Cook County Board President Toni Preckwinkle and the State of Illinois’ Office of the Executive Inspector General today announced a five-year, intergovernmental lease agreement for the 34th floor of the George W. Dunne Building, a move that will bring in roughly $500,000 a year.
“The County is pleased to provide a new home to another government agency,” President Preckwinkle said. “We are also thrilled we were able to find a tenant earlier than expected. This is part of our continued efforts to increase efficiency and consolidate space. And it is one component of the long-term, strategic plans I have to strengthen County finances.”
President Preckwinkle noted the County’s original plans for leasing the space did not expect any revenue being generated in FY 2013 because of anticipated renovations. The County is renting the space out essentially “as is,” alleviating upfront costs.
“We are constantly looking for ways to best utilize existing property during these tough fiscal times,” said Malcolm E. Weems, Director of the Illinois Department of Central Management Services (CMS). “Intergovernmental agreements such as this one with Cook County are an example of how state and local governments can work together to save money.”
The State, which is relocating its 60 Chicago staff members to the County building, will have the option to renew the lease for an additional five years. The County will also continue to market the 35th floor of the Dunne Building.
The office space, located at 69 West Washington, is in the central Loop with access to mass transit and convenient walking distance to many Chicago-based state agencies.
The State is expected to move in April 29.