Share to Facebook Share to Twitter Bookmark and Share
File #: 21-1833    Version: 1 Name: New Lease Agreement with Illinois State Board of Elections
Type: Lease Agreement Status: Approved
File created: 2/23/2021 In control: Board of Commissioners
On agenda: 4/15/2021 Final action: 4/15/2021
Title: PROPOSED LEASE AGREEMENT Department: Department of Real Estate Management Request: To approve a New Lease Agreement Landlord: County of Cook Tenant: Illinois State Board of Elections Location: 69 W. Washington Street, Suite LL08, Chicago, Illinois Term/Extension Period: 8 years, target occupancy 6/1/2021 Space Occupied: Approximately 5,543 square feet Monthly Rent: The initial Base Rental Rate for the lease term shall be $9,515.48 per month with 3.0% annual escalations. Tenant is also responsible for pro-rata share of operating expenses estimated to be $4,766.98 per month for 2021. Fiscal Impact: Revenue Generating Accounts: NA Option to Renew: One (1), two-year option to extend Termination: Either party may terminate with 180-days prior written notice. Utilities Included: Yes. Summary/Notes: The Illinois State Board of Elections seeks to occupy the space for office purposes. Approval is recommended.
Indexes: JESSICA CAFFREY, Director, Real Estate Management Division

title

PROPOSED LEASE AGREEMENT

 

Department:  Department of Real Estate Management

 

Request:  To approve a New Lease Agreement

 

Landlord:  County of Cook 

 

Tenant:  Illinois State Board of Elections 

 

Location:  69 W. Washington Street, Suite LL08, Chicago, Illinois

 

Term/Extension Period:  8 years, target occupancy 6/1/2021 

 

Space Occupied:  Approximately 5,543 square feet

 

Monthly Rent:  The initial Base Rental Rate for the lease term shall be $9,515.48 per month with 3.0% annual escalations.  Tenant is also responsible for pro-rata share of operating expenses estimated to be $4,766.98 per month for 2021.

 

Fiscal Impact:  Revenue Generating

 

Accounts:  NA

 

Option to Renew:  One (1), two-year option to extend

 

Termination:  Either party may terminate with 180-days prior written notice.

 

Utilities Included:  Yes.

 

Summary/Notes: The Illinois State Board of Elections seeks to occupy the space for office purposes.  Approval is recommended.

end