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Commission accepts Merrill Lynch lease termination at Showers West; firm to vacate by March 31, 2026
Summary
The Redevelopment Commission approved the key provisions of a lease termination with Merrill Lynch, permitting the firm to remain through March 31 while leaving furniture and non-sensitive fixtures behind; city staff said this avoids settlement costs and yields vacant space sooner for public reuse.
The Redevelopment Commission on Sept. 2 approved key provisions of Merrill Lynch’s lease termination at the Showers West building, allowing the firm to occupy the space through March 31, 2026, and to leave built-out furniture and fixtures behind rather than requiring reimbursement for moving costs.
Dana Kerr and Margie Rice summarized negotiations. Staff said Merrill Lynch requested to remain in the space until March 31 and preferred not to remove furniture and fixtures; in exchange the city would not reimburse moving expenses. Counsel and staff described the arrangement as favorable to the RDC because it returns keys without a settlement payment and leaves high-quality office fit-out in place for potential public use. “We feel that this is a good deal for the city,” counsel said.
Commissioners asked whether equipment included data-bearing devices and how the city would handle any confidential information; staff said Merrill Lynch would be responsible for removing any equipment that contained personally identifying data and that no confidential data disposition issues were anticipated. Commissioners also discussed bond-counsel timing and whether longer holdovers could affect private-use ratios; staff said they were coordinating with bond counsel and actively reducing privately used space in Showers West.
The commission approved resolution 25-114 by roll call. Staff said Merrill Lynch intends to remain in Bloomington in a smaller office and staff would work with the tenant and agents on relocation options.
