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PROPOSED LEASE AGREEMENT
Department: Department of Real Estate Management
Request: Approve a Lease Agreement
Landlord: County of Cook
Tenant: Office of the Attorney General of the State of Illinois
Location: 69 West Washington Street, 18th Floor
Term/Extension Period: 3/30/2017 - 3/31/2022
Space Occupied: 20,038 Square feet
Monthly Rent:
Lease Year Base Rent (psf) Annual Base Rent Monthly Base Rent
1 $17.19 $344,453.28 $28,704.44
2 $17.53 $351,266.16 $29,272.18
3 $17.88 $358,279.44 $29,856.62
4 $18.24 $365,493.12 $30,457.76
5 $18.61 $372,907.20 $31,075.60
Option Period:
6 $18.98 $380,321.28 $31,693.44
7 $19.36 $387,935.64 $32,327.97
8 $19.75 $395,748.96 $32,979.08
9 $20.15 $403,765.68 $33,647.14
10 $20.55 $411,780.96 $34,315.08
Operating Expenses: In addition to Base Rent, Tenant shall pay its proportionate share of operating expenses for the building, currently about $9.33 per square foot or $186,954.00 annually.
Fiscal Impact: Revenue Generating
Accounts: N/A
Option to Renew: One 5 year option, Lease Years 6-10
Termination: N/A
Utilities Included: No, Tenant pays for electricity metered to Premises
Summary/Notes: The Attorney General has occupied the Premises since March of 2007. Under the proposed agreement, the Attorney General would continue to use the entire 18th floor as executive and administrative offices. The County is providing minor office partitioning to the Premises.
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