Financial Feasibility Analysis – West LA Civic Center Municipal Building

Public Agency Services, Real Estate Services

Tierra West Advisors was retained by the City of Los Angeles to conduct a review and analysis of the West Los Angeles Civic Center Municipal Building.

The Office of the City Administrative Officer (“CAO”), in the review and furthering of the City’s asset management opportunities, sought to achieve efficiency and sustainability in City Operations. To this end, the City requested a preliminary review and analysis of the West Los Angeles Civic Center Municipal Building. Tierra West also analyzed other City-owned and City-leased properties located within a few miles of the Civic Center that currently house municipal staff.

Tierra West presented the City with three different development scenarios, each providing an alternative where the City could consolidate their real estate assets and operate multiple departments more efficiently.

To assist with the assessment of each property reviewed under this study, the City provided the following information:

• A list of current City department staff working out of offices within a three mile radius of the Site;

• Details of the office leases and City-owned buildings that currently house eligible staff;

• Space standards for currently held positions and additional specifications (such as a planning counter and parking) for a replacement municipal building;

• City Facility costing estimations from Bureau of Engineering (BOE) and General Services Department (GSD).

Based upon discussion with city staff regarding the objectives of the proposed assignment, Tierra West developed three proposed project scenarios to review and analyze the financial feasibility of each.