Saigon Sisters Restaurant Leasing Space at CTA Headquarters

April 14, 2010

Today the Chicago Transit Board approved a lease agreement between the CTA and Saigon Sisters, LLC for space at CTA's main office building at 567 W. Lake Street. The lease agreement, with terms for up to 10 years with a five-year extension option, was approved following a competitive procurement process and is estimated to generate at least $540,000 of additional revenue for the CTA over the life of the agreement.
The agreement also requires Saigon Sisters – a restaurant offering a variety of Vietnamese cuisine – to provide at least $65,000 in capital improvements to the 1,860 square-foot property including creating a dining area and installing equipment necessary to operate the restaurant.
Revenue from the lease agreement contributes to the CTA's operating budget, which is used to support day-to-day operations. The CTA receives public funding, comprised of regional sales taxes and matching state funds, for approximately half of its total operating budget with the remainder coming from CTA fares and revenue generated from sources such as advertising, concessions and leases. In 2009, nearly $7.2 million was generated from concessions, ATM machines and other retail rentals owned by the CTA.
The leasing agreement with Saigon Sisters was developed through the services of Transwestern Commercial Services Illinois, LLC which manages the headquarters building and acts as the broker for the CTA to lease retail space within the building.

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