Businessman beats bureaucracy

October 20, 2007

Mike Keathley has transformed every aspect of the state of Missouri’s massive real estate portfolio.

Since being sworn in as commissioner of the state’s Office of Administration in early 2005, Keathley has pored line by line through each of the state’s office space leases and real estate holdings looking for inefficiencies and ways to save the state money.

Keathley took politics out of the equation when looking at whether to renew a lease or buy a building, according to those close to the real estate overhaul. His efforts have resulted in $20.9 million returned to Missouri coffers through the sale of underutilized and surplus property and a savings of $14.4 million in lease payments this year alone. Once the annual savings is capitalized, the profit to the state as a result of the overhaul will exceed $150 million, according to real estate sources. Reports

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