To: MAYOR AND CITY COUNCIL
From: STEPHEN PROUD, WATERFRONT & ECONOMIC DEVELOPMENT DIRECTOR
TITLE
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APPROVE THE SECOND AMENDMENT TO THE LEASE BETWEEN THE CITY OF REDONDO BEACH AND ARCHITECTURAL MAILBOXES, LLC FOR THE PREMISES AT 123 W. TORRANCE BLVD., SUITE # 201 AND 119 W. TORRANCE BLVD., SUITE #6 TO REVISE THE ENTITY NAME, PREMISES, GUARANTOR, AND SECURITY DEPOSIT FOR THE MONTH-TO-MONTH TERM
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EXECUTIVE SUMMARY
The City purchased the former Pier Plaza leasehold in March of 2012. The property includes several buildings totaling approximately 75,000 square feet of mainly office space. The spaces at 123 West Torrance Boulevard, Suite #201 and 119 West Torrance Boulevard, Suite #6 ("Premises") include a total area of approximately 2,262 square feet.
On June 17, 2014 City Council approved a three-year lease ("Lease") with Architectural Mailboxes, LLC, a Delaware Limited Liability Company ("Tenant"), manufacturer and marketer of quality residential mailboxes and mailbox accessories. Upon the lease expiration date of June 16, 2017, the Tenant became a month-to-month tenant subject to holdover provisions. The First Amendment, approved on December 15, 2020, formally converted the expired lease to a month-to-month lease. The proposed Second Amendment includes revisions to the legal entity, the premises, the lease guaranty and security deposit.
BACKGROUND
The Pier Plaza leasehold is comprised of 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 prepared almost entirely for office uses; the lone exception being a restaurant use of less than 4,000 square feet. The spaces at 123 West Torrance Boulevard, Suite #201 (2,062 square feet) and 119 West Torrance Boulevard, suite #6 (200 square feet) total approximately 2,262 square feet.
Architectural Mailboxes is a manufacturer and marketer of quality residential mailboxes and mailbox acces...
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