Bill 210450
Authorizing the Commissioner of Public Property, on behalf of the City of Philadelphia, to enter into an amendment to a lease agreement with Southeastern Pennsylvania Transportation Authority (“SEPTA”), for use by the City, of a portion of the premises located at 1234 Market Street, Philadelphia, Pennsylvania by the City, all under certain terms and conditions.
Introduced by
Properties named in this bill
Addresses the bill text names, each matched to one Philadelphia parcel. Naming a property is not a claim that the bill is about it.
How members voted
Vote on Jun 17, 2021 · CITY COUNCIL
Aye (17)
Councilmember DombCouncilmember GreenCouncilmember GymCouncilmember OhCouncilmember SquillaCouncilmember JohnsonCouncilmember JonesCouncil President ClarkeCouncilmember HenonCouncilmember Quiñones SánchezCouncilmember BassCouncilmember ParkerCouncilmember O'NeillCouncilmember BrooksCouncilmember GauthierCouncilmember Gilmore RichardsonCouncilmember Thomas
From the floor
Passages in the official transcripts that cite this file number. Every quote links to its exact place in the record.
“210418, entitled "An ordinance authorizing the Commissioner of Public Property, to convey to the 01:22:25 Commonwealth of Pennsylvania, all or a portion of a parcel or parcels of land in and about the area bounded by Kingston Street, I-95, East Venango Street and Bath Street"; and 01:22:35 Bill No. 210419, entitled "An ordinance authorizing the Commissioner of Public Property, to grant to the Pennsylvania Department…”
Chief Clerk · Stated Meeting, June 17, 2021 · Jun 17, 2021 · official transcript, this passage
Status timeline
- May 13, 2021Introduced and Referred · CITY COUNCIL
- May 28, 2021HEARING NOTICES SENT · Committee on Public Property and Public Works
- May 28, 2021HEARING HELD · Committee on Public Property and Public Works
- May 28, 2021REPORTED FAVORABLY, RULE SUSPENSION REQUESTED · Committee on Public Property and Public Works
- Jun 10, 2021SUSPEND THE RULES OF THE COUNCIL · CITY COUNCIL
- Jun 10, 2021ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR · CITY COUNCIL
- Jun 10, 2021READ AND ORDERED PLACED ON NEXT WEEK'S SECOND READING CALENDAR · CITY COUNCIL
- Jun 17, 2021READ AND PASSED · CITY COUNCIL
- Jul 1, 2021SIGNED · MAYOR
Official documents
Documents open on the City of Philadelphia’s legislative site.
Full text
Read the full text as published
..Title Authorizing the Commissioner of Public Property, on behalf of the City of Philadelphia, to enter into an amendment to a lease agreement with Southeastern Pennsylvania Transportation Authority ("SEPTA"), for use by the City, of a portion of the premises located at 1234 Market Street, Philadelphia, Pennsylvania by the City, all under certain terms and conditions. ..Body THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS: SECTION 1. The Commissioner of Public Property, on behalf of the City of Philadelphia, is hereby authorized to enter into an amendment to a lease agreement with Southeastern Pennsylvania Transportation Authority ("SEPTA"), for use by the City, of a portion of the premises located at 1234 Market Street, Philadelphia, Pennsylvania, pursuant to terms substantially set forth in the document attached hereto as Exhibit "A". SECTION 2. The City Solicitor is hereby authorized to review and to approve the amendment to the lease and other documents necessary to effectuate this Ordinance, which amendment to the lease and documents shall contain such terms and conditions as the City Solicitor shall deem necessary and proper to protect the interests of the City of Philadelphia and to carry out the purpose of this Ordinance. EXHIBIT "A" Terms of Proposed Sublease For 1234 Market Street, Philadelphia, PA 1. Landlord: Southeastern Pennsylvania Transportation Authority 2. Tenant: City of Philadelphia 4. Premises Address: 1234 Market Street, Philadelphia, PA 5. Use of the Premises: Approximately 54,080 rentable square feet, to be used for office space. 6. Term of Lease: January 1, 2021 through October 31, 2032 7. Rent: The annual base rent, will be approximately $24.00 per rentable square foot in Lease Year 1 and will escalate at a rate of approximately $.50 per rentable square foot per year thereafter. At approximately 54,080 rentable square feet, the first year's annual base rent will be approximately $1,297,920. 8. Tenant Improvement Allowance: Five dollars ($5.00) per rentable square foot will be provided in Lease Year 6 for tenant improvements. Tenant has the ability to convert this amount to rent credits. 9. Operating Expenses: The Base Year will be 2021. There will be a 4% cap on controllable operating expenses. The 2021 Base Year operating expenses estimate is $8.51 per rentable square foot. 10. Cost Savings: Tenant will receive 3 months rent abatement in Lease Year 1 and 1.5 months in Lease Years 4-12. Tenant will receive a 25% broker commission rebate in the form of rent credit in Lease Year 2. ..End