What if my lease is expiring?
Capital Assets & Real Estate (CARE) works to be proactive with lease terminations with the goal of contacting the individual program using the leased space 3 to 12 months in advance of the lease termination to discuss the user’s operation and if the space continues to meet their needs. From there CARE will review and discuss any renewal options that maybe available in the existing lease or other viable alternatives that can be negotiated with the current landlord to meet the program’s needs. If a program believes it needs to relocate from an existing lease space, it should contact CARE immediately to review the alternative related to finding a new space and exiting the existing space.
What if I need additional space?
If your program is expanding and there is a need for additional lease space, the first step is to complete the online space request form, and return it to Karl Saimre, Director of Real Estate at firstname.lastname@example.org. CARE can then determine if additional space is available in the existing location and discuss with the program any alternative solutions.
How can a program terminate a lease before the expiration date?
If the program would like to terminate the lease obligation at any time other than lease expiration date provided in the lease, the program must contact CARE immediately. Leases are legally binding agreements, and any early termination of a lease must be negotiated with the landlord where any expenses associated with an early termination will be the Program’s responsibility. Simply vacating the space does not terminate the lease or the obligations, including the payment of the rent of the lease. Upon contacting CARE, the lease terms will be reviewed along with the circumstances surrounding the program’s need to terminate early. CARE will review the alternatives that may be available, however it may not be possible terminate the financial obligations of the lease until the specified termination date of the lease.
May I negotiate a lease agreement for my department or program?
No, all lease negotiations must be conducted by CARE. Authority to execute real estate agreements is provided to the VCU Vice President of Administration. There is no delegation of authority for real estate leasing or any other real estate transaction. No threshold limits apply, meaning even zero dollar leases or license agreements can only be signed by the VCU Vice President of Administration or the VCU Assistant Vice President, Capital Asset and Real Estate. There are no circumstances where CARE would delegate lease negotiations or signature authority. All real estate transaction must be negotiated by CARE and executed by the VCU Vice President of Administration or VCU Assistant Vice President, Capital Asset and Real Estate.
How is rent paid for leased space?
CARE makes all rental payments on behalf of the programs, utilizing the program's specified Banner index number. Notify the Capital Assets and Real Estate team at RealEstateQA@vcu.edu if you require a new or changed Banner index number for a current lease.
Do I need prior approval to renovate my leased space?
Yes. All construction related modifications to a leased space, such as moving walls, modifying electrical, plumbing or ventilation, painting or re-carpeting, etc., must have the prior approval of both CARE and the Landlord. Under no circumstances should the VCU occupant of the space pay a contractor directly for construction work in the leased space or perform construction related work themselves without the approval of CARE and the Landlord. Reconfiguring furniture, moving telecommunications, hanging pictures or projector screens and other similar changes do not require CARE and Landlord approval. If in doubt about how to proceed, contact CARE.
How does CARE prioritize repair projects?
CARE physically inspects each building periodically to identify potential structural problems and evaluate the condition of all mechanical systems and other building components. These inspections help identify potential problems, which are then prioritized based on urgency.