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PROPOSED LEASE AGREEMENT
Department: Real Estate Management
Request: Approval of a (New) Lease Agreement
Landlord: County of Cook
Tenant: Subway Real Estate, LLC
Location: 69 West Washington Street, Lower Level, Suite LL13
Term/Extension Period: 6/1/2014 - 5/31/2024, subject to completion of improvements
Space Occupied: 1,332 Square feet
Monthly Rent:
Gross Rent:
Lease Year Rent (psf) Annual Monthly
1 $28.00 $37,296.00 $3,108.00
2 $28.70 $38,228.40 $3,185.70
3 $29.42 $39,187.44 $3,265.62
4 $30.15 $41,158.80 $3,429.90
6 $31.67 $42,184.44 $3,515.37
7 $32.46 $43,236.72 $3,603.06
8 $33.27 $44,315.64 $3,692.97
9 $34.10 $45,421.20 $3,785.10
10 $34.95 $46,553.40 $3,879.45
Fiscal Impact: Revenue Generating
Accounts: N/A
Option to Renew: Two 5 year options (At Market Rate, not less than existing rent)
Termination: N/A
Utilities Included: HVAC and water included, Tenant pays electric metered to Premises
Summary/Notes: Operating Expenses and Taxes: In addition to Base Rent, Tenant shall pay its proportionate share of operating expenses for the building and leasehold taxes for the premises in excess of a 2014 base year.
Improvement Allowance: The County is providing certain improvements to the Premises to prepare it for Tenant's occupancy, estimated to cost $90,800.00. Tenant will perform and pay for all other improvements to the Premises in accordance with plans approved by Landlord.
*This item was deferred at the 1/15/2014 meeting of the Board of Commissioners.
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