Lease extensions of up to three years for Sea-Tac retail & F&B operators

By Luke Barras-hill |

Sea-Tac-lease-extension

Sea-Tac concessionaires had been receiving short-term financial relief prior to the announcement of the new measures.

The Port of Seattle Commission has introduced further support measures for its business partners at Seattle-Tacoma (Sea-Tac) International Airport.

Airport, dining and retail (ADR) tenants have had their tenancies extended by up to three years, with minimum annual guarantees suspended through 2020 – and possibly into 2021.

Sea-Tac approved the lease extensions, which follow previous support actions to stabilise local businesses, to enable current tenants more time to recuperate from the impacts of the coronavirus (Covid-19).

The port had previously announced four-month rent and fee deferrals (April – July) for qualifying concessionaires at Sea-Tac, including retail and F&B tenants. This was expanded to more airport-related tenants and businesses last month.

At the height of the pandemic, 66% of airport retail and F&B concessionaires were closed, according to the port authority.

However, 10 restaurants and shops recently reopened as passenger volumes begin to rise incrementally.

The port authority added that it continues to press on with projects totalling $1.5 billion, including the International Arrivals Facility, North Satellite and Terminal 5 in partnership with Seaport Alliance.

Peter Steinbrueck, Port of Seattle Commission President said: “The Port of Seattle Commission continues to act during this crisis, while preparing our resources for the return of our economy and will continue to focus our efforts on protecting our workers and tenants from further hardship.

“Moving forward, we are also adding more funds to several jobs and economic development programmes to help those most in need throughout our region and state.”

 

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