DeKALB – The NIU Naperville campus will lease a space in their building to the Illinois Health & Hospital Association (IHA). The Naperville campus is located at 1120 E. Diehl Road.
The lease agreement signed by the IHA and the NIU Board of Trustees will commence on July 1. However, the IHA will be allowed to “demise” or renovate the leased office space to structure the space for its convenience starting May 1.
The office space will be leased to the IHA for 15 years. During the first full year of the lease, the IHA will pay a monthly rent of $36,851.25 for a total of $442,215. The amount for rent payment will increase by 3% every year on the date of the start of the commencement date.
In 15 years, NIU will collect over $8 million in rent from the IHA.