An office building should last 60 years, but this owner will sell it at 20 years for 40% of its construction cost. For the first 20 years it can be leased as Class A space, which is all this owner operates. When the 453 building is sold, the land's cost will be recovered in full. $2.2M $4.1M Land Building $640,000 Annual operating and maintenance 4% Annual property taxes and insurance (% of initial investment) (a) If the owner wants a 12% rate of return, what is the required monthly leasing cost? (b) Assuming that the building is vacant 5% of the time, what is the required monthly lease? (c) What is an example monthly cost per square foot for Class A space in your community?