TITLE
Recommendation to authorize City Manager to execute the Fourth Amendment to Lease No. 26751 by and between 110 Pine, LLC, an Arizona limited liability company, and the City of Long Beach for office space at 110 Pine Avenue, Suites 820, 1100 and 1200. (District 2)
DISCUSSION
On February 8, 2000, the City Council approved Lease No. 26751 between 110 Pine, LLC (as Landlord), and the City of Long Beach (as Tenant) for office space at 110 Pine Avenue, Suite 1200 (Premises), for the Department of Community Development (Department). The leased Premises constituted approximately 80 percent of Suite 1200. On May 21, 2002, the City Council approved the First Amendment allowing for the expansion of the leased Premises to include Suite 1100. On May 20, 2003, the City Council approved the Second Amendment allowing for the additional expansion of the leased Premises to include the remaining portion of Suite 1200. On May 17, 2005, the City Council approved the Third Amendment allowing for further expansion of the
leased Premises to include Suite 820.
The combined leased Premises total approximately 20,466 rentable square feet (RSF) and house the Department's Housing Services Bureau (Suite 1200), Economic Development Bureau (Suite I loo), and a portion of the Redevelopment Bureau (Suite 820). In addition, approximately 1,777 RSF in Suite 1200 is currently subleased on a month-to-month basis to the Long Beach Historical Society as approved by City Council on March 22, 2005.
Lease No. 26751 will terminate on September 30, 2006. There is currently no available space in other City-owned or City-leased facilities to absorb the Department's operations located at 110 Pine Avenue. Additionally, the sale of a number of office buildings in Downtown Long Beach (Downtown) has led to an increase in rental rates for the area. In an effort to minimize a potentially substantial increase in rent and avoid the costs of moving and relocation, lease terms have been negotiated with the La...
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