Pepperdine University v. 2151 Michelson Drive L.P.
Published: Mar. 5, 1998 | Result Date: Dec. 27, 1997 |Case number: 731150053296X – $0
Facts
On July 22, 1986, claimant Pepperdine University executed a 15-year lease with the then owner of the building at 2151 Michelson Drive at Newport Beach which provided for periodic rent adjustments. One adjustment was in Lease Paragraph 7E which took effect on Aug. 1, 1996. At the time, the party who executed the lease no longer owned the building as respondents acquired the property in May 1994. The claimant brought this action against respondents seeking an interpretation or reformation of the lease.
Settlement Discussions
Per respondent, no settlement discussions took place. Per claimant, settlement discussions took place but were not fruitful.
Other Information
The award was rendered approximately one year and two months after the case was filed. ARBITRATION: A 4-day arbitration was held before Thomas R. Malcolm resulting in the reported award. The award was confirmed by the Orange County Superior Court on Feb. 2, 1998.
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