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PROPOSED LEASE AGREEMENT
Department: Real Estate Management
Request: Approval of a (New) Lease Agreement
Landlord: County of Cook
Tenant: State of Illinois, Department of Central Management Services
Location: 69 West Washington, Suite 3501
Term/Extension Period: 4/1/2014 to 3/31/2019, subject to completion of improvements
Space Occupied: 4,008 rentable square feet
Monthly Rent:
Lease Year Base Rent (psf) Annual Base Rent Monthly Base Rent
1 $16.50 $66,132.00 $5,511.00
2 $17.00 $68,136.00 $5,678.00
3 $17.51 $70,180.08 $5,848.34
4 $18.04 $72,304.32 $6,025.36
5 $18.58 $74,468.64 $6,205.72
Option Period:
6 $19.14 $76,713.12 $6,392.76
7 $19.71 $78,997.68 $6,583.14
8 $20.30 $81,362.40 $6,780.20
9 $20.91 $83,807.28 $6,983.94
10 $21.54 $86,332.32 $7,194.36
Fiscal Impact: Revenue Generating
Accounts: N/A
Option to Renew: One five (5) year option (Lease Years six through 10)
Termination: By either party with 180 days prior written notice.
Utilities Included: Heat, air conditioning and water included. Tenant pays for electric metered to Premises.
Summary/Notes:
Operating Expenses: In addition to Base Rent, Tenant shall pay its proportionate share of operating expenses for the building, currently about $9.50 psf or $38,076.00 annually.
Improvement Allowance: The County is providing an allowance of $25.00 per rentable square foot ($100,200.00) toward improvements to the Premises. Tenant will be responsible for the cost of any other improvements to the Premises.
The President's Office is relocating staff to smaller space in order to make this space available for leasing.end