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12-12-2022 BPU RPT 10
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12-12-2022 BPU AGENDA
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<br />RIVERSIDE PUBLIC UTILITIES <br />Board Memorandum <br /> <br />BOARD OF PUBLIC UTILITIES DATE: DECEMBER 12, 2022 <br />SUBJECT: SECOND AMENDMENT TO LEASE AGREEMENT WITH THE IG GROUP, LLC <br />OPERATING AS MISSION SQUARE OFFICE BUILDING, <br />3750 UNIVERSITY AVENUE, SUITE 125 FOR A 15-YEAR TERM TO <br />DECEMBER 31, 2036 <br />ISSUE: <br />Consider recommending that the City Council approve a Second Amendment to Lease <br />Agreement to extend the lease to a 15-year term and adjust the Rent Commencement date from <br />August 22, 2019, to January 1, 2021, between The IG Group, LLC operating as <br />and Associates and the City of Riverside for approximately 5,982 square feet of rentable space in <br />the Mission Square Office Building located at 3750 University Avenue, Suite 125. <br />RECOMMENDATIONS: <br />That the Board of Public Utilities recommend that the City Council: <br />1. Approve the Second Amendment to the Lease Agreement with The IG Group LLC <br />operating as to extend the Lease Agreement to a 15-year term from January <br />1, 2021 to December 31, 2036, and adjust the Rent Commencement date from August 22, <br />2019 to January 1, 2021; and <br />2. Authorize the City Manager, or designee, to execute the Second Amendment to the Lease <br />Agreement, including making minor and 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 Building at 3750 University Avenue <br />(Property), which was funded by Riverside Public Utilities (RPU). As such, RPU is now 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) for a five-year term <br />to provide broker leasing services for the Property. On January 5, 2021, the City Council approved <br />a First Amendment to California Exclusive Authorization of Lease Agreement with Newmark of <br />Southern California, Inc., dba Newmark Knight Frank (NKF) which extended the Agreement <br />through December 31, 2025. RPU staff has been coordinating the leasing process for the <br /> <br />
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