On Monday, Jan. 13, 2014, the OCTA Board of Directors voted to renew the lease on OCTA’s current headquarters after exploring options to move to a new location. The new 15-year lease is expected to save OCTA $39.4 million over the next 30 years.
The board considered five options, including:
- Continuing the current lease while exploring other options
- Obtaining a 10-year renewal of the current lease
- Obtaining a 15-year renewal of the current lease
- Purchasing the current building
- Purchasing the State Fund Building in Santa Ana
OCTA has been reviewing options for the future of its headquarters at 550 S. Main Street in Orange since November 2011. After a comprehensive review of available relocation opportunities, OCTA staff concluded that renegotiating the lease at its existing headquarters to a new 15-year term lease would be both financially and operationally beneficial to the organization.
OCTA considered a number of factors when examining prospective buildings, including cost, location, age, amenities, parking, and upgrade and relocation expenses.
