READ AND PASSED

This enacted bill authorized the City of Philadelphia to sublease about 26,758 square feet on the fifth floor of 701 Market Street from the Philadelphia Municipal Authority for City office space. The sublease has a 10-year term, with first-year base rent of approximately $682,329 plus the City’s share of operating expenses, taxes, and utilities.

Authorizing the Commissioner of Public Property, on behalf of the City of Philadelphia, to enter into a sublease agreement with the Philadelphia Municipal Authority, for use by the City of a portion of the premises located at 701 Market Street, all under certain terms and conditions.