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PROPOSED LEASE AGREEMENT
Department: Department of Real Estate Management
Request: Request to Approve New Lease Agreement
Landlord: 161 N. CLARK OWNER, LLC
Tenant: County of Cook
Location: 161 N. Clark Street, Chicago, Illinois 60601
Term/Extension Period: 8/1/2022 - 9/30/2026
Space Occupied: Approx. 106,402 square feet
Monthly Rent: $295,781.00, with 2.5% escalation per year
Fiscal Impact: Approximately $14,800,000.00, which includes approximately $1,500,000.00 in buildout costs associated with preparing the space for occupancy.
FY22: $1,886,062
FY23: $1,930,310
FY24: $3,556,450
FY25: $3,654,624
FY26: $3,755,531
Accounts: 11286.1031.60162.550130
Option to Renew: Two (2) year renewal option with twelve (12) months’ notice
Termination: None
Utilities Included: Electric for outlets & lighting separately metered. HVAC, janitorial, water, and trash removal are included.
Summary/Notes: Requesting approval of a new Lease Agreement with County of Cook, a body corporate and politic of the State of Illinois, as Tenant and 161 N. CLARK OWNER, LLC as Landlord, for approximately 106,402 square feet of space on the 5th, 19th, 23rd, 24th floors.
The proposed lease will address space needs for new ARPA hires from a portion of BOA, BOF and BOT at 161 N Clark. These groups will be consolidated into one space while their existing spaces will be renovated to address space needs.
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