LEASING

It is sometimes necessary to search for space off-campus to fulfill the needs of the University departments and programs when additional space is required. Real Estate Services prioritizes and coordinates requests from University department heads and other personnel for off-campus space. A Lease Justification and space questionnaire are used to document the need for off-campus space. Property is leased for a purpose consistent with the mission of the University. The decision to enter into a lease is based upon need, compliance with applicable established University procedures, consideration of all costs of occupancy, and a determination that the use of the property to be leased is necessary and is efficiently planned. This includes conformance to applicable space guidelines and procedures to ensure consistency with the purpose for which the space is intended.

Space is sought by solicitation and receipt of written proposals with area real estate brokers and property owners. Real Estate Services analyzes proposals in conjunction with the needs and makes recommendations toward the selection of space to be leased. The lease is negotiated by Real Estate Services consistent with applicable policies and procedures. Certain leases will require the approval of the VCU Board of Visitors and/or the VCUREF Board of Directors, depending upon the value and terms of the lease. Submissions to the BOV or VCUREF are prepared for those transactions by Real Estate Services, when required. Real Estate Services also facilitates the management and coordination of the tenant improvements or fit-up, move-in process, and the accuracy and prompt payment of the rent.