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City Council backs concept to sell Anthony Office Building to LAUSD for school use with DWP leaseback
Summary
The Los Angeles City Council on Aug. 3 approved the concept of a sale and leaseback of the Anthony Office Building in the San Fernando Valley to the Los Angeles Unified School District for conversion to a high school, while allowing the Department of Water and Power to lease back some space.
The Los Angeles City Council on Aug. 3 approved the concept of a sale and leaseback of the Anthony Office Building in the San Fernando Valley to the Los Angeles Unified School District for conversion to a high school, while allowing the Department of Water and Power to lease back some space.
City staff told the council the purchase price on the table is $50,000,000 and the transaction would permit the Department of Water and Power (DWP) to lease back the building’s water lab, call center and “a little bit more” for up to 20 years (an initial 10-year term with two five-year extensions), with the lease including the ability to cancel within a year. “What you have before you is a purchase, slash lease agreement with the LA Unified and…
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