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A 1 9 , 6 9 0 - square - foot office space is leased at $ 2 0 per square foot during the first

A 19,690-square-foot office space is leased at $20 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 for the tenant set at $7 per square foot, and yearly expenses per square foot are as follows: $4.97,$7, and $10. The lease provides for 3 months of free rent at the end of the lease term. The lease term is three years and the discount rate is 9 percent. The landlord offers the tenant a $1,151 moving allowance and $1,126 in additional tenant improvements (TIs). What is the effective rent?
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