TITLE
Title
PUBLIC HEARING: LEASE WITH OPTION TO PURCHASE OFFICE SPACE AT 2400 FREEMAN MILL ROAD, GREENSBORO
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SPONSOR
Sponsor
Eric Hilton, General Services Director
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BACKGROUND
Background
Guilford County has been evaluating options for additional long-term office space to support County and related governmental operations. As part of that effort, staff identified the property located at 2400 Freeman Mill Road in Greensboro as a potential location.
The property consists of approximately 36,939 square feet of office space. Staff has been negotiating a proposed lease pursuant to N.C.G.S. § 160A-20. The anticipated initial lease term is approximately five years, with one five-year renewal option. Base rent is expected to be approximately $19.00 per square foot, subject to annual increases and other negotiated terms. The proposed lease also provides the County with an option to acquire the property for $7.5 million in 2030.
Because the proposed transaction is being considered pursuant to N.C.G.S. § 160A-20 and may include provisions related to the future acquisition or financing of the property, the County advertised and scheduled a public hearing for October 15, 2026, to receive public comment regarding the proposed lease and potential acquisition.
Following the public hearing, the Board may consider authorizing the submission of the proposed lease and related documentation to the North Carolina Local Government Commission (LGC) for review and approval as required by Article 8 of Chapter 159 of the North Carolina General Statutes.
Pursuant to NC General Statutes the county's intent to hold a public hearing and enter into a lease has been duly noticed on the County's website as of September 11, 2026 as amended and has been published in the Greensboro News and Record on October 1, 2026.
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BUDGET IMPACT
Budget Impact
NO ADDITIONAL COUNTY FUNDS REQUIRED
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REQUESTED ACTION
Requested Action
Conduct a public hearing regarding the proposed agreement for 2400 Freeman Mill Road, Greensboro, NC; and consider approval of attached resolution authorizing and approving the lease agreement, in substantial form, of approximately 36,939 square feet of office space at 2400 Freeman Mill Road, Greensboro, NC, for County operations, for an initial five-year term with one additional five-year renewal option, at an initial base rental rate of $19.00 per square foot with annual increases of 2.75%, including provisions providing the County with an option or other right to purchase the property in 2030 at a fixed price of $7.5 million; authorize the submission of the proposed agreement and related documentation to the North Carolina Local Government Commission (LGC) for review and approval.
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