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Bakersfield council approves lease for Truxton Towers with option to buy; due diligence follows
Summary
Council authorized staff to execute a five‑year lease for Truxton Towers (1430–1440 Truxton Ave) with an option to purchase the downtown office tower and 292‑space parking structure; purchase price would be $13.6 million if closed by Aug. 15, 2026 (rising to $14.15M if closed by Jan. 15, 2027). Council approved moving ahead with due diligence; one member dissented.
The Bakersfield City Council on March 11 authorized city staff to execute a five‑year lease for Truxton Towers (1430 and 1440 Truxton Avenue) and to proceed with due diligence on an option to purchase the property, a move staff said will consolidate office space, save on long‑term lease costs and provide needed space for the police department.
Key terms and rationale
City staff presented a lease with an initial monthly base rent of $34,600 (plus utilities and common area maintenance) and an option to purchase the property. The seller offered a purchase price of $13,600,000 if the city closes by Aug. 15, 2026; the price would increase to $14,150,000 if the option is exercised by Jan. 15, 2027. The site…
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