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PROPOSED CONTRACT
Department(s): Real Estate Management
Vendor: CBRE Real Estate, Chicago, Illinois
Request: Authorization for the Chief Procurement Officer to enter into and execute
Good(s) or Service(s): Professional Property Management Services for the George W. Dunne Cook County Office Building.
Contract Value: $522,000.00 ($174,000.00 annually), with additional compensation of leasing commissions and construction administration fees based upon transactions
Contract period: 8/15/2014 - 8/14/2017 with two (2) one (1) year renewal options
Potential Fiscal Year Budget Impact: FY2014 $50,750.00, FY2015 $174,000.00, FY2016 $174,000.00, FY2017 $123,250.00
Accounts: 490-472
Contract Number(s): 1323-13201
Concurrences:
Vendor has met the Minority and Women Business Enterprise Ordinance.
The Chief Procurement Officer concurs
Summary: The current contract will expire on 7/31/2014. Request for Proposal (RFP) procedures were followed in accordance with the Cook County Procurement Code. An RFP was solicited on 11/19/2013 for Property Management Services. An evaluation committee, consisting of various Cook County Stakeholders evaluated proposals submitted. CBRE was selected based upon the established evaluation criteria.
Included in the management fee are the costs for off-site personnel corporate and executive support, accounting and related support activities, as well as overhead and profit for the duration of the assignment. On-site management and administration salaries, utilities and building services are budgeted as operating expenses of the building. All building expenses will be funded by the County and paid by the Property Manager.
Leasing commissions will not exceed $.75 per square foot ($1.87 if a co-operating broker is involved). Construction administration fees will be on a sliding scale from 2% to 5% depending on construction costs.
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