IL0033ZZ_Outlease Contract Documents_Outlease Contract Documents_2_14_2020_AIL0.pdf

This document is an Outlease Contract for the William O. Lipinski Federal Building located at 844 N. Rush Street, Chicago, Illinois. The contract governs the leasing arrangements and operational terms for the 15-story, 372,508 gross square foot office building that has been federally owned since 1942. The building currently houses the Railroad Retirement Board as the primary federal tenant, occupying 281,892 rentable square feet, with commercial tenants (a take-out restaurant and luxury car dealership) leasing ground floor and mezzanine space totaling 48,034 rentable square feet. The outlease contract establishes the terms under which these existing leases continue during the period leading up to the anticipated sale of the property.

The contract documents outline lease continuation obligations, with the federal tenant's occupancy anticipated through June 2028 and commercial tenants remaining through October 2027. The agreement addresses operational responsibilities, lease terms, and transitional arrangements necessary to maintain the property's income-generating status while the General Services Administration pursues its real property disposition strategy. These contract documents serve as the foundational legal framework ensuring continuity of existing tenant relationships and revenue generation during the management and eventual sale process of the federal building.