TITLE
Recommendation to authorize City Manager to execute any and all documents necessary for the Fourth Amendment to Lease No. 23828 with Behringer Harvard Downtown Plaza LP, a Delaware limited partnership, and any successors in interest, for office space at 211 East Ocean Boulevard, Suite 500, for the continued occupancy by the Long Beach Gas and Oil Department’s Oil Properties, for an additional three-month term. (District 2)
DISCUSSION
In an effort to consolidate business operations and to implement cost savings for the City, the Long Beach Gas and Oil Department will relocate Oil Properties to its main offices at 2400 East Spring Street (Headquarters). Oil Properties, located in City-leased office space at 211 East Ocean Boulevard, Suite 500, administers all City oil operations, contracts, leases and agreements, and directs all subsidence control activities.
Office modifications are under construction at Headquarters to accommodate Oil Properties. These modifications are expected to be ready for occupancy in November 2011. Lease No. 23828 will terminate on August 31, 2011.
In an effort to accommodate Oil Properties in its current office space until its offices at Headquarters are ready for occupancy, the proposed Fourth Amendment to Lease No. 23828 (Amendment) has been negotiated and contains the following major provisions:
· Landlord: Behringer Harvard Downtown Plaza LP, a Delaware limited partnership, and any successor in interest. The property is currently in escrow with Jamison Properties, Inc., a California corporation. Jamison Properties has appoved the three-month lease extension. At the time of execution of the Amendment, the Landlord may be Jamison Properties, Inc., or one of its affiliates.
· Leased Premises: 211 East Ocean Boulevard, Suite 500, consisting of 15,369 rentable square feet.
· Term: The term of the Lease shall be extended for an additional three-month period and shall terminate on November 30, 2011.
· Rent: The c...
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