The CTA is committed to finding ways to generate operating revenue. In addition to advertising on its system, revenue from lease agreements contributes to CTA’s operating budget. In March, the Chicago Transit Board approved an ordinance that streamlines the retail leasing process by allowing concession and retail space to be advertised on the open market through a partnership with Jones Lang LaSalle.
Jones Lang LaSalle serves as the real estate broker for the CTA, secures concessions at CTA stations, and increases efforts to establish transit-oriented development across the CTA system.
In 2010, nearly $6.1 million was generated from concessions, ATM machines and other retail rentals owned by the CTA, including $249,439 from Saigon Sisters and Province restaurants, 7-11 and the Regional Transportation Authority (RTA), all of which currently lease space in CTA’s headquarters building.
CTA’s most recent leasing agreement was with National Able Network, Inc. (Able), a not-for-profit corporation. The 15-year contract leases 21,770 square feet of space on the 11th floor of CTA’s headquarters building.
Businesses interested in leasing CTA retail space should visit ctarealestate.com.
Perhaps a possibility for the leasable space at the 79th Street Red Line Station?
thanks for sharing..
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Commercial Space for Lease
i read your blog and it is good idea of retail space to be advertised on the open market through a partnership with Jones Lang LaSalle...
ReplyDeleteIndustrial Space for Lease