office towers. It may include excluding certain areas such as mechanical rooms, storage areas, or common corridors, or applying specific calculation methods like gross leasable area (GLA) or net leasable area (LA). Following the Oklahoma Provision is essential for developers and building owners to maintain compliance with local regulations, accurately determine leasable or rentable space, and provide transparency in reporting accurate floor area measurements. It ensures fair competition, aids in establishing lease agreements, and facilitates proper valuation of properties. In summary, the Oklahoma Provision Using Floor Area as the Measurement Standard for Midtown Manhattan Modern Office Towers establishes a standardized approach for measuring the floor area of office spaces in different types of office towers located in Midtown Manhattan. This provision aims to promote fairness, accuracy, and transparency in evaluating and facilitating the development and usage of modern office properties.
