A Remeasurement Clause Adds Rentable Feet You Cannot Occupy
Lexicon Pharmaceuticals signed a lease on 30 July 2024 that stipulates its suite at 25,368 square feet of Rentable Area, confirmed by two architects under ANSI/BOMA Z65.1-2017 Method A, and then says that following the initial Term the landlord may remeasure. About 5,666 of those 25,368 feet are add-on factor the tenant never walks into. The 2024 revision of the office standard moved ground-level outdoor amenity space into rentable area, and measurement firms are quoting 3 to 4% of found area in Class A buildings, which on a 400,000 square foot building at $40 a foot and a 6% cap rate is $8 million of value. Three other SEC-filed leases answer the same question differently: one bite only, deleted outright, and never. McClain v. Octagon Plaza held in 2008 that a clause agreeing the square footage is a reasonable approximation and that rent is not subject to revision does not stop a fraud claim over 186 feet.