AGENDA REPORT
Meeting Date: October 28, 2025
Item Number:
To: Board of Directors, Parking Authority of the City of Beverly Hills From: Logan Phillippo, Real Property Development Manager Jonathan Gernes, Senior Management Analyst
Subject: FIRST AMENDMENT TO BROKER LEASING COMMISSION
AGREEMENT BY AND BETWEEN THE PARKING AUTHORITY OF
THE CITY OF BEVERLY HILLS AND CUSHMAN & WAKEFIELD OF
CALIFORNIA, INC. FOR THE LEASE OF TENANT SPACE AT 445
NORTH CAÑON DRIVE
Attachments: 1. First Amendment to Broker Leasing Commission Agreement
RECOMMENDATION
Staff recommends the Parking Authority Board of Directors approve the First Amendment to Broker Leasing Commission Agreement by and between The Parking Authority of the City of Beverly Hills and Cushman & Wakefield of California, Inc. (“Cushman & Wakefield”) for the lease of the tenant space at 445 North Cañon Drive.
INTRODUCTION
The City tenant space at 445 North Cañon Drive is currently vacant and available for lease.
The recommended first amendment to the brokerage agreement will extend the marketing and negotiating services with Cushman & Wakefield for the first-floor restaurant space through March 19, 2026, with one, six-month extension option.
DISCUSSION
The City has previously engaged Cushman & Wakefield to provide professional brokerage services at this same location for multiple years. The brokerage has successfully identified prospective tenants and assisted the City with negotiating key lease terms. The proposed first amendment extends the term of the brokerage agreement through March 19, 2026, allowing the City Manager the option to further extend the term through September 19, 2026, at his or her discretion.
Meeting Date: October 28, 2025
Broker Carter Magnin with Cushman & Wakefield has been the primary service provider involved with this location; the broker has substantial retail and restaurant expertise and is familiar with City requirements. Services continue to include:
• Providing professional consultation regarding market value; • Conducting strategic marketing for restaurant uses;
• Organizing and hosting property walkthroughs/showings; • Providing progress updates and maintaining timely contact with assigned staff; • Assisting in negotiating the terms of a lease;
• Listing the property on all appropriate forums;
• Coordinating with prospective lessees; and
• Providing professional photography.
FISCAL IMPACT
There is no fiscal impact or request for funding at this time.
The broker commission consists of 4% of the base/fixed rent for the first five years of the term and 2% of the base/fixed rent for years six through ten of the term. If the tenant has a broker as well, the commission would equal 5% of the base/fixed rent for the first five years of the term and 3% of the base/fixed rent for years six through ten of the term. The commission would be paid in five equal installments, with one-fifth upon the execution of the lease and one-fifth on each anniversary of the commencement of the lease term, subject to the prospective tenant not being in default as of the date payment is due. The broker will be required to share the commission payment with the tenant’s broker, if the tenant has a broker. The total commission is estimated to be between $190,389.18 and $261,413.54 for a ten-year lease however this agreement will be subject to the base rent negotiated.
Ryan Gohlich,
Assistant City Manager
Approved By
Attachment 1
-1-
B0785-0001\3166163v1.doc
FIRST AMENDMENT TO BROKER LEASING COMMISSION AGREEMENT
This FIRST AMENDMENT TO BROKER LEASING COMMISSION AGREEMENT (this “Amendment”) is dated as of _________, 2025 and is entered into by and between THE PARKING AUTHORITY OF THE CITY OF BEVERLY HILLS (“Landlord”) and CUSHMAN & WAKEFIELD OF CALIFORNIA, INC., a California corporation (“Broker”).
RECITALS
A. Landlord and Broker entered into a Broker Leasing Commission Agreement for 445 N. Cañon Dr. dated September 19, 2023 (the “Agreement”).
B. Landlord and Broker now desire to further amend the Agreement.
C. Capitalized terms used but not defined herein shall have the meanings ascribed thereto in the Agreement.
NOW, THEREFORE, in consideration of the foregoing recitals and other consideration, the sufficiency of which is hereby acknowledged, Landlord and Broker hereby agree as follows:
1. Extension. The term of the Agreement is hereby extended to March 18, 2026. The Executive Director of Landlord may further extend the term to September 18, 2026 in his or her sole and absolute discretion, provided the extension is in writing.
2. Counterparts. This Amendment may be executed in counterparts, all of which shall be considered one and the same agreement.
3. Effect of Amendment. Except as specifically amended by this Amendment, the remaining provisions of the Agreement shall remain in full force and effect.
LANDLORD:
THE PARKING AUTHORITY OF THE
CITY OF BEVERLY HILLS
By:
Sharona R. Nazarian, PsyD
Chairperson
BROKER:
CUSHMAN & WAKEFIELD OF
CALIFORNIA, INC.
By:
Michelle Brazil
Director of Operations
ATTEST:
By:
Huma Ahmed
Secretary
Docusign Envelope ID: 7E7DA1C3-E11D-4068-93BB-8017FE83F4E9 -2-
B0785-0001\3166163v1.doc
APPROVED AS TO CONTENT:
By:
Nancy Hunt-Coffey
Executive Director
By:
Sharon L’Heureux Dressel
Risk Manager
APPROVED AS TO FORM:
By:
Laurence S. Wiener
General Counsel
Docusign Envelope ID: 7E7DA1C3-E11D-4068-93BB-8017FE83F4E9 Certificate Of Completion
Envelope Id: 7E7DA1C3-E11D-4068-93BB-8017FE83F4E9 Status: Sent Subject: Complete with Docusign: First Amendment to Broker Leasing Commission Agreement - Cushman & Wake...
Source Envelope:
Document Pages: 2 Signatures: 3 Envelope Originator:
Certificate Pages: 3 Initials: 0 Jonathan Gernes
AutoNav: Enabled
EnvelopeId Stamping: Enabled
Time Zone: (UTC-08:00) Pacific Time (US & Canada)
455 N. Rexford Drive
Beverly Hills, CA 90210
[email protected]
IP Address: 198.245.189.166
Record Tracking
Status: Original
10/14/2025 8:19:13 AM
Holder: Jonathan Gernes
[email protected]
Location: DocuSign
Signer Events Signature Timestamp
Michelle Brazil
[email protected]
Director of Operations
Cushman & Wakefield
Security Level: Email, Account Authentication
(None)
Signature Adoption: Pre-selected Style
Using IP Address: 136.226.67.74
Sent: 10/14/2025 8:48:29 AM
Resent: 10/16/2025 8:25:52 AM
Viewed: 10/16/2025 8:27:27 AM
Signed: 10/16/2025 8:27:42 AM
Electronic Record and Signature Disclosure:
Not Offered via Docusign
Bruce Galloway for
[email protected]
Security Level: Email, Account Authentication
(None)
Signature Adoption: Pre-selected Style
Using IP Address: 208.87.233.201
Sent: 10/16/2025 8:27:43 AM
Viewed: 10/16/2025 8:38:01 AM
Signed: 10/16/2025 8:38:08 AM
Electronic Record and Signature Disclosure:
Not Offered via Docusign
Sharon L'Heureux Dressel
[email protected]
Risk Manager
Sharon Dressel
Security Level: Email, Account Authentication
(None)
Signature Adoption: Pre-selected Style
Using IP Address: 198.245.189.166
Sent: 10/16/2025 8:27:44 AM
Viewed: 10/16/2025 10:06:31 AM
Signed: 10/16/2025 10:06:37 AM
Electronic Record and Signature Disclosure:
Not Offered via Docusign
Logan Phillippo
[email protected]
Security Level: Email, Account Authentication
(None)
Sent: 10/16/2025 10:06:39 AM
Electronic Record and Signature Disclosure:
Not Offered via Docusign
Nancy Hunt-Coffey
[email protected]
Security Level: Email, Account Authentication
(None)
Electronic Record and Signature Disclosure:
Not Offered via Docusign
Signer Events Signature Timestamp
Sharona R. Nazarian, PsyD
[email protected]
Security Level: Email, Account Authentication
(None)
Electronic Record and Signature Disclosure:
Not Offered via Docusign
Huma Ahmed
[email protected]
Security Level: Email, Account Authentication
(None)
Electronic Record and Signature Disclosure:
Not Offered via Docusign
In Person Signer Events Signature Timestamp
Editor Delivery Events Status Timestamp
Agent Delivery Events Status Timestamp
Intermediary Delivery Events Status Timestamp
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Carbon Copy Events Status Timestamp
Carter Magnin
[email protected]
Director
Security Level: Email, Account Authentication
(None)
Sent: 10/14/2025 8:48:29 AM
Viewed: 10/15/2025 3:28:47 PM
Electronic Record and Signature Disclosure:
Not Offered via Docusign
Denise Garcia
[email protected]
Security Level: Email, Account Authentication
(None)
Electronic Record and Signature Disclosure:
Not Offered via Docusign
Keith Sterling
[email protected]
Security Level: Email, Account Authentication
(None)
Electronic Record and Signature Disclosure:
Not Offered via Docusign
Megan Grilley
[email protected]
Security Level: Email, Account Authentication
(None)
Electronic Record and Signature Disclosure:
Not Offered via Docusign
Witness Events Signature Timestamp
Notary Events Signature Timestamp
Envelope Summary Events Status Timestamps
Envelope Summary Events Status Timestamps
Envelope Sent Hashed/Encrypted 10/14/2025 8:48:29 AM
Payment Events Status Timestamps