CTA to Outsource Real Estate Property Management

February 15, 2007
02/15/07

As part of its continued effort to streamline operations and implement cost-efficiencies, the Chicago Transit Authority yesterday issued a Request for Proposals for professional real estate management services for CTA-owned and leased properties. The decision to outsource the agency's real estate management responsibilities is in response to a recommendation made by AECOM, a consultant enlisted by CTA to help identify additional cost-efficiencies in its operations.

A pre-proposal conference will be held at CTA's main office at 567 West Lake Street on March 1 at 10:00 a.m. to discuss the parameters of the RFP and the outsourcing project. All proposals must be submitted by March 19 via one of the following methods:

Delivery Service or Drop Off
Chicago Transit Authority
Bid Office - 2nd Floor
567 W. Lake Street
Chicago, IL 60661-1498

Via Mail
Chicago Transit Authority
Bid Office
PO Box 7554
Chicago IL 60680 7554

The RFP covers five basic areas of service including Management Oversight; Operating and Support Property Management; Concession Property Management; Real Estate Information Management; and Transit Oriented Development. Services can be provided by one firm or a multi-disciplinary team.

The selected contractor will be responsible for: maintaining and operating the properties; negotiating and monitoring leases; purchasing and selling real estate; maintaining all documentation for properties; ensuring accurate budgeting of the properties; identifying and curing encroachments; and exploring transit oriented development opportunities on or near CTA-owned properties.

In 2005, CTA generated more than $5 million in revenue from CTA-owned property such as retail concessions at rail stations and storefronts located near rail stations, Park & Ride facilities, Under 'L' parking, billboards and office space.

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