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PROPOSED LEASE AGREEMENT
Department: Department of Real Estate Management
Request: Approval of a (New) Lease Agreement
Landlord: CHDG Phase 1A1 Sublessee, LLC
Tenant: County of Cook
Location: 1835 W. Harrison Street, 60612
Term/Extension Period: Ten (10) years subject to completion of tenant improvements.
(Estimated to be 8/1/2019)
Space Occupied: 71,055 square feet
Monthly Rent:
Year Rent PSF Monthly Annual
1 $22.00 $130,267.50 $1,563,210.00
2 $22.55 $133,524.19 $1,602,290.25
3 $23.11 $136,840.09 $1,642,081.05
4 $23.69 $140,274.41 $1,683,292.95
5 $24.28 $143,767.95 $1,725,215.40
6 $24.89 $147,379.91 $1,768,558.95
7 $25.51 $151,051.09 $1,812,613.05
8 $26.15 $154,840.69 $1,858,088.25
9 $26.80 $158,689.50 $1,904,274.00
10 $27.47 $162,656.74 $1,951,880.85
Rent Reserve: Tenant shall deposit and maintain with Landlord a reserve in the amount equal to one monthly installment of Base Rent plus one monthly installment of Adjustment Rent.
Fiscal Impact: Approval of this item would commit Fiscal 2019-2029 funds
Accounts: 890 and 896-690/550130 Rental of Facilities
Option to Renew: Tenant shall have three (3), ten (10) year options to renew with not less than 12 months and not more than 30 months prior to the end of the then-current term.
Termination: NA
Utilities Included: No (In addition to Base Rent, Tenant shall be responsible for its proportionate share of real estate taxes estimated at $1.31 psf and an expected initial operating expense of more than $4.40 psf)
Summary/Notes: CCHHS will utilize the premises for physical therapy, durable medical equipment (DME) as well as office space for Integrated Care Management and Health Information Systems offices.
This Lease Agreement is being submitted simultaneously for approval by Health & Hospitals System board at their next available meeting.
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