Historical Resolution Tracking Feature » Singapore Office Lease Renewal
Important note: The explanatory text provided through this database (including the summary, implementation actions, identification of related resolutions, and additional information) is an interpretation or an explanation that has no official authority and does not represent the purpose behind the Board actions, nor does any explanations or interpretations modify or override the Resolutions themselves. Resolutions can only be modified through further act of the ICANN Board.
Whereas, ICANN's Singapore office lease is expiring in September 2021 and ICANN org recommends remaining at the current Singapore office location and entering into a new [TERM REDACTED FOR NEGOTIATION PURPOSES] lease.
Whereas, the Board Finance Committee has reviewed the financial implication of the [TERM REDACTED FOR NEGOTIATION PURPOSES] lease.
Whereas, both ICANN organization and the Board Finance Committee have recommended that the Board authorize the President and CEO, or his designee(s), to take all actions necessary to execute a new [TERM REDACTED FOR NEGOTIATION PURPOSES] lease for ICANN's current Singapore office location with [REDACTED FOR NEGOTIATION PURPOSES], and to make all necessary disbursements pursuant to the lease.
Resolved (2021.05.12.01) the Board authorizes the President and CEO, or his designee(s), to take all necessary actions to execute a new [TERM REDACTED FOR NEGOTIATION PURPOSES] lease for ICANN's current Singapore office location with [REDACTED FOR NEGOTIATION PURPOSES], and to make all necessary disbursements pursuant to the lease.
Resolved (2021.05.12.02), specific items within this resolution shall remain confidential for negotiation purposes pursuant to Article 3, section 3.5(b) of the ICANN Bylaws until the President and CEO determines that the confidential information may be released.
ICANN organization believes face to face interaction, including that which occurs at regional offices, is essential to carry out its work and mission. Although the org has been effectively operating remotely during pandemic, the goal is to return to offices to support staff, and eventually community, collaboration at ICANN's physical office locations.
ICANN has occupied [REDACTED FOR NEGOTIATION PURPOSES] of the South Beach Tower in Singapore since October 2018. The 3-year lease previously signed [REDACTED FOR NEGOTIATION PURPOSES] is at a rental rate of [REDACTED FOR NEGOTIATION PURPOSES]. That lease is expiring in September 2021. After collaborating with a local broker, surveying other properties, and negotiating rental rates, ICANN organization recommends staying at the existing location with the square feet unchanged.
The proposed agreement is for a [REDACTED FOR NEGOTIATION PURPOSES] This equates to [REDACTED FOR NEGOTIATION PURPOSES] which is a nominal increase over the [REDACTED FOR NEGOTIATION PURPOSES] that ICANN organization currently incurs for the Singapore office.
The size of the space is sufficient because there are no plans to materially increase headcount at the Singapore office. After a 3-year lease at the current location, ICANN org recommends a [REDACTED FOR NEGOTIATION PURPOSES] lease to achieve favorable rental terms and to provide stability for the Singapore staff. Over the past seven months, ICANN org engaged a local broker and evaluated multiple properties and office spaces. Rental costs at comparable properties are in line with those reflected in the new lease. Therefore, moving to a new location would not provide significant cost savings, especially after factoring the time and cost to relocate. In addition, the costs reflected in the new lease are affordable as they are nearly the same as the prior rental costs that ICANN incurred.
Executing the new Singapore lease is in the public interest as it maintains ICANN a presence in the APAC region, including the ability to eventually host meetings and collaborate with local stakeholders and community members.
The fiscal impact is a nominal [REDACTED FOR NEGOTIATION PURPOSES] increase in average costs per month. There is no anticipated impact to the security, stability, and resiliency of the domain name system as a result of this action.
This is an Organizational Administrative function that does not require public comment.