1. Legislative Budget Office (LBO) Office Space Options
Presentation to LBO Oversight Commission
October 30, 2018

2. Assumptions/Estimates
Fiscal Note
Dept. of Administration Space Study
Total Square Footage
800
1316
# of Offices 1
# of Cubicles 6
Shared Space
Storage, printing/copying and lunch space
Conference room, printing/copying and lunch space
Cost/Square Foot
16.88
N/A
Annual Rate
$13,504

3. Options Considered Capitol Complex Near Capitol Complex
State Office Building – current temporary location
Capitol – no currently available space
Centennial Office Building – no currently available space
Near Capitol Complex
555 and 525 Park Street – toured available space
Sunrise Bank Building – landlord does not want to subdivide space
Empire Drive
Libby Law Building (Rice Street)
Outside Capitol Complex
Lafayette Park
Town Square
Wells Fargo Place
Securian
401 Building (Robert Street)

4. Average Lease Estimates
Fiscal Note = 16.88/square foot (based on COB space)
The averages below represent advertised rates. Negotiated rates may be different.
Near Capitol Complex = ranges from $23-$28/square foot
Outside Capital Complex = $24/square foot

5. Examples of Lease Cost Estimates (based on advertised rates)
Location
Category
Est. Gross Rental Rate Per Square Foot
Est. Annual Cost for 1316 square feet*
Fiscal Note
$16.88
$13,504**
525 Park
Near Capitol Complex
$22.55
$29,676
555 Park
$27.6
$36,322
Lafayette Park
Outside Capitol Complex
$17
$22,372
Town Square
$19.10
$25,136
Wells Fargo Place
$34.72
$45,692
Securian
$24.21
$31,860
401 Building
$28.26
$37,190
*Based on Dept. of Administration recommended space needs. Actual leased space may vary.
**Fiscal note assumed 800 square feet of space needed based on space at COB.