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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...
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