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(To read more on the net lease market, click here.)

CHICAGO-The city’s department of buildings will consolidate operations now on the fifth floor of City Hall and 2240 W. Ogden Ave. into 71,482 sf at 120 S. Racine Ave. A 10-year lease endorsed by the city council’s committee on housing and real estate calls for the city to pay $11.19 per sf, but get the first year’s rent totaling $800,000 abated.

In addition to the 71,482 sf of office space, the 91-year-old building has a 1,292-sf basement for storage, according to the department of general services, as well as 100 parking spaces. There is an option to cancel the lease after seven years.

The lease was one of several deals expected to be approved next month by the city council. The department of health will stay in 12,000 sf at 3059 W. 26th St. in the Pilsen Shopping Center, where it has had an office since 1991. The five-year lease is at $23.83 per sf. The department of health also will keep offices at 28 E. 112th St. and 4309-11 S. Ashland Ave., signing five-year deals with the property owners. The 9,375-sf renewal on the far South Side is at $12 per sf while the 4,185-sf office in the Back of the Yards neighborhood is at $21.20 per sf.

The department of revenue also is renewing a 7,672-sf lease at 2550 W. Addison St. for five years at $24.25 per sf.

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