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PROPOSED LEASE AMENDMENT
Department: Real Estate Management
Request: Approval of a First Amendment to Lease
Landlord: PBMT Partnership
Tenant: County of Cook for use by Adult Probation Department
Location: 1640 W. Walnut Street, Chicago, Illinois
Term/Extension Period: 12/1/2013 - 8/31/2019
Space Occupied: 40,000 Square feet
Monthly Rent: Office Lease: Base Rent: Monthly Annually
12/1/2013-11/30/2014 $43,333.33 $520,000.00
12/1/2014-11/30/2015 $43,875.00 $526,500.00
12/1/2015-11/30.2016 $44,423.44 $533,081.28
12/1/2016-11/30/2017 $44,978.71 $539,744.52
12/1/2017-11/30/2018 $45,540.90 $546,490.80
12/1/2018-8/31/2019 $46,110.09 $553,321.08
Fiscal Impact: $3,219,137.68
Accounts: 280-660
Option to Renew: N/A
Termination: By Tenant, on or after 12/1/2016 with nine months prior written notice to Landlord
Utilities Included: Tenant pays gas and electric metered to Premises.
Summary: The Circuit Court of Cook County's Adult Probation Department utilizes the office space for its Home Confinement program, Intensive Supervision program, departmental employee training and associated administrative space. Successful negotiations with the Landlord have resulted in a reduction in previously negotiated rent, reducing the lease costs by $50,000.00 per year.
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