THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
Section 1. Exhibit “A” to Bill No. 241031 (approved January 15, 2025), entitled “Terms of Proposed Sublease For 1 S. Broad Street, Philadelphia, Pennsylvania, 19107” is hereby amended as set forth in the attached version of Exhibit A (additions to the Bill in
Bold
; deletions in
Strikethrough
):
EXHIBIT “A”
Terms of Proposed Sublease
For 1 S. Broad Street, Philadelphia, Pennsylvania, 19107
1.
Landlord:
Broad One L.P.
CBRE, Inc.
2.
Tenant/Sublandlord: Philadelphia Municipal Authority
3.
Subtenant: City of Philadelphia
4.
Premises Address: 1 S. Broad Street, Philadelphia, Pennsylvania, 19107
5.
Use of the Premises: Approximately
18,439
30,894
rentable square feet for office
use.
use, consisting of 18,439 square feet on the 3rd floor and an additional 12,455 square feet on the 7th floor.
6.
Term of Lease: Fifteen (15) years
7.
Renewal Term: The City shall have one (1) five (5) year renewal option.
8.
Rent: Base rent for Lease Year 1 will be $15.75 per square foot and
shall escalate at a rate of approximately 6% after Lease Year 3, Lease Year 6, Lease Year 9, and Lease Year 12. Should the City exercise its renewal term option, the base rent will be escalated at a rate of approximately 10% after Lease Year 15 and remain at the same base rent rate for the remaining years of the renewal term.
The total base rent for Lease Year 1 will be $290,414.25.
shall escalate in accordance with the Master Lease.
9.
Utilities: The City
is not responsible for utilities
shall pay Landlord $1.50 per square foot of the Premises for all utilities. This utility rate shall escalate in accordance with the Master Lease.
10.
Operating Expenses: The City shall be responsible for its proportionate share of operating expenses.
11.
Tenant Improvements: Landlord shall fit out the Premises based on a mutually accepted space plan and provide a tenant improvement allowance of
$737,560.00.
$1,235,760.
End