LEASING

Lease Solicitation Process

The solicitation process should began at least six months and no less than four months prior to the desired occupancy date to allow sufficient time for selection, negotiation, administrative approvals and office area build-outs.

1. A “Lease Justification Package” (VIEW LEASE JUSTIFICATION MEMO) is forwarded to the user to fill out (DOWNLOAD LEASE JUSTIFICATION EXAMPLE) and to evaluate their space needs (DOWNLOAD & COMPLETE SPACE PLANNING QUESTIONNAIRE FORM) and identify funding. Prior to seeking leased space for (1) new programs or (2) a program being relocated from Department of General Services owned or co-located facilities, a Lease Justification must be submitted and approved by VCU Senior Administration.

2. Real Estate & Insurance Services contacts realtors and/or places advertisements for space options.

3. Real Estate & Insurance Services conducts a market survey to determine the most economical and functionally efficient space available within the identified geographic area.

4. Real Estate & Insurance Services schedules site visits for the user.

5. The user selects a site. Real Estate & Insurance Services begins negotiations. 

6. A Lease Analysis Chart is approved by the Director of VCU Real Estate and Insurance Services. Reports are submitted to the VCU Real Estate Foundation and the Board of Visitors for approval to lease.

7. Real Estate & Insurance Services prepares a draft lease. VCU’s General Counsel and the landlord review the draft lease. Click here to download standard lease form.

8. Upon review approval, the lease is forwarded to the landlord for signature.

9. The lease is then forwarded to General Counsel for signature.

10. The lease is delivered to the Department of General Services for final review and approval. No agency has authority to enter, amend or pay for a lease or occupy leased space without first receiving the approval.

11. The approved lease is returned to Real Estate & Insurance Services for signature. The fully executed lease is distributed to the appropriate parties.