The Fate of the Grad The three biggies in real estate, location location location. I assume the Grad is in leased space at the moment. I don't see anyway they could build something in Davis, especially close to campus, and balance the budget. If they relocate into leased space, my hunch is that they will need to downsize, which means loose part of their business model. My guess is once they are out of the U mall, that's the end.