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PROPOSED LEASE AGREEMENT
Department: Department of Real Estate Management
Request: Request to Approve Lease Agreement
Landlord: Landlord: WMI Chicago II LLC 801 CHASE OWNER LP
Tenant: County of Cook, on behalf of the Department of Emergency Management and Regional Security
Location: 801 Chase Avenue, Unit A, Elk Grove Village, Illinois 60007
Term/Extension Period: 7/1/2025 - 8/31/2030
Space Occupied: 21,156 sq. ft. of general warehouse space
Monthly Rent:
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
Base $123,410 $153,275 $158,640 $164,192 $169,939 $29,314
OpEx $95,342 $98,202 $101,148 $104,182 $107,308 $18,149
Total $218,752 $251,477 $259,788 $268,375 $277,247 $47,463
Schedule reflects 3.5% rent escalation and 2 months' rent abatement. Taxes and Operating Expenses are paid as additional rent and forecast with 3% escalation.
Term Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
Base $123,410 $153,275 $158,640 $164,192 $169,939 $29,314
OpEx $95,342 $98,202 $101,148 $104,182 $107,308 $18,149
Additional
Tenant Expense $47,601 $49,029 $50,500 $52,015 $53,575 $9,197
Repairs $10,000 $10,000 $10,000 $10,000 $10,000 $1,667
Total $276,353 $310,506 $320,288 $330,390 $340,822 $58,327
Base Rent reflects an annual 3.5% escalation and 2 months rent abatement. Taxes, Operating Expenses, and utilities are paid as additional rent and are escalated 3%, annually. Additionally, a $10,000 allowance is budgeted, annually, to cover repairs and maintenance.
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Fiscal Impact: Fiscal Impact: $1,323,101.00 $1,636,685.00 (Term of Lease)
Accounts: 11900.1265.54497.550130
Option to Renew: N/A
Termination: Three (3) Months' rent at time of termination
Utilities Included: Yes or No (Provide additional details when appropriate)
Summary/Notes: Requesting approval to enter a lease between WMI Chicago II LLC (Landlord) and the County of Cook (Tenant) for 21,156 rentable square feet, located at 801 Chase Ave, Unit A, Elk Grove Village, IL for use by the Department of Emergency Management and Regional Security. This space will replace the department's current leased facility at the Chicago Executive Airport, used for storing vehicles and equipment. The lease for DEMRS’ current space ends on June 30, 2025.
Approval is recommended.
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