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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.
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