A 250,000-SF space is expected to rent in 10-year fixed-rent leases, successively in perpetuity. You expect the first lease will be signed one year from now. The second lease begins 10 years later, the third 10 years later, and so on. The rent is constant within each lease but changes to the market rate between new lease signings. The rent is expected to grow at a rate of 1% per year. The rent of the first lease is $15/sqft per year. All annual rent payments are due in advanced If the inter-lease discount is 10%, what is the present value (i... market price) of the commercial real estate structure? Hint: let N in the geometric sum formula approach infinity (s=a(1-dan)/(1- d)). (10 points)