THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. The Commissioner of Public Property, on behalf of the City of Philadelphia, as subtenant, is hereby authorized to enter into an amendment to a sublease agreement with the Philadelphia Municipal Authority, as sublandlord, for use by the City of premises located at 701 Market Street, Philadelphia, PA, 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, amendment to the sublease, and other documents necessary to effectuate this Ordinance, which amendment to the lease, amendment to the sublease, and other 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 Amendment to Sublease
for 701 Market Street, Philadelphia, PA
1. Landlord: Mellon Bank, N.A.
2. Tenant/Sublandlord: the Philadelphia Municipal Authority.
3. Subtenant: The City of Philadelphia.
4. Premises: Approximately 26,758 rentable square feet on the 5th Floor of 701 Market Street, Philadelphia, PA.
5. Term: 10 years to commence on June 28, 2015 (Commencement Date).
6. Base Rent: Beginning on the Commencement Date, the Base Rent shall be $21.37 per rentable square foot and shall increase by 2.5% each subsequent year of the Term. The Base Rent is inclusive of Subtenant's share of operating expenses and utilities.
7. Real Estate Taxes and Operating Expenses: Upon the Commencement Date, the base year for real estate taxes and operating expenses will be reset to the 2015 calendar year.
8. Tenant Improvements: Landlord will turn-key the premises by painting, installing new carpet, a new card access system and approximately twenty (20) thermostats.
9. Broker: There is no broker representing The City of Philadelphia in connection with the amendment to Sublease.
End