title
PROPOSED LEASE AMENDMENT
Department: Department of Real Estate Management
Request: Request to Approve Lease Agreement Amendment
Landlord: Hastings Center Office, LLC
Tenant: County of Cook, on behalf of Cook County Health
Location: 1340 South Damen Avenue, Chicago, Illinois
Term/Extension Period: 10/1/2022-7/31/2027, with one (1), three (3) year renewal option
Space Occupied: 14,963 square feet
Monthly Rent:
Months PSF (Rounded) Monthly Annual
01 - 12 $21.25 $26,496.98 $317,963.75
13 - 24 $21.78 $27,157.85 $325,894.14
25 - 36 $22.32 $27,831.18 $333,974.16
37 - 48 $22.88 $28,529.45 $342,353.44
49 - 58 $23.45 $29,240.20 $350,882.35 (to be prorated for time period)
Fiscal Impact: $1,671,067.84 for entire lease term
Accounts: 41200.4890.13945.550130
Option to Renew: N/A
Termination: N/A
Utilities Included: Yes
Summary: Requesting approval of a Lease Amendment between the Hastings Center Office, LLC, an Illinois limited liability company, as Landlord and the County of Cook, as Tenant for administrative office space located at 1340 S. Damen Avenue, Chicago, in Cook County District #2. Cook County Health will utilize the premises for continuing administrative operations.
Extension of this lease for the five-year period will allow for office space for administrative functions and growing grant-funded staffing.
Approval of this item would commit Fiscal 2022-2027 funds. (550-130 Account)
This First Amendment to Lease is being submitted simultaneously for approval by Cook County Health at the next scheduled meeting.
end