Missouri State Expands Presence on Square

Friday, December 21 2007 (10:24AM) | Posted by Kathryn Vicat-Dlabach (DSA) | Downtown

Missouri State University has signed a three-year lease agreement with Davis Properties that will allow the university to vacate Siceluff Hall to begin the Facilities Reutilization Plan (FREUP) renovation process funded by the Lewis and Clark Initiative. This lease will expand the university’s presence in downtown Springfield to more than 350,000 square feet of owned and leased space. Missouri State will lease 69,561 square feet at a cost of $10.50 per square foot. This lease also has a two-year renewal option followed by a five-year renewal option that, if fully executed, will provide up to a total of seven additional years beyond the initial three-year term. The university is expected to complete the move by the end of the spring 2008 semester.

“This is yet another example of the university’s growing downtown presence,” said Greg Burris, vice president for administrative and information services. “We’re extremely pleased to be a part of downtown’s continued redevelopment."

The university currently has under lease the third floor of the Park Central Office Building and the adjoining Levy-Wolf Building. This agreement will give the university the entire use of the Park Central Office Building on Park Central Square. This is a full-service lease with utilities, custodial and maintenance services provided in the lease cost. Davis Properties will provide up to $150,000 in infill modifications to prepare the space for both academic and office use.

The agreement contains an option for the university to purchase the premises at anytime during the term of the lease.

The university owns 173,000 square feet of facility space downtown. This new lease with Davis Properties and the recently announced Brick City lease bring the total square footage leased in downtown by the university to 178,750 square feet.
“Missouri State’s growth continues to fuel our momentum downtown,” said Rusty Worley, executive director of the Urban Districts Alliance. “Center City is no longer the place to reminisce, but to cultivate new ideas and entrepreneurship.”
The Missouri State Board of Governors approved the terms of the lease during a closed session Friday (Dec. 14). The lease was signed by Davis Properties representatives today (Dec. 19).

The Missouri Open Meetings, Open Records Law, also known as the Sunshine Law, allows public governmental bodies to discuss real estate matters in closed session, but requires that details be made available once the actions have been finalized and signed.