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A 1 8 , 3 0 4 - square - foot office space is leased at $ 1 9 per square foot during the first

A 18,304-square-foot office space is leased at $19 per square foot during the first year with $2 step-up provisions each of the following years. The lease is gross with an expense stop/expense cap for the tenant set at $7 per square foot, and yearly expenses per square foot are as follows: $4.31,$8, and $10. The lease provides for 4 months of free rent at the end of the lease term. If the lease term is three years and the discount rate is 11 percent, what is the effective rent per square foot?
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