Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the University Leasing topic
No spam. Unsubscribe anytime.
University of Tennessee lease for off-campus offices at 2400 Sutherland Ave. approved
Summary
The subcommittee approved a 10-year lease (with a 10-year renewal option) for University of Tennessee administrative offices at 2400 Sutherland Avenue, about 1.6 miles from campus, with an annual effective cost of $498,670; tenant improvement allowance of $20 per square foot is included.
The State Building Commission executive subcommittee approved the University of Tennessee’s request to lease off-campus administrative office space at 2400 Sutherland Avenue. Associate Vice President Austin Oakes told the subcommittee the lease term is 10 years with one 10-year renewal option and said, "The proposed total annual effective cost is $498,670." The chair moved the item, it was seconded, and a unanimous roll call approved the lease.
Commissioners questioned whether the quoted $20 per-square-foot tenant improvement allowance was included in the rental price; Oakes confirmed it was: "Yes, sir. That's included." He added the allowance will cover a fair amount of the build-out and that the university may supplement with additional funds for final improvements. The approved lease was recorded as passed and will be brought back if an actual lease agreement requires further commission action.
