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12-11-2023 BPU
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12-11-2023 RPT 07
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12-11-2023 BPU AGENDA
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WAIER EIERGV I L I E <br />lam <br />NUBLIC UilLI11LS <br />RIVERSIDE PUBLIC UTILITIES <br />Board Memorandum <br />BOARD OF PUBLIC UTILITIES <br />DATE: DECEMBER 11, 2023 <br />SUBJECT: FIRST AMENDMENT TO COMMERICAL LEASE AGREEMENT WITH <br />GREENBERG & GREENBERG, A PROFESSIONAL LAW CORPORATION TO <br />AMEND THE COMMENCEMENT DATE OF LEASE TO AUGUST 1, 2020, FOR <br />MISSION SQUARE OFFICE BUILDING, 3750 UNIVERSITY AVENUE, SUITE 550 <br />ISSUE: <br />Consider recommending that the City Council approve a First Amendment to Commercial Lease <br />Agreement with Greenberg & Greenberg, a Professional Law Corporation to amend the <br />commencement date of the lease to August 1, 2020, for the space within 3750 University Avenue, <br />Suite 550. <br />RECOMMENDATIONS: <br />That the Board of Public Utilities recommend that the City Council: <br />1. Approve a First Amendment to the Lease Agreement with Greenberg & Greenberg, a <br />Professional Law Corporation to amend the Commencement Date of the Lease and Rent <br />Commencement Date from March 23, 2020 to August 1, 2020; <br />2. Amend the Base Year from 2019 to 2020 to be consistent with the new commencement <br />date per Section 20 of the Lease Agreement stated in the Basic Lease Information; and <br />3. Authorize the City Manager, or designee, to execute the First Amendment to the Lease <br />Agreement, including making minor, non -substantive changes, and to sign all documents <br />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 />
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