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04-25-2022
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04-25-2022 BPU RPT 07
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04-25-2022 BPU AGENDA
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<br />S <br /> RIVERSIDE PUBLIC UTILITIES <br /> Board Memorandum <br /> <br />BOARD OF PUBLIC UTILITIES DATE: APRIL 25, 2022 <br /> <br />SUBJECT: COMMERCIAL LEASE AGREEMENT WITH EVERYTABLE, PBC - MISSION <br />SQUARE OFFICE BUILDING, 3750 UNIVERSITY AVENUE, SUITE 100 - FIVE- <br />YEAR TERM WITH TWO FIVE-YEAR OPTIONS TO EXTEND - FOR $224,808 IN <br />REVENUE <br />ISSUE: <br />Consider recommending that the City Council approve a Commercial Lease Agreement with <br />Everytable, PBC, for the Mission Square Office Building at 3750 University Avenue, Suite 100, for <br />a five-year term, with two five-year options to extend for $224,808 in revenue. <br />RECOMMENDATIONS: <br />That the Board of Public Utilities recommend that the City Council: <br />1. Approve a Commercial Lease Agreement with Everytable, PBC, for the Mission Square <br />Office Building at 3750 University Avenue, Suite 100, for a five-year term, with two options <br />for five-year extensions, for approximately $224,808 in revenue; and <br /> <br />2. Authorize the City Manager, or designee, to execute the Commercial Lease Agreement, <br />and the two optional five-year extensions, with Everytable, PBC, including making minor, <br />non-substantive changes, and to sign all documents and instruments necessary to <br />complete the transaction. <br /> <br />BACKGROUND: <br />On October 13, 2015, the City acquired the Mission Square Office Building at 3750 University <br />Avenue (Property), which was funded by Riverside Public Utilities (RPU). As such, RPU is the <br />landlord of the Property. The Property consists of approximately 127,533 square feet of rentable <br />office and retail space in a six-story building, plus a basement level and a 490-parking stall garage <br />situated on approximately 2.5 acres of land. <br />On January 26, 2016, the City Council approved an Exclusive Authorization of Lease Agreement <br />with Newmark of Southern California, Inc., dba Newmark Knight Frank (NKF) to provide broker <br />leasing services for the Property. On January 5, 2021, the City Council approved a First <br />Amendment to California Exclusive Authorization of Lease Agreement with Newmark of Southern <br />California, Inc., dba Newmark Knight Frank (NKF) which extended the Agreement through <br />December 31, 2025. RPU staff has been coordinating the leasing process for the Property with <br />the Real Property Services Division of the Community & Economic Development Department and <br /> <br />
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