TITLE
Recommendation to authorize City Manager to execute any and all documents necessary for the Sixth Amendment to Lease No. 26751 with 110 Pine Avenue Holdings, LLC, a Maryland limited liability company, as successor in interest to 110 Pine, LLC, an Arizona limited liability company, for office space at 110 Pine Avenue, Suite 1200. (District 2)
DISCUSSION
In an effort to consolidate operations and to implement cost savings, City departments are relocating staff from off-site leased office space to existing City-owned facilities at the termination of existing leases. Lease No. 26751 for office space at 110 Pine Avenue, Suites 1100 and 1200, will terminate on September 30, 2011. Staff were previously relocated from Suite 1100, and the process has commenced for the reuse and disposition of the remaining furniture, fixures and equipment.
Staff from Suite 1200 will be relocated to City Hall subsequent to the relocation of Department of Gas and Oil staff from City Hall to 2400 East Spring Street. The relocation of Gas and Oil staff is scheduled for early November, following the completion of necessary modifications at 2400 East Spring Street. Consequently, staff at 110 Pine Avenue, Suite 1200 will require up to four months beyond the end of the existing Lease to fully complete the relocation to City Hall.
In an effort to facilitate the relocation of all staff from 110 Pine Avenue to City Hall, the proposed Sixth Amendment to Lease No. 26751 has been negotiated and contains the following major terms and provisions:
· Landlord: 110 Pine Avenue Holdings, LLC, a Maryland limited liability company, as successor in interest to 110 Pine, LLC, an Arizona limited liability company.
· Leased Premises: 110 Pine Avenue, Suite 1200, consisting of 8,682 rentable square feet.
· Term: Effective October 1, 2011, the term of the Lease shall be extended on a month-to-month basis.
· Rent: Effective October 1, 2011, the monthly base rent shall be $1.95 per rentable s...
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