FACILITIESAPPROVED

City of Tustin StaffReport Office Lease Amendment No. 6 for 275 Centennial Way 2026-06-16

Tustin Extends Office Lease with PK II Larwin Square

$4,638/month (Year 1 $55,656; Year 2 $57,325.68; Year 3 $59,045.45; Year 4 $60,816.81; Year 5 $62,641.31); $10,000 tenant improvement allowance; $10.00 amendment consideration feeCity of TustinPK II LARWIN SQUARE SC LPJune 16, 2026

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Description

The City of Tustin approved a Sixth Amendment to its office lease with PK II Larwin Square SC LP for 275 Centennial Way, extending the term from July 1, 2026 through June 30, 2031 with initial annual rent of $55,656 and 3% yearly increases. The landlord will provide a $10,000 tenant improvement allowance and continue to cover utilities, while the City retains an early termination right after January 1, 2029 subject to repayment of unamortized improvements.

Contract Details

Contract Amount

$4,638/month (Year 1 $55,656; Year 2 $57,325.68; Year 3 $59,045.45; Year 4 $60,816.81; Year 5 $62,641.31); $10,000 tenant improvement allowance; $10.00 amendment consideration fee

Vendor

PK II LARWIN SQUARE SC LP

Agency

City of Tustin, CA

Contract Type

FACILITIES

Document Date

June 16, 2026

Contract Term

July 1, 2026 – June 30, 2031 (5-year lease extension)

Renewal Date

2031-06-30

Renewal Info

This is the Sixth Amendment to the original December 11, 2006 Standard Office Lease, following amendments dated February 16, 2007; February 29, 2012; February 12, 2013; May 20, 2016; and June 23, 2021. The current amendment extends the term to June 30, 2031 with no further options to extend beyond that expiration date and includes an early termination option exercisable on or after January 1, 2029 with 120 days’ notice and repayment of the unamortized portion of up to $10,000 of the tenant improvement allowance.