title
PROPOSED LEASE AGREEMENT
Department: Department of Real Estate Management
Request: Request to Enter Lease Agreement
Landlord: AKMS, Inc.
Tenant: County of Cook, on behalf of the Office of the Chief Judge
Location: 705 S. Jefferson St., Chicago, Illinois 60607
Term/Extension Period: 10/1/2024 - 9/30/2029
Space Occupied: Approximately 41,000 square feet (130 parking spaces)
Monthly Rent: $40,000 base rent per month, totaling $480,000 annually, and $2,400,000 base rent over the entire term of lease.
Total Rent Schedule, including Common Area Maintenance and Property Taxes:
Lease Year Annual Base Rent Estimated CAM Total Estimated
& Property Taxes Annualized Rent
10/1/24 -
09/30/25 480,000.00 480,536.00 960,536.00
10/01/25 -
09/30/26 480,000.00 375,200.00 855,200.00
10/01/26 -
09/30/27 480,000.00 388,961.00 868,961.00
10/01/27 -
09/30/28 480,000.00 403,408.00 883,408.00
10/01/28 -
09/30/29 480,000.00 418,578.50 898,578.50
Total
Operating
Expenses 2,400,000 2,066,683.50 4,466,683.50
Fiscal Impact:
Projected Parking Revenue: $1,023,552.00
Total Operating Expenses: ($4,466,683.50)
Projected Net Expenses: ($3,443,131.50)
Cook County Capital Investment: ($140,000.00)
Total Fiscal Impact/Required Funding: ($3,583,131.50)
Accounts: 11100.1310.35095.550130
Option to Renew: One (1) Five (5) Year Renewal Option
Termination: N/A
Utilities Included: N/A
Summary/Notes: Requesting approval to enter a five (5) year lease agreement between AKMS, Inc., as (Landlord), and the County of Cook, a body corporate and politic of the State of Illinois, as (Tenant), for use by the Office of the Chief Judge. The parking lot, located at 705 S. Jefferson St., Chicago, IL. 60607, is approximately 41,000 square feet and will provide 130 parking spaces for the Harrison Domestic Violence Courthouse.
The Office of the Chief Judge endeavors to provide safe, convenient, and affordable parking for the employees, visitors, and litigants that conduct business at the Harrison Domestic Violence Courthouse.
Approval is recommended
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