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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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