The state administrative board of the state of Michigan is hereby empowered to lease to the United States naval reserve a parcel of land situated in the city of Lansing, described as follows: Beginning at the point of intersection of the south line of Saginaw street and the west line of Marshall avenue, thence south along the west line of Marshall avenue 350 feet, thence west parallel with the south line of Saginaw street 400 feet, thence north parallel with the west line of Marshall avenue 350 feet, thence east along the south line of Saginaw street 400 feet, to place of beginning. (Approximately 3.2 acres).