The subject property is a four$-$acre site that was leased $22$ years ago for $$1,000$ per month, absolute net for $99$ years. There were no improvements at that time, but there is a $35,000-$sq$.-$ft$.$ office building on it now that was built by the tenant. This area is quite popular now and probably will be in the future. The typical holding period for a leased property like this is $20$ years. The value of the property would be based on a terminal capitalization rate of $8\%.$ What is the value of the leased fee using a $6\%$ discount rate? Assume that there are no sales costs on the reversion.