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PROPOSED LEASE AGREEMENT
Department: Department of Real Estate Management
Request: Approval of a (New) Lease Agreement
Landlord: LW Arlington, LLC
Tenant: County of Cook
Location: 3250 Arlington Heights Rd, Arlington Heights, Illinois
Term/Extension Period: Ten (10) years and two (2) months
Space Occupied: Approximately 25,771 rentable square feet; final determination of square footage will be subject to space planning and in accordance with the 1996 BOMA standard for office buildings. Final determination is 24,948 sq. ft.
Monthly Rent: Landlord will abate initial two (2) months of gross rent to start upon lease commencement:
Years Rent PSF Monthly Annual|109|$16.00 $33,264.00 $399,168.00|109|$16.50 $34,303.50 $411,642.00|109|$17.00 $35,343.00 $424,116.00|109|$17.50 $36,382.50 $436,590.00|109|$18.00 $37,422.00 $449,064.00|109|$18.50 $38,461.50 $461,538.00|109|$19.00 $39,501.00 $474,012.00|109|$19.50 $40,540.00 $486,486.00|10 9|$20.00 $41,580.00 $498,960.00
10 $20.50 $42,619.50 $511,434.00
Fiscal Impact: Approval of this item would commit Fiscal 2018-2027 funds
Accounts: 893-660 Rental of Facilities
Option to Renew: Two (2) five (5) year periods at prevailing market rate.
Termination: N/A
Utilities Included: No, In addition to Base Rent, Tenant shall be responsible, on a monthly basis, for its proportionate share of real estate taxes and operating expenses above a 2017 base year estimated at $6.50/sf combined.
Summary/Notes: Landlord will provide an allowance of $50.00/sf of approx. $1,247,400.00 with two months of free rent. Construction costs are estimated at $109.25/sf at approx. $2,725,544.00 with net costs of approx. 1,478,144.00 with an additional $5.00-$7.00/sf for all IT/Cabling.
The Cook County Ambulatory & Community Health Network (ACHN) will utilize the premises to operate a primary care clinic allowing for additional services in family medicine, internal medicine, obstetrics, pediatrics,...
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