6/14/06
Today the Chicago Transit Board approved a lease agreement with the Regional Transportation Authority for office space within the Chicago Transit Authority's main office building at 567 W. Lake Street.
The 10-year lease has a five-year extension option and will generate more than $648,000 in revenue for CTA. In addition, the agreement requires the RTA to provide an estimated $220,000 in capital improvements to the 2,177 square-foot property. The RTA Board approved the lease agreement at its May meeting.
Under the agreement, the RTA's Reduced Fare office and Customer Service office will relocate from 175 W. Jackson to 567 W. Lake. The RTA office handles Reduced Fare Permits and provides general RTA customer service. A Reduced Fare Permit allows eligible seniors, veterans and persons with disabilities to ride the CTA, Pace and Metra at a reduced rate. The RTA office also will house a Pace office for paratransit customers who wish to purchase Taxi Access Program (TAP) vouchers.
The lease agreement with the RTA was developed using common retail practices through the services of Transwestern Commercial Services, LLC. Transwestern manages the CTA headquarters building and acts as a broker for CTA to lease retail space within the building. CTA leases additional spaces within the building to 7-Eleven and soon, Quizno's.
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