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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: George W. Dunne Cook County Office Building 69 West Washington, Suite 400, Chicago, Illinois
Term/Extension Period: 8/1/2014 - 7/31/2019, subject to completion of improvements
Space Occupied: 15,222 rentable square feet
Monthly Rent:
Lease Year Base Rent (psf) Annual Base Rent Monthly Base Rent
1 $16.50 $251,163.00 $20,930.25
2 $17.00 $258,774.00 $21,564.50
3 $17.51 $266,537.28 $22,211.44
4 $18.04 $274,604.88 $22,883.74
5 $18.58 $282,824.76 $23,568.73
Option Period:
6 $19.14 $291,349.08 $24,279.09
7 $19.71 $300,025.68 $25,002.14
8 $20.30 $309,006.60 $25,750.55
9 $20.91 $318,292.08 $26,524.34
10 $21.54 $327,881.88 $27,323.49
Fiscal Impact: Revenue Generating
Accounts: N/A
Option to Renew: One five (5) year option (Lease Years six through ten)
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 $8.96 per square foot or $136,389.00 annually.
Improvement Allowance: The County is providing an allowance of $25.00 per rentable square foot ($380,550.00) toward improvements to the Premises. Tenant will be responsible for the cost of any other improvements to the Premises.
The 4th floor has been used for temporary County needs since HIDTA vacated the space in November 2012. Staff on the floor will be relocated to their permanent space making this space available for leasing.
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