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TI = "Tenant Improvement" or "Tenant Improvement Allowance." That's the money you get to turn the building that is into the building you want it to be. $25/sf gets you new carpet and paint, assuming you have a "warm shell" (HVAC in, electrical in). $45-70/sf gets you walls and plumbing, assuming you have a warm shell. Cold shell? As in, no grid, no HVAC, bathrooms needing to brought up to code, like what we're talking about with this building? $100-$140/sf. In short, we went from "Yeah, we could see investing $94k in making our building suit your needs" to "as is, no guarantees, you're here for 10 years and we're not at all interested in ever letting you out or making the space more attractive to you."