Leasing

Our office found space we are interested in renting and have talked to the Landlord who gave us a Lease Agreement to complete, where do we go from here?

Office of Real Estate Services should be notified prior to any contact with the Landlord in order that we can negotiate on your behalf to get you the best rate possible.  We use outside Real Estate Brokers who will assist in finding not only the best location but the best lease terms for your group.

We think we found a space but you are telling us there are other options available.  Can we see them?

We encourage the department to look at all potential space available and site visits are recommended during this process.

Who should go on the site visits?

Please send staff that can evaluate each location to ensure the space will fit your needs.

We decided on the space, now what?

Office of Real Estate Services, General Counsel Office and Risk Management will review the Lease Agreement and will contact the Landlord directly with any comments/changes to the agreement.  Once approved by both parties the document will be signed and considered an executed document.

Who handles the payments?

Once the document is executed and returned to the Office of Real Estate Services we will set this up on recurring payment through Payment Services once you have furnished your SmartKey number. 

So we only will pay for rent, right?

Depending on the type of lease agreement negotiated it is possible that in addition to the base rent you may also be required to pay a Security Deposit, operating expenses, property taxes and insurance. 

Some of our space needs to be upgraded/renovated.  Can I contact Campus Services?

Please notify our office immediately prior to any renovations.  Typically your lease agreement will contain language that requires Landlord approval for any changes to your space along with the possibility that these changes can only be handled by Landlord’s contractor.

Three years into a 5 year lease our department needs to terminate our agreement and move out, can I tell the Landlord?

Your lease agreement is a binding contract and unless there is termination language in your agreement it is possible that you will be responsible for the remainder of your lease term.  Once we find out that you need to terminate we will attempt to fill the space, but until that happens your department is still responsible for rent payments.

Acquisitions

Who do I contact at the University that I want to sell my property to the University?

Please contact the Office of Real Estate Services by email or by calling.  Include:

• Owner information
• Location
• Sales price

If the University approves the acquisition of the property how long will this take?

There will be a period of due diligence at which time a title search, appraisal and survey will be done.  Any title exceptions will cause a delay in closing on the property.