You are a financial analyst construction a multi-year proforma to value a potential property acquisition. As part of the analysis, you are considering the most likely scenario for a certain space for which the tenant's lease will expire at the end of 2008. You estimate the following: the probability the existing tenant renews is 50 percent; if the tenant renews, you will need to spend $5/sq ft to upgrade the space; should the tenant not renew, it will take $15/sq ft to modernize the space for a new tenant; and you expect there will be six months vacancy. Leases in the property are NNN with the owner responsible for operating expenses associated with vacant space. Reimbursable building level operating expenses are expected to be $5.50 in 2009, while market rent for NNN leases is expected to be $14/sq foot.

What is the expected property before-tax cash flow forecast (on a per square foot basis) you will put in year 2009 of your proforma for this space?