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File #: 17-3913    Version: 1 Name: Imperial Realty Company CCHHS Lease 600 Holiday Plaza
Type: Lease Agreement Status: Approved
File created: 6/13/2017 In control: Asset Management Committee
On agenda: 6/28/2017 Final action: 5/16/2018
Title: PROPOSED LEASE AGREEMENT Department: Department of Real Estate Management Request: Approve a (New) Lease Agreement Landlord: Imperial Realty Company Tenant: County of Cook Location: 600 Holiday Plaza, Matteson, Illinois Term/Extension Period: Ten (10) years, subject to completion of renovation work. (estimated to be 8/1/2017) Space Occupied: 25,624 Square feet Monthly Rent: Base Rent: Years Rent PSF Monthly Annual|109|$15.75 $33,631.50 $403,578.00|109|$16.07 $34,304.13 $411,649.56|109|$16.39 $34,990.21 $419,882.55|109|$16.71 $35,690.02 $428,280.20|109|$17.05 $36,403.82 $436,845.81|109|$17.39 $37,131,89 $445,582.72|109|$17.74 $37,874.53 $454,494.38|109|$18.09 $38,632.02 $463,584.26|10 9|$18.45 $39,404.66 $472,855.95 10 $18.82 $40,192.76 $482,313.07 Fiscal Impact: Approval of this item would commit Fiscal 2017-2026 funds. Accounts: (897-690/550162 Rental and Leasing) Option to Renew: One 5-year option to renew Termination: N/A Utilities I...
Indexes: (Inactive) JOHN JAY SHANNON, MD, Chief Executive Officer, Cook County Health & Hospitals System, JESSICA CAFFREY, Director, Real Estate Management Division

title

PROPOSED LEASE AGREEMENT

 

Department:  Department of Real Estate Management

 

Request:  Approve a (New) Lease Agreement

 

Landlord:  Imperial Realty Company  

 

Tenant:  County of Cook  

 

Location:  600 Holiday Plaza, Matteson, Illinois

 

Term/Extension Period: Ten (10) years, subject to completion of renovation work. (estimated to be 8/1/2017) 

 

Space Occupied:  25,624 Square feet

 

Monthly Rent:  

Base Rent:

Years                     Rent PSF                     Monthly                     Annual

1                     $15.75                     $33,631.50                     $403,578.00

2                     $16.07                     $34,304.13                     $411,649.56

3                     $16.39                     $34,990.21                     $419,882.55

4                     $16.71                     $35,690.02                     $428,280.20

5                     $17.05                     $36,403.82                     $436,845.81

6                     $17.39                     $37,131,89                     $445,582.72

7                     $17.74                     $37,874.53                     $454,494.38

8                     $18.09                     $38,632.02                     $463,584.26

9                     $18.45                     $39,404.66                     $472,855.95

10                     $18.82                     $40,192.76                     $482,313.07

 

Fiscal Impact:  Approval of this item would commit Fiscal 2017-2026 funds.

 

Accounts:  (897-690/550162 Rental and Leasing)

 

Option to Renew:  One 5-year option to renew 

 

Termination:  N/A

 

Utilities Included:  No Tenant to pay utilities metered to Premises

 

Operating Expenses: In addition to Base Rent, Tenant shall be responsible for its proportionate share of Real Estate Taxes above a 2017 base year.

 

Improvements: Landlord shall, at its sole cost and expense, buildout and finish the Premises per plan provided by CCHHS. (Cost estimated to be $847,575). 

 

Summary/Notes: CCHHS will utilize the premises for administrative office space and call center to consolidate administrative operations and eliminate operational costs at the Oak Forest Campus

 

This Lease Agreement was submitted and approved by the Health & Hospitals System at their meeting on 5/26/2017.

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