To: MAYOR AND CITY COUNCIL
From: ELIZABETH HAUSE, WATERFRONT AND COMMUNITY SERVICES DIRECTOR
TITLE
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ADOPT BY TITLE ONLY RESOLUTION NO. CC-2608-070, A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDONDO BEACH, CALIFORNIA, LEASING CERTAIN PROPERTY TO RAQUEL BUTLER INSURANCE SERVICES, LLC
APPROVE A LEASE WITH RAQUEL BUTLER INSURANCE SERVICES, LLC FOR THE PREMISES AT 113 W. TORRANCE BLVD., SUITE 100, FOR THE TERM AUGUST 18, 2026 TO AUGUST 17, 2029
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EXECUTIVE SUMMARY
In March 2012, the City purchased the Pier Plaza leasehold and began the process of direct leasing to various tenants. Pier Plaza is comprised of several buildings totaling approximately 75,000 square feet of office and retail space. The office at 113 W. Torrance Blvd., Suite 100 (Premises) is approximately 446 square feet in size.
The City has negotiated a new lease with Raquel Butler Insurance Services, LLC (Butler Insurance), an authorized Farmers Insurance agent that provides a wide range of insurance services. The proposed lease would allow for a 3-year term for the space and includes an option for the City to terminate the lease with a 12-month prior written notice. Monthly rent for the space, which would accrue to the City's Harbor Uplands Fund, is $1,115 with an annual 3% increase on the anniversary date. The lease is personally guaranteed by Raquel and Greg Butler.
BACKGROUND
The Pier Plaza leasehold includes buildings 103 to 131 West Torrance Boulevard (on the top level of the Pier Parking Structure) and totals approximately 75,000 square feet of space. The property is comprised almost entirely of office uses, with the lone exceptions being a restaurant, child care center, and a children's therapy center. Butler Insurance is an authorized Farmers Insurance agent offering a full range of personal and commercial coverage, including auto, home, health, life, business, and pet insurance to individuals, families, and businesses in the South Bay.
The proposed lease ca...
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