Exhibit 10.21

                      FIRST AMENDMENT TO LEASE AGREEMENT

     This First Amendment (this "Amendment") is entered into as of 
December 15, 1997 by and between Industrial Centers Corp. (formerly Industrial 
Bowling Corp.) ("Lessor") and Hawker Pacific Aerospace (formerly Hawker 
Pacific, Inc.), a California corporation ("Lessee"), in order to amend that 
certain Lease Agreement, dated July 28, 1994 (the "Lease"), between Lessor and 
Lessee as herein set forth:

     1. ASSIGNMENT AND SUBLETTING. Section 12.1(b) is hereby amended to read 
in its entirety as follows:

     "(b) A change in control of Lessee shall constitute an assignment 
requiring consent. The transfer, on a cumulative basis of twenty-five percent 
(25%) or more of the voting control of Lessee, other than any bona fide 
underwritten public offering of Lessee's securities registered under the 
Securities Act of 1933, as amended, or any securities issued pursuant to 
Lessee's employee stock option plans, shall constitute a change in control 
for this purpose."

     2. FULL FORCE AND EFFECT. By its execution of this Amendment, Lessor 
confirms that the Lease is in full force in effect and that no default 
occurred thereunder in connection with the purchase by Aqhawk, Inc. of all of 
the outstanding capital stock of Hawker from BTR Dunlop, Inc. in November 
1996.

     IN WITNESS WHEREOF, this Amendment is executed as of the date first 
above written.

                                       LESSOR:
                                       Industrial Centers Corp.


                                       By: /s/ Bradley D. Howard
                                          ---------------------------------

                                       Name:   Bradley D. Howard
                                            -------------------------------

                                       Title:  President
                                             ------------------------------

                                       LESSEE:
                                       HAWKER PACIFIC AEROSPACE


                                       By: /s/ Brian S. Aune
                                          ---------------------------------
                                           Brian S. Aune
                                           Chief Financial Officer