Clay Lacy Secures Short-Term Airport Lease

The Los Angeles Board of Airport Commissioners on Thursday approved a short-term lease for Clay Lacy Aviation Inc. to occupy a building at Van Nuys Airport while a new tenant is sought to redevelop the site. Clay Lacy took over the lease for the property at 7701 Woodley Ave. last year from the prior leaseholder MP Aero LLC. Clay Lacy, a charter and aircraft management company, keeps private jets at the site. The five-year lease approved by the airport commission calls for an annual rent of $812,000. Los Angeles World Airports has termination rights on the lease after three years. During that time the city agency will go through a competitive process to find a new tenant to develop the site along with two adjacent vacant parcels totaling 12 acres. “Staff believes the redevelopment may include demolition of the current facilities due to disrepair, building placement on the site in conjunction with the vacant parcel, and possibly a changed business operation,” a staff report on the matter said. Because of the condition of the building, which had not been improved by previous tenants, the commission reduced the rent from $5.03 per square foot per year to $3.50 per square foot per year for the hangar and office space.