Simmons will lease out part of its Palace Road building to MCPHS in an effort to generate additional revenue, President Lynn Perry Wooten’s office announced Friday.
Beginning this Summer, MCPHS will take over floors two through four of Palace Road for administrative and academic use, encompassing approximately 44,000 sq. ft, said Laura Brink Pisinski, Vice President of University Real Estate Development and Facilities Management.
The first floor of the building will continue to be utilized by Simmons Public Safety, the Makerspace, classrooms, the Colleges of the Fenway (COF), and other Simmons departments. Groups on impacted floors will be moved into their new locations by the end of June, the President’s office said.
The partial lease would last for an initial 10 years with two optional five year extensions, according to Brink Pisinski.
“My team and I have been working hard over the past many months to identify opportunities to both save budget dollars and generate additional revenue to ensure a sustainable future for Simmons,” President Wooten wrote in her email.
MCPHS is not the only organization with a lease at Simmons, according to the President’s email. Brink Pisinski said outside leases account for just under $3 million in additional revenue for the university, including the new lease with MCPHS.
“One of the most valuable resources we have is our real estate,” the President’s office said. “We have had much success in the past with leases to outside organizations.”
New space usage plans, discussions with the Registrar and other departments, and considerations for student life and comfort led the University to its decision to lease out Palace Road, Brink Pisinski said.
Brink Pisinski emphasized the importance of a positive student experience and noted that the agreement will provide the university with more funding to make sure students feel comfortable and supported.
According to the President’s office, “the leadership team at MCPHS is excited to partner with Simmons and understands the value of being a good neighbor.” MCPHS has existing collaboration agreements with all COF institutions, as well as leases on Emmanuel and MassArt’s campuses.
MCPHS’s communications office told the Voice that they will update their community on Monday.
