READ AND PASSED

The enacted ordinance authorizes the Commissioner of Public Property to lease about 42,532 square feet of office space at 1234 Market Street from SEPTA for the City of Philadelphia. The lease would run for 10 years, with a first-year base rent of $829,374 plus certain operating expenses, and would include allowances for tenant improvements and HVAC upgrades.

Authorizing the Commissioner of Public Property to enter into a lease agreement with the Southeastern Pennsylvania Transportation Authority as landlord and the City of Philadelphia as tenant for office space at 1234 Market Street, under certain terms and conditions.