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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 1620
Term/Extension Period: 12/1/2013 - 11/30/2018
Space Occupied: 4,675 Square Feet
Monthly Rent:
Lease Year Base Rent (psf) Annual Base Rent Monthly Base Rent
1 $15.25 $71,294.04 $5,941.17
2 $15.71 $73,443.96 $6,120.33
3 $16.18 $75,642.00 $6,303.50
4 $16.67 $77,931.96 $6,494.33
5 $17.17 $80,378.04 $6,689.17
Option Term
6 $17.69 $82,701.00 $6,891.75
7 $18.22 $85,179.00 $7,098.25
8 $18.77 $87,750.00 $7,312.50
9 $19.33 $90,368.04 $7,530.67
10 $19.91 $93,078.96 $7,756.58
Potential Fiscal Impact: Revenue Generating
Accounts: N/A
Option to Renew: One 5 Year Option, Lease Years 6-10
Termination: By either party with 180 day prior written notice.
Utilities Included: Heat, air conditioning & 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, bringing the total revenue to approximately $116,000.00 for the first year of the Term.
Improvements: The County is providing repainting, carpet cleaning and several minor improvements. The costs of this work will be recouped within the first two months of the term.
The Public Defender consolidated a portion of his office staff to make this suite available for leasing.
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