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02-27-2023 BPU
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02-27-2023 BPU RPT 09
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02-27-2023 BPU AGENDA
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A A I E R I -E N E R G Y I L I -f F <br />RIVERSIDE PUBLIC UTILITIES <br />- Board Memorandum <br />P U B L I C U 1 I I 1 r I€ 4 <br />BOARD OF PUBLIC UTILITIES DATE: FEBRUARY 27, 2023 <br />SUBJECT: THIRD AMENDMENT TO THE PROPERTY MANAGEMENT AGREEMENT WITH <br />G&E REAL ESTATE MANAGEMENT SERVICES, INC. DOING BUSINESS AS <br />NEWMARK, INCREASING THE PROPERTY MANAGER SALARY ALLOCATION <br />TO NOT EXCEED $5,000 PER MONTH FOR THE PROPERTY MANAGEMENT <br />SERVICES AGREEMENT FOR THE MISSION SQUARE OFFICE BUILDING <br />LOCATED AT 3750 UNIVERSITY AVENUE <br />ISSUE: <br />Consider approving a Third Amendment to the Property Management Agreement with G&E Real <br />Estate Management Services, Inc., doing business as Newmark, increasing the property manager <br />salary allocation to not exceed $5,000 per month for the Property Management Services <br />Agreement for the Mission Square Office Building located at 3750 University Avenue. <br />RECOMMENDATIONS: <br />That the Board of Public Utilities recommend that the City Council: <br />Approve a Third Amendment to the Property Management Agreement with G&E Real <br />Estate Management Services, Inc., doing business as Newmark, increasing the property <br />manager salary allocation to not exceed $5,000 per month for Property Management <br />Services Agreement for the Mission Square Office Building located at 3750 University <br />Avenue; and <br />2. Authorize the City Manager, or designee, to execute the Third Amendment to the Property <br />Management Agreement, including making minor, non -substantive changes, and to sign <br />all 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 NKF which <br />
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