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University of Tennessee lease with purchase option approved for Sutherland Avenue building
Summary
The Executive Subcommittee approved a 10-year lease with two 10-year renewal options and early purchase options for additional space at 2200 Sutherland Avenue; the annual effective cost cited was $4,131,713.38.
The Executive Subcommittee of the State Building Commission on May 2025 approved a lease agreement with a purchase option between the University of Tennessee and TUF 2200 Sutherland Avenue LLC covering additional space in a 92,000-square-foot building at 2200 Sutherland Avenue.
Austin Oakes, Associate Vice President, University of Tennessee, told commissioners that UT currently leases about 53,000 square feet of the building and that the new agreement would allow the university to lease and occupy additional space as current tenants move out. "The proposed total annual effective cost is $4,131,713.38," Oakes said, adding that the agreement includes early purchase options in 2026 and 2027 and two 10-year renewal options following an initial 10-year term.
The subcommittee moved and seconded the item and approved it by voice vote. No public comment was recorded on the item during the meeting.
The lease approval authorizes the university to expand its footprint in the building and preserves the option to purchase the property early in 2026 or 2027. Details about specific spaces to be occupied as tenants vacate and any financing arrangements beyond the annual effective cost were not specified in the meeting record.
The subcommittee then proceeded to the next agenda items.
