Radcliffe College is cashing in on what's rightfully hers.

In a two-year lease signed this week, the Office of Admissions and Financial Aid and the offices for the Graduate School of Arts and Sciences will remain in Radcliffe's Byerly Hall for a fee "at or below market value," according to David A. Zewinski '76, associate dean of physical resources for the Faculty of Arts and Sciences (FAS).

But the Admissions Office has been seeking a more permanent home--currently examining a possible home in Hemenway Gymnasium across the Cambridge Common--ever since Radcliffe announced it would not assent to a long-term lease with FAS.

For once, Radcliffe has the upper hand: the lease agreement reveals President Linda S. Wilson's potential leveraging power in negotiations with the University over Radcliffe's future status.

A Presidential Matter

Harvard President Neil L. Rudenstine said Tuesday that discussions about the status of Radcliffe have been percolating since his arrival to Cambridge in 1991.

Echoing what Radcliffe has said all week long--that it is currently involved in a "comprehensive strategic planning process"--Rudenstine said he expects a conclusion by "the end of the academic year or the summer."

"I don't know where they're going to come out in their planning process," he said. "I'm waiting."

According to a Radcliffe College press statement issued yesterday, Rudenstine and Wilson "remain committed to joint exploration of any significant possibilities which might enhance both institutions."

A change in Radcliffe's status--from "undergraduate college" to "allied institution" as sources close to the discussions suggest--would be something of a messy divorce. Not only would Radcliffe lose her surname, but a host of programs, properties and perks would require reexamination.

The Bargaining Table

Radcliffe Yard is a valuable plot of Cambridge real estate, but what is less well-known is that Harvard's sister institution also owns all the buildings in the Radcliffe Quad--including three undergraduate Houses, Hilles Library and the Quad Recreational Athletic Center.

In all, Radcliffe owns 37 academic, administrative and residential buildings on 20 acres of land.

According to Radcliffe Vice President for Finance and Administration Nancy Dunn, Harvard occupies and manages the buildings in the Radcliffe Quad and assumes all expenses. Radcliffe collects no rent.

But Radcliffe's request last fall for rent for the use of Byerly Hall indicates that the college may be shifting gears.