TITLE
Recommendation to authorize City Manager, or designee, to execute any and all documents necessary for the Second Amendment to Lease No. 15383 (Parcel 2 of Map No. 17454) between the City of Long Beach, a municipal corporation (Landlord) and the City of Long Beach, a municipal corporation, acting by and through its Board of Harbor Commissioners (Tenant), for City-owned property at 4801 Airport Plaza Drive in the Long Beach Airport Business Park. (District 5)
DISCUSSION
On April 21, 1981, the City Council authorized the execution of Master Lease No. 15383 with Long Beach Airport Business Park, a California general partnership (Developer), composed of Signal Development Corporation and Carlton Browne and Company, Inc., for the development of the Long Beach Airport Business Park (Business Park) on City-owned property at the southeast corner of Lakewood Boulevard and Spring Street. The Master Lease provided for a 50-year term with a termination date of July 7, 2032.
The Business Park was divided into 16 parcels, each with its own lease, which mirror the Master Lease. The Developer constructed the improvements, acquired subtenants, and subsequently assigned the leasehold interest in the parcels, thus creating multiple master tenants. There are currently seven master tenants, including the Developer, in the Business Park. The approximate 45-acre Business Park is comprised of 8 multi-story office buildings containing approximately 842,000 square feet (SF) of office space, a 311-room full service hotel, and surface structured parking.
Parcel 2 of Map 17454 was previously under lease to The Boeing Company and contains an approximate 176,375 SF office building (4801 Airport Plaza Drive). On July 12, 2004, a First Amendment was executed to extend the lease term for an additional 20-year period, with a new termination date of July 7, 2052. On December 11, 2012, the City Council authorized the assignment of Lease No. 15383 (Parcel 2 of Map 17454) to the City o...
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