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PROPOSED LEASE AGREEMENT
Department: Department of Real Estate Management
Request: Approval of New Lease Agreement
Landlord: County of Cook
Tenant: Catholic Charities of Chicago D/B/A Central States Institute of Addiction
Location: 69 West Washington St., Chicago, Illinois
Term/Extension Period: 1/1/2019 - 12/31/2028
Space Occupied: 5,243 sq. ft.
Monthly Rent:
Lease Year PSF Annual Base Rent Monthly Base Rent
1 $14.54 $76,233.22 $6,352.77
2 $14.91 $78,139.05 $6,511.59
3 $15.28 $80,092.53 $6,674.38
4 $15.66 $82,094.84 $6,841.24
5 $16.05 $84,147.21 $7,012.27
6 $16.45 $86,250.89 $7,187.57
7 $16.86 $88,407.16 $7,367.26
8 $17.28 $90,617.34 $7,551.45
9 $17.72 $92,882.78 $7,740.23
10 $18.16 $95,204.85 $7,933.74
Fiscal Impact: Revenue Generating
Accounts: N/A
Option to Renew: One 1 year option
Termination: Landlord Shall have right of termination at any time for any reason or no reason, upon six (6) months written notice to tenant. Tenant has right to terminate in years 6-10 if Cook County Court System terminates Tenant’s designated agency status for Tenants’ primary services.
Utilities Included: Operating Expense Percentage (of pro-rata share) estimated at $9.51 psf in Year 1
Year 1 50%
Year 2 62.5%
Year 3 75.0%
Year 4 87.5%
Year 5-10 -100%
Summary/Notes: Requesting approval of a new lease between the County of Cook a body politic and corporate, as Landlord and, Catholic Charities of Chicago D/B/A Central States Institute of Addiction in the building located at 69 W. Washington Street, Chicago, IL Pedway Suite LL-08. This space will be used to assist the County Courts in providing evaluations, drug testing and case management.
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