Dive summary:

• Indiana University Purdue University Indianapolis (IUPUI) has arranged a development deal in which REI Real Estate Services, partnered with Vermillion Enterprises LLC, will build a 100,000-square-foot office building that the school will ease for 20 years, then take over.
• The project, slated to cost $22.9 million, will provide offices for the university chancellor and the university's School of Philanthropy.
• Ratio Architects will do the design work for the building, for which IUPUI is expected to pay about $1.7 million annually in rent if the Indiana Commission for Higher Education and the State Budget Committee agree to the arrangement.

From the article:

The developers are currently lining up financing for the project, which is expected to generate a solid income stream. ...