SERVICES TO BE PROVIDED
The Fund is seeking a real estate broker to assist the Fund in the following:
1) A quantitative and qualitative analysis of the Fund's current space characteristics and building amenities with other real estate alternatives of similar rentable square feet, quality of building, and downtown Chicago location. A minimum of five alternative properties are required in the analysis.
2) Comparison of leasing and purchase options effective with the expiration of the existing lease. Such options should include a total cost comparison, including base rent, any rent abatement provisions, estimated operating expenses (including actual real estate tax allocations and future estimates), and tenant improvement allowances. Should the Fund elect to relocate, an estimate of other additional costs that the Fund could incur. Inclusion of no less than two parking spots is also requested in the cost analysis.
3) Any lease alternatives must include a minimum ten year lease from expiration of the existing lease.
The overall goal is to assist Fund management with determining the most cost effective leasing and/or purchase option as the Fund approaches the end of its current lease at 221 N. LaSalle Street. Options must be reflective of current space requirements, ease of access by Trustees and members, usage of space for Board of Trustee and related committee meetings (which are open to the public), and size of office staff. It is not anticipated that office staff size will change by more than 15% and alternatives to reduce physical presence of employees in the office are minimal (ie. the Fund does not permit teleworking, compressed work weeks, etc.). Should the Fund elect to remain in its current space, the selected broker is expected to aggressively renegotiate a new lease with the current building owner or representative. Should the Fund elect to relocate to a new space, the selected broker is expected to aggressively negotiate a lease with the desired building's owner or representative. The selected broker is expected to handle all other customary activities and services associated with the lease execution and/or real estate transactions desired by the Board of Trustees.
- David R. Kugler, ESQ
- Peter Orris, M.D.
Point of Contact
The Policemen's Annuity and
Benefit Fund of Chicago
Regina Tuczak, Executive Director
221 N. LaSalle Street, Suite 1626
Chicago, IL 60601
RFP Questions and Responses
Proposals become the property of the Fund and these and any late submissions will not be returned. Your Proposal will be open to the public under the Illinois Freedom of Information Act (FOIA) (5 ILCS 140) and other applicable laws and rules, unless you request in your Proposal that we treat certain information as exempt. We will not honor requests to exempt an entire Proposal. You must show the specific grounds in FOIA or another law or rule that support exempt treatment. Regardless, we will disclose the successful Bidder’s name, and the substance of the Proposal. If you request exempt treatment, you must submit an additional copy of the Proposal with exempt information deleted. This copy must tell the general nature of the material removed and shall retain as much of the Proposal as possible. You will be responsible for any costs or damages associated with our defending your request for exempt treatment. You agree the Fund may copy the Proposal to facilitate evaluation, or to respond to requests for public records. You warrant that such copying will not violate the rights of any third party.
Non-Discrimination: No decisions regarding Bidders will be influenced by race, sex, color, religion, national origin, age, disability, veteran status, marital status, or any other unlawful basis.
Exceptions: (i) sole source procurements, (ii) emergency procurements, and (iii) at the discretion of the pension fund, retirement system, or board of investment, contracts that are nonrenewable and one year or less in duration, so long as the contract has a value of less than $20,000.