Item No.
Date of Meeting

8i supp
October 14, 2025

Trowbridge 5-year Term Lease at
Fishermen's Terminal Shipyard
Presenter:
Jennifer Maietta, Director Real Estate Asset Management
Jessica Carlson, Sr Real Estate Manager

Action Requested
Request Commission authorization for the
Executive Director to execute a ten (10) year term
lease, with Trowbridge, LLC at Fishermen's
Terminal in its substantiative form as presented.

2

Fishermen's Terminal

3

Premises

4

Summary
• Trowbridge Innovations is a West Coast contractor, marine service
provider, and product supplier in the maritime sector.
• This is a term lease with Trowbridge, LLC ("Trowbridge") for the
former Fishing Vessel Owner's site at Fishermen's Terminal which
has been vacant since 2021.
• Tenant will be investing approximately $2M to bring the
warehouse/office back to a functional state.
• The tenant improvements will include additional upgrades to the
floating docks, marine-ways and yard area.

5

Basic Lease Terms
TERM
Premises

DESCRIPTION
Total Premises is 182,804/sf inclusive of 136,138/sf submerged lands, 28,183/sf yard area, and 18,483/sf
warehouse/office space located within Fishermen's Terminal.

10-year term lease
Term
Lease
November 1, 2025
Commencement
Due diligence period Thirty (30) days period following the Commencement Date, Lessee shall have the right to review the environmental
conditions of the Premises.
 One-time right to terminate by written notice to Lessor prior to end of Due Diligence Period.

Rent
Commencement
Base Rent

Security Deposit
Tenant
Improvement
Allowance

Otherwise, upon the expiration of the Due Diligence Period, the Lessee fully accepts the Premises in its present
condition.
Rent shall commence May 1, 2025; upon conclusion of due diligence period and Lessee shall accept Premises in an as is
condition.
$11,225.43/Month plus 3% annual escalation, and 12.84% LET
 The base rent is market rate for the yard and submerged lands.
 The warehouse/office rent is abated during the term of the lease as the buildings are in a non-functional state.
Security deposit is $35,757
Tenant Improvement Allowance in an amount not to exceed $500,000.
TI to include, but not limited to, electrical, mechanical (HVAC), plumbing, lighting, fire system, and interior office shell
repairs to flooring, drop ceiling, insulation and floating dock repairs December 1, 2026, which deadline may be
extended at Port's sole discretion.

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Financial Implications
Project cost for analysis

Tenant Improvement Allowance: $500,000

Effect on business performance
(NOI after depreciation)

The lease generates approximately $1.5M over the
course of the primary term (10 years)

IRR/NPV

NPV= $585K
TI Allowance Payback=4.03 years

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TV1

Questions?

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Slide 8
TV1

You can delete this slide and replace with a questions slide instead.
Vann, Tunny, 2025-10-01T16:53:35.553