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W A I R h N h B U Y I. I F F
<br />-- RIVERSIDE PUBLIC UTILITIES
<br />Board Memorandum
<br />PUBLIC UTILITIES
<br />BOARD OF PUBLIC UTILITIES DATE: FEBRUARY 13, 2017
<br />ITEM NO: 4
<br />SUBJECT: COMMERCIAL LEASE AGREEMENT — MISSION SQUARE OFFICE BUILDING WITH
<br />VIVIAN YOUNGER, DBA YOUNGER & COMPANY, CPA'S, FOR A TWO-YEAR TERM
<br />AT 3750 UNIVERSITY AVENUE, SUITE 570, IN THE AMOUNT OF $233,880; SUBLEASE
<br />AGREEMENT BETWEEN YOUNGER & COMPANY, CPA'S AND GARCIA & REED, LLP
<br />FOR A PORTION OF THE SPACE
<br />ISSUE:
<br />Recommend that the City Council approve a Commercial Lease Agreement — Mission Square Office
<br />Building with Vivian Younger dba Younger & Company, CPA's, of Riverside, California, for a two-year term
<br />with an option for a three year extension, for approximately 3,556 square feet of rentable space located at
<br />3750 University Avenue, Suite 570, in the amount of $233,800, and approve the Sublease Agreement
<br />between Younger & Company, CPA's and Garcia & Reed, LLP, for a portion of the space.
<br />RECOMMENDATIONS:
<br />That the Board of Public Utilities recommend that the City Council:
<br />1. Approve the Commercial Lease Agreement — Mission Square Office Building with Vivian Younger
<br />dba Younger & Company, CPA's, for a two-year term with an option for a three year extension, for
<br />approximately 3,556 square feet of rentable space located at 3750 University Avenue, Suite 570;
<br />2. Approve the Sublease Agreement between Younger & Company, CPA's and Garcia & Reed, LLP,
<br />for a portion of the space; and
<br />3. Authorize the City Manager, or his designee, to execute the Commercial Lease Agreement —
<br />Mission Square Office Building, and the optional three year extension, with Vivian Younger dba
<br />Younger & Company, CPA's, including making minor, non -substantive changes, and to sign all
<br />documents and instruments necessary to complete the transaction.
<br />BACKGROUND:
<br />On October 13, 2015, the City acquired the Mission Square Office Building at 3750 University Avenue
<br />(Property), which was funded by Riverside Public Utilities (RPU). As such, RPU is now the Landlord of the
<br />Property. The Property consists of approximately 127,533 square feet of rentable office and retail space in
<br />a six -story building, plus a basement level and a 489 parking stall garage situated on approximately 2.5
<br />acres of land.
<br />On January 26, 2016, the City Council approved an Exclusive Authorization of Lease Agreement with
<br />Newmark of Southern California, Inc. dba Newmark Grubb Knight Frank (NGKF) to provide broker leasing
<br />services for the Property. RPU staff has been coordinating the leasing process for the Property with the
<br />Real Property Services Division of the Community & Economic Development Department and NGKF as
<br />the broker for the Property.
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