TITLE
Recommendation to authorize City Manager, or designee, to enter into an Improvement and Reimbursement Agreement with Kilroy Realty, L. P., a California limited partnership, for the repair, repaving and restriping of public right-of-way located within Aero Long Beach (3750 - 3900 Kilroy Airport Way) on the stated terms and conditions;
Authorize City Manager, or designee, to negotiate and amend any terms as needed to expedite the repair, repaving and restriping project; and
Increase appropriations in the Capital Projects Fund Group in the Public Works Department by $2,600,000, offset by revenue received from Kilroy Realty, L.P, for the Improvement of Kilroy Airport Way. (District 4)
DISCUSSION
City Council approval is requested to enter into an agreement with Kilroy Realty, L. P., a California limited partnership (Kilroy Realty), for the repair, repaving, and restriping of public right-of-way (Kilroy Airport Way) located within Aero Long Beach.
Aero Long Beach, formerly known as the Kilroy Airport Center, is a Class “A” office campus located on City-owned property located at 3750-3900 Kilroy Airport Way, adjacent to the Long Beach Airport and the 405 freeway (Aero Campus) (Attachment). The Aero Campus is leased under a long-term Ground Lease to Kilroy Realty, L. P. (Lessee), and consists of six office buildings totaling 955,291 sq. ft. of rentable space. The Aero Campus is Energy Star certified, LEED Gold certified, and WELL Health Safety Rated and includes many prominent tenants such as Scan Health Plan, the State of California, SCS Engineers, Inc., and JP Morgan Chase.
The Aero Campus has recently undergone significant renovations including an updated amenity court with open-air gathering spaces, a state-of-the-art fitness facility, and an Everytable café in an effort to rejuvenate the Campus, attract additional top tenants and spur economic development in the area. Located within the Aero Campus is Kilroy Airport Way which is approximately one mil...
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