Peerless Development LOI For Duly St. Charles Lease
State of IllinoisState Government · Springfield, IL- Disclosed value
- $250 per rentable square foot Tenant Improvement Allowance; up to $5,500,000 Landlord’s Work Budget; $1,200,000 Development Fee; Base Rent at 7.85% of actual property costs with 2.8% annual escalations
- From proposal
- Document date
- Aug 31, 2026
- Renews
- Free account
The 30-second brief
Peerless Development has executed a non-binding Letter of Intent with Duly Health and Care for a 15-year triple-net lease of approximately 79,000–85,000 rentable square feet at 131 Randall Road in St. Charles. The arrangement includes a $250/RSF tenant improvement allowance, up to $5.5 million in landlord work, a $1.2 million development fee, and rent set at 7.85% of documented property costs with annual escalations, contingent on CON approval.
Peerless Development holds this facilities contract with State of Illinois. Its other public contracts on record include work for City of Madison and Capital Region Transportation Planning Agency.
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Contract details
- Contract type
- Facilities
- Amount
- $250 per rentable square foot Tenant Improvement Allowance; up to $5,500,000 Landlord’s Work Budget; $1,200,000 Development Fee; Base Rent at 7.85% of actual property costs with 2.8% annual escalations
- Document date
- August 31, 2026
- Term
- Initial lease term 15 years with two 5-year renewal options
- Renews
- On record
- Vendor
- Peerless Development
- Agency
- State of Illinois
- Source document
- Illinois Health Facilities and Services Review Board Proposal Application for Permit for Duly Health and Care of Northern Illinois – St. Charles Medical Office Building 2026-08-31 (Proposal)
Peerless Development's other public contracts
More State of Illinois contracts
Questions about this contract
Who was awarded the facilities contract by State of Illinois?
Peerless Development was awarded this facilities contract by State of Illinois, as recorded on August 31, 2026. The contract value is $250 per rentable square foot Tenant Improvement Allowance; up to $5,500,000 Landlord’s Work Budget; $1,200,000 Development Fee; Base Rent at 7.85% of actual property costs with 2.8% annual escalations.
How much is the Peerless Development contract with State of Illinois worth?
The Peerless Development contract with State of Illinois is valued at $250 per rentable square foot Tenant Improvement Allowance; up to $5,500,000 Landlord’s Work Budget; $1,200,000 Development Fee; Base Rent at 7.85% of actual property costs with 2.8% annual escalations, covering facilities work.
What type of contract is this?
This is a Facilities contract, documented as a proposal record.
Where was this contract approved?
This contract appears in Illinois Health Facilities and Services Review Board Proposal Application for Permit for Duly Health and Care of Northern Illinois – St. Charles Medical Office Building 2026-08-31 (Proposal), dated August 31, 2026 from State of Illinois. Civic IQ extracts contract records directly from agency meeting documents and solicitations.
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What other contracts does Peerless Development hold?
Peerless Development may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.
What is State of Illinois currently buying?
Explore State of Illinois's vendors, signed contracts, and active RFPs on their Civic IQ agency profile.