NaRRA to spend $115 million annually to lease new headquarters at Digicel Building

The National Reconstruction and Resilience Authority (NaRRA) is to spend approximately $115.2 million annually to lease its new headquarters at the Digicel Building in downtown Kingston, with operations at the facility scheduled to begin on November 1.

NaRRA said in a press release on Monday that the five-year lease for the premises at 14 Ocean Boulevard was agreed at a rate of US$26 per square foot, for a total annual cost of US$725,972, or about $115.2 million at today’s exchange rate.

The authority said the selection process included a detailed valuation by the National Land Agency (NLA), which assessed the proposed lease cost against current market values and the rates being paid by other government agencies for office space.