LEASING

Frequently Asked Questions

Q. Whom do I contact about availability of University-owned space?

Facilities Planning & Analysis
University Planner
Phone: (804) 828-7008
Fax: (804) 828-6617

Q. Whom do I contact about lease space outside the University?

Real Estate & Insurance Services
Lease Coordinator
Phone: (804) 828-0004
Fax: (804) 828-8510

Q. Explain employee parking for leased space.

The Department of General Services requires that a fee be charged to employees for vehicle parking spaces. Users may negotiate with individual Lessor or contact Parking & Transportation to negotiate a group rate.

Q. What is the term lease?

Contracts for the lease of real estate which have an annual cost of $250,000 or greater; or which are of a term of greater than five (5) years, including renewals, [and which] the cumulative lease payments are $1,000,000 or more.

Q. How is a lease renewed?

Real Estate & Insurance Services will contact the user with the renewal options available according to the notification terms of the lease (notification terms range from 12 months to 30 days).

Q. How is a lease terminated?

In the event the user elects to terminate the lease at any time other than normal notification terms, Real Estate & Insurance Services must be contacted immediately.

Q. May I negotiate a lease agreement for my department or program?

No, all lease negotiations must be handled by VCU Real Estate and Insurance Services to maintain compliance with State procurement regulations.