Special Notice/Hearing: None__
Vote Required: 4/5 Vote
To: Honorable Board of Supervisors
From: Michael P. Callagy, County Manager
Subject: Third Amendment to Lease Agreement for Central County Health Clinic at 1950 and 2000 Alameda de las Pulgas (Lease No. 1283)
RECOMMENDATIONS:
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Adopt a resolution authorizing:
A) The President of the Board of Supervisors to execute a Third Amendment to the Lease Agreement with Alameda Fields-1, LLC., to amend the lease to add 224 square feet of storage space, known as Storage 100A of 2000 Alameda de las Pulgas, at an initial monthly Base Rent of $477.12, with annual 3% increases; and
B) The County Manager, or their designee, to accept or execute notices, options and documents associated with the Agreement including, but not limited to, extension or termination of the agreement under the terms set forth therein.
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BACKGROUND:
On June 5, 2007, the County entered into a Lease Agreement with Hines REIT 1900/2000 Alameda de las Pulgas LLC, for 81,223 square feet of office space at the office project at 2000 Alameda de las Pulgas, in San Mateo, also known as the Central County Health Clinic (Original Lease).
Environmental Health Services wishes to lease 224 square feet of additional storage space at 2000 Alameda de las Pulgas, at an Initial monthly Base Rent of $477.12, with annual 3% increases. The term will run congruently with the Original Lease, as amended on September 30, 2027. No other terms of the lease are being amended at this time.
DISCUSSION:
Real Property Services has negotiated the monthly Base Rent of $477.12 (approx. $2.13/square foot). The Rent shall be increased annually by 3% through the end of the term on September 30, 2027. The County will accept the premises in its AS-IS condition, except that there remains a balance of Tenant Improvements in the amount of $616,358.01 to be used in accordance with the terms, conditions, and covenants set forth in the Lease.
FISCAL IMPACT:
Real Property Services has negotiated the monthly Base Rent of $477.12 (approx. $2.13/square foot). The Rent shall be increased annually by 3% through the end of the term on September 30, 2027. The County will accept the premises in its AS-IS condition, except that there remains a balance of Tenant Improvements in the amount of $616,358.01 to be used in accordance with the terms, conditions and covenants set forth in the Lease.