SOURCE: Los Angeles World Airports

Los Angeles World Airports

June 22, 2009 19:31 ET

LAWA Approves Purchase of 20-Acre Parcel East of Terminal 1 at LAX; Site to Continue to Operate as Airport Parking Lot

LOS ANGELES, CA--(Marketwire - June 22, 2009) - The Los Angeles Board of Airport Commissioners today approved entering into an agreement to purchase a 20-acre parcel just east of Terminal 1 at Los Angeles International Airport (LAX) for $125 million. The owners currently lease the property to a private parking lot operator who operates the property under the name Park One. Airport officials plan to have the private operator continue to operate the parking lot pursuant to the lease and receive lease revenues.

"This is a strategic purchase opportunity of a site directly adjacent to LAX," said Gina Marie Lindsey, executive director of Los Angeles World Airports (LAWA), that owns and operates LAX and two other Southern California airports. "It is the last piece of real property not separated from LAX by a major roadway not owned by LAWA." She added, "Our ability to purchase the property is a unique opportunity."

The sellers of the property are West Century, L.L.C.; AMB Park One at LAX, L.L.C; and AMB Property L.P. The property will be purchased with airport revenue funds only, and there will be no impact to the City of Los Angeles general fund. The property purchase is subject to due diligence. The assumption of the existing lease and sublease on the property are subject to the approval of the Los Angeles City Council.

Contact Information

    Thomas Winfrey
    (424) 646-5260