20-YEAR LEASE APPROVED FOR PROUD BIRD RESTAURANT PROPERTY AT LAX
20-YEAR LEASE APPROVED FOR PROUD BIRD RESTAURANT PROPERTY AT LAX
The Los Angeles Board of Airport Commissioners today approved a 20-year lease with Runway Two-Five Corporation (RTFC) for restaurant, banquet and meeting facilities at 11022 Aviation Boulevard. RTFC currently leases the property operating as The Proud Bird Restaurant. The lease covers a total of 6.44 acres – 4.47 acres of off-airport industrial land with 52,072 square feet of buildings and 1.97 acres of unpaved adjacent land for historical aircraft displays.
The lease is expected to generate approximately $4,591,320 in revenue to Los Angeles World Airports (LAWA) over the 20 years, not including annual Consumer Price Index adjustments, five-year market-rate rental adjustments, or additional fees generated by overflow parking space requested on an as-needed basis.
Runway Two-Five Corporation expects to invest at least $5 million into renovating the property by bringing the buildings up to current code; replacing the roof; upgrading the property, including the gift shop; and integrating displays focusing on the Tuskegee Airmen of World War II, as well as other historical aviation displays.
LAX, the sixth-busiest airport in the world serving nearly 66 million guests in 2022, is owned and operated by Los Angeles World Airports (LAWA), a proprietary, revenue-generating department of the City of Los Angeles that also governs Van Nuys Airport (VNY). As the international gateway to the Southern California region, LAX and its partners are dedicated to meeting global airport standards for customer satisfaction, safety, regional economic leadership, organizational performance and sustainability.
To better serve the millions of domestic and international guests that travel through LAX each year, the airport is undergoing a multi-billion-dollar capital improvement program to modernize its entire campus. Initiatives underway include an Automated People Mover, a Consolidated Rental Car Facility and two projects that will each add over one million square feet to the airport's existing property: Terminal 9 and Concourse 0. For more information about LAX, its transformation and its environmental, social and local workforce commitments, please visit flylax.com. Follow LAX on X (formally Twitter), Instagram, LinkedIn, Facebook and YouTube.
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