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School District to Consider $552,000 Annual Lease for Headquarters

This Friday, at 5:00 p.m., in a special meeting of the Board of Education, trustees will consider a six-year, $3.5 million lease to house the district main office and the Alameda Adult School.

The proposed lease with Legacy Partners I Alameda, LLC, will cost up to $552,000 per year, and provides the district with an option to purchase the facility.

The District says that the seismic safety of the Alameda High School building does not meet Field Act requirements, and that the building has the potential to collapse in a large earthquake.

On June 12th, the Board of Education approved a letter of intent to proceed with the lease. According to that letter, the school district would lease 26,720 square feet of space at 2060 Challenger Drive, near the Marina Village Shopping plaza, at a base rent of $1.70 per square foot per month.

The letter of intent also provides that the district will pay a local real estate agent a commission or finder’s fee of $1.00 per square foot, per year, of the lease term, or $160,320 over six years.

Legacy Partners also provided a purchase option to the school district; the district could purchase the building for $4.8 million ($180 per square foot) if they close a deal before the end of this year, or $5.1 million (per square foot) if they close the transaction between January 1, 2013 and January 31, 2013.

The lease will be paid from the District’s Capital Facilities Fund.

The Alameda Unified School District may move its district office and the Alameda Adult School to this site at 2060 Challenger Drive in Alameda.

4 comments to School District to Consider $552,000 Annual Lease for Headquarters

  • Karen

    Why don’t they spend that money on retrofitting the current building?

  • cg

    Uh, didn’t it NOT collapse in the Last Big Earthquake? And it has been the “go to” building while oyhers have been being retrofitted:both City Hall and the Main Library were housed there while waiting for their new quarters!

  • ed

    Have they considered harbor bay business park? Last sale was about $100 per square foot. Many buildings are vacant.

  • Barbara

    Ed, I guess it would be too cheap for administrators. They have our money to spend. It would be not on classrooms but their own enhancement of work environment.

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