To: Board of Supervisors
From: Greg Baer, Director of Airports
Report Title: Assignment of Lease of County-Owned Property Located at 1500 Sally Ride Drive, Concord
☒Recommendation of the County Administrator ☐ Recommendation of Board Committee
RECOMMENDATIONS:
APPROVE and AUTHORIZE the Director of Airports, or his designee, to execute on behalf of the County, a consent to assignment of lease between the County and the current tenant, Hapi314159, to assign its lease of County-owned property located at 1500 Sally Ride Drive, Concord, to Joby Aero, Inc., effective December 16, 2025.
FISCAL IMPACT:
The Airport Enterprise Fund will continue to receive lease and other revenues provided for in the Lease. The County General Fund will continue to receive unsecured (aircraft) property tax and possessory interest tax revenues from the lease.
BACKGROUND:
The County entered into a 30-year ground lease with Michael J. Oakes on June 21, 2016, for real property at Buchanan Field Airport, specifically at 1500 Sally Ride Drive, for the purpose of providing auxiliary aviation services. On May 31, 2019, Mr. Oakes assigned the lease to Voly RE, LLC. In July of 2022, Voly RE assigned the lease to Hapi314159. Today, and the subject of this action, Hapi314159 desires to assign the lease to Joby Aero, Inc. (Joby).
Under the current lease held by Hapi314159, Joby is the sole subtenant where they employ approximately 25 tech and aviation professionals to develop, and test fly an autonomous Cessna Caravan. Hapi314159 no longer wants to be a landlord, and Joby would like to maintain its presence at Buchanan Field by assuming the lease. To effectuate this change, an assignment of the lease needs to occur which requires the written consent of the County. Joby is a very well-established publicly traded company in the aviation technology sector that would continue to be an excellent airport tenant. For these reasons, Airports management is supportive of this assignment.
CONSEQUENCE OF NEGATIVE ACTION:
Hapi314159 will not be able to assign its interest in the Lease which may have a detrimental effect on Joby’s long-term plans at Buchanan Field.