title
PROPOSED LEASE AGREEMENT
Department: Real Estate Management
Request: Approve 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 Street, Suite 818, Chicago, Illinois
Term/Extension Period: 2/1/2015 (subject to completion of improvements) to 1/31/2020
Space Occupied: 5,366 rentable square feet
Monthly Rent:
Lease Year Base Rent (psf) Annual Base Rent Monthly Base Rent
1 $17.00 $91,221.96 $7,601.83
2 $17.51 $93,958.56 $7,829.88
3 $18.04 $96,802.68 $8,066.89
4 $18.58 $99,700.32 $8.308.36
5 $19.14 $102,705.24 $8,558.77
Option Period:
6 $19.71 $105,763.92 $8,813.66
7 $20.30 $108,929.76 $9,077.48
8 $20.91 $112,203.12 $9,350.26
9 $21.54 $115,583.64 $9,631.97
10 $22.19 $119,071.56 $9,922.63
Fiscal Impact: Revenue Generating
Accounts: Miscellaneous Revenues
Option to Renew: One 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 electricity 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 $48,079 annually.
Improvement Allowance: The County is providing an allowance of $15 per rentable square foot ($80,490) toward improvements to the Premises. Tenant will be responsible for the cost of any other improvements to the Premises.
County staff on the floor will be consolidated in underutilized space making this space available for leasing.
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