A port lease with IDEO LLC was approved Tuesday in an 11-0 vote by the Board of Supervisors. The lease allows the company to expand its presence at the Pier 26 Annex on The Embarcadero.
The company has occupied 12,360 square feet of office space at the pier for more than 15 years, and with the lease approval will expand to occupy an additional 7,074 square feet for workshop and storage space that the company would renovate. The company will pay for the renovation, which is estimated to cost $900,000, according to a report for the Board of Supervisors by Budget Analyst Harvey Rose.
IDEO is currently paying a base rent of $31,765 which under the proposed lease would increase to $40,271 per month with annual 3 percent increases.