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UT regents ink first real estate deal with Merck at Dell Medical School

merck-coThe first steps in a real estate presence at the Dell Medical School at the University of Texas will be taken during a board of regents meeting.

Consent agenda item No. 35 on the University of Texas System regents’ docket authorizes a lease to Merck Sharp & Dohme Corp. at the UT Austin Health Discovery building at 1701 Trinity St.

The deal as presented provides 22,310 square feet on the seventh floor for an initial three-year term with two two-year options.

The gross rental income for the three years is nearly $6.2 million — about $90 per square foot on an annual basis with provisions to increase up to $94.56 per square foot.

UT will be responsible for operating expenses estimated at $20 per square foot or $446,200 annually. Merck (NYSE: MRK) is responsible for the costs of the tenant build-out, but UT must approve its plans.

Click here to read the original article: UT regents ink first real estate deal with Merck at Dell Medical School Austin Business Journal 8-22-2017

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