READ AND PASSED

The enacted ordinance authorizes the City of Philadelphia to enter into a sublease for about 212,430 square feet of office space at 1101 Market Street. It extends the sublease term by one year, through August 31, 2032, with an estimated annual base rent of about $4.09 million for the additional year, plus the City’s share of operating expenses.

Authorizing the Commissioner of Public Property, on behalf of the City of Philadelphia, to enter into a sublease agreement with The Philadelphia Authority for Industrial Development, for use by the City, of a portion of the premises located at 1101 Market Street, Philadelphia, Pennsylvania by the City, all under certain terms and conditions.