Title
Immersed Games Lease Extension for Suite 100 of the 802 NW 5th Avenue Commercial Building (B)
Explanation
In January 2012, SharpSpring LLC moved into the first floor of the 802 NW 5th Avenue Commercial Building. SharpSpring is a local technology company who initially moved into Suite 100 of the CRA office with 8-10 employees at the time. The company had plans to expand after a few years. SharpSpring was successful in growing their business and achieving their expansion plans. Their search for a larger space led them to the Firestone Building and they subleased Suite 100 to another startup, Immersed Games. SharpSpring now occupies the Nimbus Building on 6th Street and 2nd Avenue and has over 100 employees.
Immersed Games assumed the lease and the first floor space in 2014. They describe themselves as an “Early stage ed tech startup with and audacious vision of how games can be used to empower student learning.”
Like SharpSpring before them, they have worked diligently to grow and expand their business and are at full capacity in suite 100. CEO Lindsey Tropf has been in the Intel Education Accelerator program in Silicon Valley since August working with mentors and mingling with investors. The company is in the process of raising considerable funds in order to continue the growth of the business. On December 31, 2016 the Immersed games lease is set to expire.
Staff is presenting their request for an extension of a month to month lease. Upon successful completion of their fund raising goals they will be hiring additional staff and potentially looking for a larger space to accommodate their growth.
Fiscal Note
None at this time
Recommendation
CRA Executive Director to CRA: Authorize the CRA Executive Director to execute a month to month lease with Immersed Games as described, with consideration as to form and legality by the CRA Attorney