Inside the office building plus#

With the savings on lease costs and the income from the existing tenants at the Iowa Avenue building, UCR is expected to pay off the debt for the purchase and be financially ahead in about nine years, said Thomas Toepfer, executive director of Real Estate Services.

Inside the office building plus#

UCR paid $9.2 million, or $163 per gross square foot – plus the parking and land around the building - lower than it would cost to build a new building or what the university is paying for leased space, he said. “We are taking advantage of a market where office space is at a low price, and we are moving away from leasing off campus to owning the facility and thus saving money,” said Gerry Bomotti, vice chancellor and chief financial officer. UCR will also be leaving the IntelliCenter Building on University Avenue, where UCPath is located, by the end of the year. Other leased space on Chicago Avenue and Meridian Parkway will be vacated as those leases expire in the next year or two. The campus will be giving up some of the leased space it occupies at the University Village shopping center when those leases expire at the end of November. Real Estate Services and Business and Financial Services will be among the departments that will work out of the building, with others to be determined later this fall. UCR will start moving employees into the new building in November. The two-story office building is located north of campus on Iowa Avenue.