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Leasing Space In The Twin Cities Metropolitan Area For Your Campus

Leasing Space In The Twin Cities Metropolitan Area For Your Campus . Greg Ewig , Sally Grans–Korsh , FAIA, LEED-AP Director of Real Estate System Director Facilities Planning 651-296-3852 651-296-7083 Gregory.ewig@so.mnscu.edu sally.grans@so.mnscu.edu.

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Leasing Space In The Twin Cities Metropolitan Area For Your Campus

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  1. Leasing Space In The Twin Cities Metropolitan Area For Your Campus Greg Ewig, Sally Grans–Korsh, FAIA, LEED-AP Director of Real Estate System Director Facilities Planning 651-296-3852 651-296-7083 Gregory.ewig@so.mnscu.edusally.grans@so.mnscu.edu Office of the Chancellor

  2. Overview

  3. Programs • Assumption: exhausted space options on campus require temporary space • Major Considerations • New or Existing Programs • Test market new programs • Swing space for existing programs • Timing - day/evening/weekend • Faculty – receptivity to relocation • Students – convenience and “can I get this class at the time I need.”

  4. Business Plan • Assumption: 5 year term; expect to subsidize operating costs for 2-3 years • Considerations • Consider on-site personnel (IT, management) • Assume a 5 year term (but have the option to extend for another 5 year term) • Operating Expenses / Tenant Improvements • Marketing – create “brand” awareness • Equipment costs

  5. Space Plan • Assumption: Hire an architect early to help • Major Considerations • Examples: space ~12,000 sq. ft. with 6-8 classrooms, faculty offices and touch down space • An architect will translate the program needs into a space estimate • Flexible and technologically up-to-date is key • Leverage building common areas for “touch down” space instead of building it within your own space

  6. Finding the Right Space • The Process • Work with OOC / Real Estate Broker / RFP • Market conditions now are beneficial to tenants • Narrow building type and preferred location attributes (i.e. accessibility from interstate, bus lines, etc.) • Broker will help cast a wide net – 10-15 properties • Visit as many properties as you can • OOC developed a scoring mechanism for visits • Rank the finalists (top 3) and broker and OOC will help negotiate best deal

  7. Finding the Right Space • Major Considerations • Parking is the critical issue • Security - for evening classes • Signage – can you find it? • Multi-tenant buildings can be tricky –cultural fit having higher ed in an office building • Retail is an option – plentiful parking and amenities are close

  8. Other Comments • Commercial real estate market is soft – landlords are getting more aggressive • Free rent and generous build out allowance not uncommon • Think hard about equipment and IT – both one time and ongoing costs

  9. Recent Examples

  10. 7700 France Avenue – Edina • Parties: MSU Mankato and Normandale • Size: ~12,000 sq ft • Start: Fall 2008 • Term 5 years • Space: • 6 classrooms and additional seminar rooms and offices • Two computer lab spaces • Common area in building for gathering; vending food and food available at lunch • Parking: Loads! • Issue: Lack of building signage

  11. The building The building was the former National Car Rental corporate headquarters. Parking galore.

  12. Inside The building includes a major atrium and common area space that includes a cafeteria and dining / seating area. Students are able to use this space, which is a great amenity.

  13. Signage Issue Signage regulations are VERY stringent in Edina. Only indication of location is the MSU Mankato flag. The university continues to work with building management to seek prominent placement of the building numbers on the building façade.

  14. Entry at major space; note continuous use of branding of logo, signage and purple color – even the clock is a MSU Mankato clock ! Signage / Brand

  15. Signage

  16. Computer lab Flexibility: Furniture can be relocated and reused when permanent space is available on a campus. Good example of taking advantage of natural light.

  17. Conference Room

  18. Offices Note: branding to the level of the office signs

  19. Offices

  20. Classrooms

  21. Mix / Match Diverse sizes and configurations for Seminar Rooms

  22. Maple Grove • Parties: St. Cloud State University • Size: ~ 12,000 sq. ft. • Start: Fall Semester, 2009 • Term: 5 years • Space: 6 classrooms and additional seminar rooms and offices • Parking: adequate for evening classes • Issues: • Daytime parking • Lack of shared common space in building • Expansion space

  23. The building Sign at front marquee

  24. Reception First floor entry Reception Desk

  25. Lobby Main Lobby Area Inside space looking out at new lobby

  26. Breakout room Break out Conference Room

  27. Inside/Lobby Lobby/Study Area

  28. Classroom

  29. Counter for Computer Plug in On all classroom

  30. Office Area Office Kitchen area with 8 seats and Microwave

  31. Lots of Available Parking

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