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<br /> <br />RIVERSIDE PUBLIC UTILITIES <br /> <br />Board Memorandum <br /> <br />▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄ <br />BOARD OF PUBLIC UTILITIES DATE: DECEMBER 22, 2020 <br /> <br /> ITEM NO: 8 <br /> <br />SUBJECT: FIRST AMENDMENT TO THE EXCLUSIVE AUTHORIZATION AND LEASE <br />AGREEMENT WITH NEWMARK OF SOUTHERN CALIFORNIA, INC. DBA <br />NEWMARK KNIGHT FRANK TO EXTEND THE TERM FOR FIVE ADDITIONAL <br />YEARS FOR THE MISSION SQUARE OFFICE BUILDING <br /> <br /> <br />ISSUE: <br /> <br />Consider a recommendation that the City Council approve a First Amendment to extend the <br />Exclusive Authorization and Lease Agreement with Newmark of Southern California, Inc. dba <br />Newmark Knight Frank for a term of five (5) years for the Mission Square Office Complex. <br /> <br /> <br />RECOMMENDATIONS: <br /> <br />That the Board of Public Utilities recommend that City Council: <br /> <br />1. Approve the First Amendment to the Exclusive Authorization of Lease Agreement with <br />Newmark of Southern California, Inc. dba Newmark Knight Frank (Attachment 1) for a five- <br />year extension to expire on December 31, 2025 ; and <br /> <br />2. Authorize the City Manager, or designee, to execute the First Amendment to Exclusive <br />Authorization of Lease Agreement, including making minor, non-substantive changes, and <br />to sign all documents and instruments necessary to complete the transaction. <br /> <br /> <br />BACKGROUND: <br /> <br />At its regular meeting on November 20, 2015, the Board of Public Utilities amended its Real <br />Property Financial Management Policy to reflect the commercial broker and leasing operati on of <br />the Mission Square Office Complex, including the provision of professional third-party commercial <br />broker and leasing services. <br /> <br />The City’s Real Property Services Manager, in consultation and coordination with Riverside Public <br />Utilities (RPU) staff, prepared a Request for Proposals for Commercial Broker and Leasing <br />Services (RFP 1552) for the Mission Square Building. On October 30, 2015, four (4) proposals <br />were received. Proposals from Newmark Grubb Knight Frank (NGKF), CBRE Group, Inc., Inland <br />Pacific Advisors, and Lee & Associates were evaluated by staff and representatives from all firms <br />were invited for interviews that took place on December 4, 2015. A selection committee consisting <br />of representatives from RPU and the Community & Economic Developme nt Department <br />recommended award of the Exclusive Authorization of Lease Agreement to NGKF.