City details terms of S&P Global’s lease for downtown building
Charlottesville’s Office of Community Solutions continues to review leases the city has with third parties who rent space. Council held a work session on the topic in May and learned that until now there was no central place in city government entrusted with keeping track of leases for about 145,275 square feet of floor space and about 50 acres under ground lease. (view the presentation)
One of those buildings is a five-story structure currently occupied by a branch of S&P Global, an international company that does research into economic and business issues. According to the May presentation, the city’s Economic Development Authority takes in $240,000 annually in rent but the property’s market value could be as high as $1.58 million.
“The S&P Global building started its life as the National Ground Intelligence Center,” said Chris Engel, the city’s economic development director. “Essentially it was built in the 60’s by the federal government and occupied by the Army.”
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