By Justin Harris
The State News
Published: February 20, 2009
MSU will share its College of Human Medicine campus in Grand Rapids with Ferris State University’s School of Pharmacy after the Ferris Board of Trustees unanimously approved the 10-year lease today.
MSU’s Board of Trustees approved the lease last week, which will allow Ferris’ School of Pharmacy to occupy the seventh floor of the Secchia Center.
“Both sides, us here at Ferris State and also at Michigan State worked very closely and very hard to put this partnership together, and we really think this is going to do great things for our pharmacy school,” Ferris spokeswoman Leah Nixon said.
“We’re quite pleased with the opportunity and looking forward to the partnership with Michigan State University.”
As part of the lease, MSU will fund and complete construction of the seventh floor according to Ferris’ specifications.
During the first five years of lease, Ferris will pay MSU back for construction costs as well as paying a base rent. Construction is expected to cost about $4.6 million.
The Secchia Center is set to open in summer of 2010.
Ferris will pay a base rent of $18 per square foot with a 3 percent annual increase, as well as its share of maintenance, insurance and utilities. For the first year of the lease, Ferris will pay about $420,000 in base rent, which doesn’t include operation costs or build-out payback.
Published on Friday, February 20, 2009
