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File #: 210293    Version: 0 Name:
Type: Bill Status: ENACTED
File created: 4/8/2021 In control: Committee on Public Property and Public Works
On agenda: 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
Attachments: 1. CertifiedCopy21029300.pdf
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...

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