CTA SEEKS REAL ESTATE EXPERTISE

March 28, 2002
03/28/02

The Chicago Transit Authority is seeking the services of a real estate firm to assess the CTA's current and future office space needs and advise the CTA on the most cost-effective and practical options for its space needs.

The firm must have the capacity to review current office space, develop a space use plan, identify cost-effective options, and assist with lease or purchase negotiations.

?As part of our overall strategic planning process, we are at a point where we need to consider our office space needs and whether or not changes are necessary. We believe the best way to do that is to undertake a professional review. A real estate firm will have the expertise to help us evaluate both our needs and the marketplace, " said CTA President Frank Kruesi.

The CTA will have the selected firm analyze whether the current office configuration is the most efficient and cost effective. CTA management will evaluate the pros and cons of staying at its existing location, leasing at a new location, or purchasing a building.

The CTA's headquarters have been located in the Merchandise Mart since the agency's inception in 1947. Approximately 780 professional and administrative employees work from offices at the Merchandise Mart and the neighboring Apparel Center. Others occupy a CTA-owned building at 120 N. Racine. The majority of the CTA's 11,500 employees work in transportation operations and maintenance, and report to bus garages, rail terminals and other field locations throughout the CTA's service area.

This week the agency issued a Request for Proposals for services. Interested bidders have until April 15th to submit a proposal. More information on the RFP can be found at the CTA website: www.transitchicago.com . The RFP is also available at the CTA's purchasing department in Room 703 of the Merchandise Mart.

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