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01-22-2024 BPU
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01-22-2024 RPT 08
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01-22-2024 BPU AGENDA
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WAIER 1 -E N E R G Y I L] -E F <br />Wig <br />P UBLIC U 1 I 1 i l r 4 <br />RIVERSIDE PUBLIC UTILITIES <br />Board Memorandum <br />BOARD OF PUBLIC UTILITIES <br />DATE: JANUARY 22, 2024 <br />SUBJECT: USE OF OFFICE SPACE BY THE MUSEUM DEPARTMENT AT THE MISSION <br />SQUARE OFFICE BUILDING, 3750 UNIVERSITY AVENUE, SUITE 230 FOR A <br />TERM NOT -TO -EXCEED THREE YEARS IN THE AMOUNT OF $276,408 <br />ISSUE: <br />Consider receiving and filing an update regarding the usage of office space by the Museum <br />Department for a term not -to -exceed three years for approximately 2,534 square feet of rentable <br />space in the Mission Square Office Building located at 3750 University Avenue, Suite 230 in the <br />amount of $276,408. <br />RECOMMENDATION: <br />That the Board of Public Utilities receive and file an update regarding the usage of office space <br />by the Museum Department for a term not -to -exceed three years for approximately 2,534 square <br />feet of rentable space in the Mission Square Office Building located at 3750 University Avenue, <br />Suite 230 in the amount of $276,408. <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 471 -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. <br />On January 5, 2021, the City Council approved a First Amendment to California Exclusive <br />Authorization of Lease Agreement with Newmark of Southern California, Inc., dba Newmark <br />Knight Frank (NKF) which extended the Agreement through December 31, 2025. RPU staff has <br />been coordinating the leasing process for the Property with the Real Property Services Division <br />of the Community & Economic Development Department and NKF as the broker for the Property. <br />DISCUSSION: <br />The downtown Museum site will be undergoing a renovation and expansion project, which is <br />
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