CTPF Trustees begin Office Relocation Negotiation
November 21 – CTPF’s current lease at 203 North LaSalle Street, where it occupies the 26th floor, ends in 2021. CTPF began the process of considering options for renewal or relocation on March 22, 2017, when it issued a Request For Proposal (RFP) for a real estate broker to help evaluate options. Through the competitive RFP process, CTPF selected and engaged CBRE Group, Inc. (CBRE), a well-known, commercial real estate services and investment firm with a headquarters in Chicago, to conduct a needs analysis and to explore current and alternative location options.
CBRE shared their recommendations with the CTPF Board of Trustees for consideration, which included renewing the lease at 203 North LaSalle Street, as well as two additional possible locations.
Based on extensive analysis, the CTPF Board of Trustees determined that moving the Fund to a new location is optimal, both financially and operationally. On Thursday, October 18, 2018, the CTPF Board of Trustees voted to enter into negotiations with a new downtown location, the official announcement of which is subject to negotiation.
Why is CTPF moving offices?
The 15-year lease at our current location ends in 2021. After careful analysis and due diligence, the CTPF Board of Trustees determined that the cost of staying in its current location would be substantially higher than relocating.
Will there be anticipated cost savings?
CTPF estimates savings of about 14% per year compared to the cost of the current location. Overall, CTPF estimates saving $3.8 million over the next 15 years.
How much will it cost to move? Who pays these costs?
Moving costs are expected to be covered by the Tenant Improvement Allowance, provided by the new landlord.
When does CTPF anticipate moving?
CTPF anticipates completing the move in FY 2020.
How will CTPF communicate the move and impact to members?
Once CTPF has a signed lease and finalizes the terms of the lease, the Fund will commence a communications program and share information using all communications modalities, well in advance of the move date.
What are some of the advantages that members will experience at the proposed new location?
- Close proximity to Metra’s Electric and South Shore, Rock Island, and BNSF lines, as well as the Milwaukee, North Central, Heritage, and Southwest stations. Ogilvie Station is equidistant from the current space and the new space.
- CTA L riders have direct access to the Orange, Pink, Brown, and Purple lines. The CTA’s Green and Red lines are easily accessible.
- Multiple CTA bus routes within one block.
- Convenient expressway access for drivers and in-building parking with reduced daily rates.
- Fully handicapped accessible property.
- Fully secure building with secure access lobby.
- Access to conference rooms and meeting space for Member-facing events.
- Enhanced boardroom audio and video capabilities to make Open Meetings more accessible for members.