TITLE
Recommendation to authorize City Manager to execute the Sixth Amendment to Lease No. 25165 between Wardlow Atlantic, LLC, (Landlord) and the City of Long Beach (Tenant) for office space at
3447 Atlantic Avenue for the continued operation of the Career Transition Center for a five-year extension term at the initial monthly base rent of $67,832. (District 7)
DISCUSSION
Since October 1997, the City of Long Beach, together with 15 other public and private organizations, has assisted approximately 2,500 job seekers monthly with free job training and employment placement services at the Career Transition Center (CTC). Located in a 35,701-square foot office building at 3447 Atlantic Avenue, the CTC has received national recognition for its success in providing training and employment services for the Long Beach community.
The lease term for the CTC will expire on January 31, 2008. The City has the right to extend the lease for an additional five-year term, subject to negotiation of the fair market rental rate. Although the lease will not expire for another year, staff initiated negotiations to exercise its option early in an effort to lock in a current fair market rental rate for a February 2008 extension term commencement date. Since the fair market rental rates for buildings in the area where the CTC is located have been increasing steadily over the years, this early effort fosters a stronger negotiating position and allows the CTC program to secure office space at a very competitive lease rate.
Prior to initiating negotiations with the Landlord, a citywide search and review of all other potentially suitable office properties was conducted. The CTC is currently located in a three-story stand-alone building on Atlantic Avenue in the Bixby Knolls area of the City. It is situated along major bus routes with convenient access to Interstate 405. Additionally, the building has its own parking structure and surface lot providing 122 parking spaces for staff and...
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