Traeger subleases 51,151 sq ft office to Verkada; annual rent ~$1.9M

Traeger, Inc.

Sublease of all 51,151 sq ft at Salt Lake City HQ to Verkada, Inc.
Initial annual base rent ~$1.9M, with 2.5-3% annual increases; term through June 30, 2026.
Phased occupancy: Phase I (11.03%) delivered Nov 1, 2021; Phase II target Feb 2022; Phase III target Jan 2023.
Rent abatements for delivery delays; Subtenant can terminate if Phase III not delivered by Apr 15, 2023.
Security deposit of $690,368, reduced to $345,184 after 25 months.

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