The Los Angeles Board of Airport Commissioners will buy a 20-acre piece of land just east of Terminal 1 at Los Angeles International (LAX) in an effort to bring in parking revenues.

The current owners lease the space to a private parking lot operator who operates the property under the name Park One. The operator will continue to run the parking lot pursuant to the lease, and the airport will receive lease revenues.

"This is a strategic purchase opportunity of a site directly adjacent to LAX," says Gina Marie Lindsey, executive director of Los Angeles World Airports, which owns and operates LAX and two other Southern California airports. "It is the last piece of real property not separated from LAX by a major roadway not owned by LAWA. Our ability to purchase the property is a unique opportunity."

LAWA will pay $125M to West Century LLC, AMB Park One at LAX LLC and AMB Property LP. The city of Los Angeles general fund will not be affected, as the purchase will be made with airport revenue funds only. The purchase is contingent on due diligence, and the Los Angeles City Council must approve the existing lease and sublease on the property.