City of Philadelphia - File #: 210293

• File #: 210293
• Version: 0
• Type: Bill
• Status: ENACTED
• File created: 4/8/2021
• In control: Committee on Public Property and Public Works
• Final action: 6/17/2021
• Title: Authorizing the Commissioner of Public Property, on behalf of the City of Philadelphia, to enter into a sublease agreement with Chestnut Street Realty Limited Partnership, LP, for use by the City, of a portion of the premises located at 1327-29 Chestnut Street, Philadelphia, Pennsylvania, all under certain terms and conditions.
• Sponsors: Councilmember Squilla
• Indexes: AGREEMENTS, PUBLIC PROPERTY

Date	Ver.	Action By	Action	Result	Tally
7/1/2021	0	MAYOR	SIGNED
6/17/2021	0	CITY COUNCIL	READ AND PASSED	Pass	17:0
6/10/2021	0	CITY COUNCIL	SUSPEND THE RULES OF THE COUNCIL
6/10/2021	0	CITY COUNCIL	ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR
6/10/2021	0	CITY COUNCIL	READ AND ORDERED PLACED ON NEXT WEEK'S SECOND READING CALENDAR
5/28/2021	0	Committee on Public Property and Public Works	HEARING NOTICES SENT
5/28/2021	0	Committee on Public Property and Public Works	HEARING HELD
5/28/2021	0	Committee on Public Property and Public Works	REPORTED FAVORABLY, RULE SUSPENSION REQUESTED
4/8/2021	0	CITY COUNCIL	Introduced and Referred

Title
Authorizing the Commissioner of Public Property, on behalf of the City of Philadelphia, to enter into a sublease agreement with Chestnut Street Realty Limited Partnership, LP, for use by the City, of a portion of the premises located at 1327-29 Chestnut Street, Philadelphia, Pennsylvania, 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 sublease agreement with Chestnut Street Realty Limited Partnership, LP, with the City as tenant, for use by the City, of a portion of the premises located at 1327-29 Chestnut 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 lease and other documents necessary to effectuate this Ordinance, which 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 1327-29 Chestnut Street, Philadelphia, PA



1. Landlord: Chestnut Street Realty Limited Partnership, LP

2. Tenant/Sublandlord: Philadelphia Municipal Authority

3. Subtenant: The City of Philadelphia

4. Premises Address: 1327-29 Chestnut Street, Philadelphia, PA

5. Use of the Premises: Approximately 200,114 rentable square feet, to be used for office space.
6. Term of Sublease: 6 years in addition to the current term that expires in 2026, extending the end date until 2032.

7. Rent: The annual base rent beginning in 2026, will be approximately $27.75 per rentable square foot and will escalate at a rate of approximately 2.7% per rentable square foot for the first year and at the same rate each year there...