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PROPOSED LEASE AGREEMENT
Department: Department of Real Estate Management
Request: Approve a (New) Lease Agreement
Landlord: County of Cook
Tenant: State of Illinois, Department of Transportation
Location: 69 West Washington Street, 21st Floor
Term/Extension Period: 7/1/2016 - 6/30/2021, subject to completion of improvements
Space Occupied: 20,153 Square feet
Monthly Rent:
Lease Year Base Rent (psf) Annual Base Rent Monthly Base Rent
1 $16.85 $339,578.04 $28,298.17
2 $17.19 $346,430.04 $28,869.17
3 $17.53 $353,282.04 $29,440.17
4 $17.88 $360,335.64 $30,027.97
5 $18.24 $367,590.72 $30,632.56
Option Period:
6 $18.60 $374,845.80 $31,237.15
7 $18.97 $382,302.36 $31,858.53
8 $19.35 $389,960.52 $32,496.71
9 $19.74 $397,820.28 $33,151.69
10 $20.13 $405,679.92 $33,806.66
Fiscal Impact: Revenue Generating
Accounts: N/A
Option to Renew: One 5 year option
Termination: By either party with 180 days prior written notice
Utilities Included: Heat, air conditioning & 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 $9.26 per square foot or $186,617.00 annually
Improvement Allowance: The County is providing an allowance of $15 per rentable square foot ($302,295.00) toward improvements to the Premises. Tenant will be responsible for the cost of any other improvements to the Premises.
The Cook County Department of Transportation and Highways worked with the Space Allocation Committee to consolidate its space in order to accommodate this lease request.
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