Bill 260531
Authorizing the Commissioner of Public Property, on behalf of the City of Philadelphia, to enter into a sublease agreement with the Philadelphia Municipal Authority, for use by the City of a portion of the premises located at 701 Market Street, all under certain terms and conditions.
Introduced by
How members voted
Vote on Jun 11, 2026 · CITY COUNCIL
Aye (17)
Councilmember BassCouncilmember BrooksCouncilmember DriscollCouncilmember GauthierCouncilmember Gilmore RichardsonCouncilmember HarrityCouncilmember JonesCouncilmember LozadaCouncilmember O'NeillCouncilmember PhillipsCouncilmember SquillaCouncilmember ThomasCouncilmember AhmadCouncilmember LandauCouncilmember O'RourkeCouncilmember YoungCouncil President Johnson
From the floor
Passages in the official transcripts that cite this file number. Every quote links to its exact place in the record.
“The Committee on Public Property and Public Works, to which were referred the following bills: Bill 5 No. 260382, an ordinance naming and designating 60th and Baltimore Park, located at 5961 Baltimore Avenue, as "Tyrone 'Cakes' Sims Park." Bill No. 260423 as amended, an ordinance amending Chapter 16-400 of The Philadelphia Code, entitled "Surplus Properties," by adding methodology for disposition by property exchange…”
Chief Clerk · Stated Meeting, June 4, 2026 · Jun 4, 2026 · official transcript, this passage
Status timeline
- May 14, 2026Introduced and Referred · CITY COUNCIL
- Jun 1, 2026HEARING NOTICES SENT · Committee on Public Property and Public Works
- Jun 1, 2026HEARING HELD · Committee on Public Property and Public Works
- Jun 1, 2026REPORTED FAVORABLY, RULE SUSPENSION REQUESTED · Committee on Public Property and Public Works
- Jun 4, 2026SUSPEND THE RULES OF THE COUNCIL · CITY COUNCIL
- Jun 4, 2026ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR · CITY COUNCIL
- Jun 4, 2026READ AND ORDERED PLACED ON NEXT WEEK'S SECOND READING CALENDAR · CITY COUNCIL
- Jun 11, 2026READ AND PASSED · CITY COUNCIL
- Jun 23, 2026SIGNED · 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 a sublease agreement with the Philadelphia Municipal Authority, for use by the City of a portion of the premises located at 701 Market Street, 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 a sublease agreement with the Philadelphia Municipal Authority, with City as subtenant, for use by the City of a portion of the premises located at 701 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 sublease and other documents necessary to effectuate this Ordinance, which sublease 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 the Proposed Sublease For 701 Market Street, Philadelphia, Pennsylvania 19106 1. Prime Landlord: Independence Center Realty L.P. 2. Sublandlord: The Philadelphia Municipal Authority. 3. Subtenant: The City of Philadelphia. 4. Premises Address: 701 Market Street, Philadelphia, PA 19106. 5. Use of the Premises: Approximately 26,758 rental square feet, on the 5th floor of the building to be used for office space. 6. Term of Sublease: Ten (10) years. 7. Rent: The annual base rent will be approximately $25.50 per rentable square foot and will escalate at a rate of approximately 2.5% per rentable square foot per year. At approximately 26,758 rentable square feet, the first year's annual base rent will be approximately $682,329. 8. Operating Expenses: The City shall be responsible for its proportionate share of operating expenses, taxes and utilities. 9. Tenant Improvement Projects: The Prime Landlord under the prime lease shall fit out the space. All fit out plans and specifications will be subject to the approval of the Department of Public Property. ..End