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1 RiversideCA.gov1
RiversideCA.gov
MISSION SQUARE OFFICE BUILDING PROPERTY MANAGEMENT AGREEMENT FOR PROPERTY MANAGEMENT SERVICESCity Council January 27, 2026Public Utilities Department RiversideCA.gov2
1. The City acquired the Mission Square Building on October 13, 2015 2. RPU funded the purchase and is the building landlordMISSION SQUARE BUILDING
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2 RiversideCA.gov3
1. Seeking a qualified vendor to perform property management services for the Mission Square Office Building. 2. Property management services include:a. Administration of all third-party leasesb. Tenant relation managementc. Collection of rentsd. Administration of all ongoing building operation and maintenance sub-contractse. Coordinating building repairsf. Monthly and annual building operating financial report PROPERTY MANAGEMENT RiversideCA.gov4
1. RFP No. 2498 was developed in collaboration with Real Property Services and Purchasing Staff2. RFP No. 2498 was posted on August 8, 2025, by the City’s Purchasing Department on PlanetBids.3. Proposal were due September 4, 20254. Five Proposals were receivedREQUEST FOR PROPOSAL 1/14/2026
3 RiversideCA.gov5
Overall RankTotal PointsMinimum Monthly Management FeeLocationVendor Name1792.12$3,200Irvine, CAG&E Real Estate Management Services, Inc. dba Newmark2687.50$8,666Riverside, CAInland Pacific Advisors3576.84$7,500Los Angeles, CACBRE, Inc4571.93$14,975San Bernardino, CARealicore Real Estate Group5502.22$48,462Arcadia, CABell PropertiesRFP NO. 2498 RESULTS RiversideCA.gov6
1. Property management fee of 2% of monthly gross revenuesa. Minimum fee of $3,200 per month2. Monthly staffing allocations in lieu of percentage of monthly gross revenuesa. $4,018 - 35% Property Manager salary b. $7,821 – On-site Building Engineer3. Project management oversight fee as % of project cost:a. Project cost up to $500,000, 5%b. Portion of project cost from $500,000 to $750,000, 4%c. Portion of project cost from $750,000 to $1,000,000, 3%d. Portion of project cost over $1,000,000, agreed upon and not to exceed 3%4. Term: Initial term of 5-years with optional 5-year extension for a total of 10 yearsPROPERTY MANAGEMENT AGREEMENT 1/14/2026
4 RiversideCA.gov7
That the City Council:1. Approve a Property Management Agreement from RFP No. 2498 forProperty Management Services for the Mission Square Office Building at3750 University Avenue with G&E Real Estate Management Services, Inc.dba Newmark (Newmark) of Irvine, California for approximately $958,300over the five-year term, with one optional five-year extension; and2. Authorize the City Manager, or designee, to execute the PropertyManagement Agreement and any other documents necessary toeffectuate the services described herein, as well as the ability to makeminor non-substantive changes in accordance with all purchasingpolicies.RECOMMENDATIONS