Campus lease agreements approved
June 27, 2008
KALAMAZOO--At its June 13 meeting, the Western Michigan University Board of Trustees approved lease agreements for WMU campus space to Ferris State University and to Subway Real Estate Corp.
The FSU agreement calls for that university's pharmacy program to occupy 10,000 square feet of space in Spindler Hall on WMU's East Campus. The FSU program has occupied the space through an informal agreement since 1999. The lease formalizes the arrangement through June 30, 2010, at a rate of $82,908 for the initial 2007-08 year and with a 3 percent increase for each of the next two years.
The Subway agreement is an extension of the firm's current lease in the Bernhard Center's Bronco Mall, which runs through 2011. The Subway store owners, who are considering additional investment in the store were granted an extension in the form of four one-year options.
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