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Subcommittee authorizes RFQ for University of Tennessee leasing broker in Washington, D.C.
Summary
The commission approved an RFQ to identify a leasing broker to support the University of Tennessee's planned permanent presence in Washington, D.C., initially to house two staff members; broker work is expected to be commission-based with an option for hourly consulting fees.
The State Building Commission executive subcommittee approved issuing a request for qualifications to retain a leasing broker in Washington, D.C. for the University of Tennessee. Austin Oakes said the university "seeks to establish a permanent presence in Washington, DC to house 2 staff members" and that the broker would assist in identifying and negotiating future lease space; any eventual lease would return to the commission for approval.
Oakes said the RFQ includes a scoring process that emphasizes the broker's ability to execute on large metro market leases and that commission payments from transactions would be the primary compensation, with a separate section allowing a per-hour consulting fee for non-brokerage consulting work. Commissioners asked what additional services might be requested; Oakes said no specific needs are identified now but the RFQ allows flexibility to contract for future work.
