Mariners aren’t even paying fair market rent for their office space, let alone a whole stadium

The Stranger newspaper in Seattle did a clever thing in its coverage of the Mariners‘ new lease extension on Safeco Field: Instead of just looking at the $135 million in public money for renovations the team will be getting, the paper calculated whether the M’s $1.5 million-a-year rent is what they should be expected to pay for office space in the city. The result:

Between club level administrative offices and suite level administrative offices, the Mariners have 35,135 square feet of office space….

Most recently, Class A office space is going for $47.06 per square foot in the downtown Seattle region. … Some pretty simple math (it’s multiplication, okay) applying that figure to the Mariners’ square-footage of office space shows that the Mariners’ rent is $153,453 below market value.

And as the Stranger’s Nathalie Graham notes, that’s just for the actual office space at the stadium — it’s “not even taking into account THE ENTIRE BASEBALL STADIUM that they occupy.” (Scare boldface all-caps in original.)

It’s nearly impossible to calculate fair market rent on a baseball stadium since the “market” consists almost entirely of sweetheart deals, but suffice to say that what looked like a bad deal for Seattle taxpayers just got even worse.

Leave a Reply

Your email address will not be published. Required fields are marked *.
NOTE: Both personal attacks on other commenters and trolling (posting inflammatory remarks solely to start a fight) are not allowed in comments, and will be deleted. Any commenters who repeatedly ignore these rules may be placed on moderation, or banned.

HTML tags are not allowed.

782,970 Spambots Blocked by Simple Comments