This policy sets forth the procedures that shall be followed to execute a lease agreement.
An academic unit planning to lease space must obtain the approval of its Dean. The Dean will submit to the Office of the Vice Chancellor and Provost or his/her designee a space proposal that shall include a justification for the need of the space, a description of the space needed, length of lease term, and the funding source responsible for making the lease payments and any other payments associated with the leased space. Upon written approval by the Vice Chancellor and Provost or his/her designee, the University’s Real Estate Office will commence the search for the appropriate space. All academic units wishing to lease space in an international location shall also follow the directives outlined in the University’s “International Property Purchases/Sales/Leases Protocols.”
An administrative unit planning to lease space must obtain the approval of its Division Head. The Division Head shall submit to his/her Leadership Council Officer or designee a space proposal that shall include a justification for the need of the space, a description of the space needed, length of lease term, and the funding source for the lease payments and any other payments associated with the leased space. Upon written approval by the Leadership Council Officer or his/her designee, the Syracuse University Real Estate Office will commence a search for the appropriate space. All administrative units wishing to lease space in an international location shall also follow the directives outlined in the University’s “International Property Purchases/Sales/Leases Protocols.”
The Real Estate Office will locate appropriate space and negotiate the lease agreement with the landlord. The Real Estate Office shall be assisted by the Office of Campus Planning, Design & Construction in identifying appropriate space. The Real Estate Office shall review the lease agreement with University legal counsel, the Office of Risk Management, the Office of Budget and Planning, and other University departments it deems appropriate, and obtain their approvals of the lease agreement’s terms and conditions. The owner or agent of the prospective leased facility shall complete the University’s Fire, Environmental Health and Public Safety Questionnaire and submit the completed questionnaire to the Real Estate Office. The Fire, Environmental Health and Public Safety Questionnaire will be reviewed by the offices of Risk Management, Environmental Health and Safety Services, Emergency Management, and the Department of Public Safety, and their concurrence shall be obtained before the lease agreement can be executed. If the proposed leased space is located in Syracuse or the immediate vicinity, a visual inspection of the space by staff from the offices of Real Estate, Campus Planning, Design & Construction, Public Safety, Environmental Health & Safety Services, Risk Management, IT Services and Physical Plant shall be conducted and their concurrence shall be obtained before the lease agreement can be signed. If the University has to purchase special insurance to cover the leased space, the unit occupying the space will be responsible for funding the insurance expense.
The final lease agreement will be executed by an Officer of Syracuse University. Copies of the lease agreement will be provided to the Leadership Council Officer or designee, the Vice Chancellor and Provost or designee, the Executive Vice President and Chief Financial Officer, and the University unit occupying the leased space. The Real Estate Office will coordinate sublease agreements with University students, faculty or staff if such sublease agreements are required. It is the responsibility of the unit occupying the leased space to make arrangements with the University’s Disbursements Processing Department for the monthly lease payments.
All leases that exceed an annual lease payment of $50,000 or exceed lease payments of $500,000 over the term of the lease agreement shall be reported to the Facilities Committee of the Board of Trustees and approved by the Executive Committee of the Board of Trustees. Such approval shall be granted once a year at the Executive Committee’s meeting in April for new leases for the following year. Renewal of approved existing leases with an adjustment of less than 5% shall not require trustees’ approval. Renewal of an approved existing lease with an increase above 5% will follow the same trustees Committees approval process as new leases. An annual report of University leases will be prepared and submitted to the Facilities Committee.
The rental of off campus space for a short duration, such as renting an auditorium for one evening, short term exhibition space, conference space or space for a social function, does not fall under the lease review process, and will be administered following the University’s Purchasing Office and Office of Risk Management procedures.
Links to Procedures and Related Information
- Real Estate, International Property Purchases/Sales/Leases Protocols
- Real Estate Transactions
- Real Property, Gifts of
Date: November 6, 2003
Amended: October 29, 2009
Amended: April 24, 2012
Amended: December 2, 2014