Title
Recommendation to Authorize the City Manager to Execute a Third Amendment to the Listing Agreement for the Sale and Lease of City-Owned Properties at Alameda Point and Other City Properties with Cushman & Wakefield California, Inc., Extending the Term of the Agreement through December 31, 2025. (Base Reuse and Economic Development 29061822)
Body
To: Honorable Mayor and Members of the City Council
From: Jennifer Ott, City Manager
EXECUTIVE SUMMARY
Staff is seeking authorization from City Council for the execution of the Third Amendment to the Listing Agreement for the sale and lease of City-owned properties at Alameda Point and other City properties (Third Amendment) with the brokerage firm Cushman and Wakefield California, Inc. (C&W). The Third Amendment extends the term of the leasing agreement for an additional two years to December 31, 2025, which will provide continuity of brokerage services while staff conducts a Request for Proposals (RFP) for a new Listing Agreement for all City-owned real assets. The additional two-year term also allows C&W brokers to share their local knowledge and experience with new Base Reuse and Economic Development staff and maintains momentum of current and near-term leasing activities.
BACKGROUND
In May 2013, an RFP was released for leasing and sales of all City-controlled assets. In November 2013, after being presented with proposals from qualified brokers, City Council directed staff to negotiate a Listing Agreement for the sale and lease of City-owned properties at Alameda Point and other City properties (Agreement) with C&W.
In June 2015, the Agreement (Exhibit 1) was executed with C&W for the City's real estate portfolio comprised of eight cell tower leases; 62 commercial, marina industrial and residential tidelands leases; two Alameda Beltline and miscellaneous City leases; two Fleet Industrial Supply Center (FISC) leases; and 156 Alameda Point leases. The Alameda Point leases represented 2.3 million square fe...
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