Bill 210293
Authorizing the Commissioner of Public Property, on behalf of the City of Philadelphia, to enter into a sublease agreement with Chestnut Street Realty Limited Partnership, LP, for use by the City, of a portion of the premises located at 1327-29 Chestnut Street, Philadelphia, Pennsylvania, all under certain terms and conditions.
Introduced by
How members voted
Vote on Jun 17, 2021 · CITY COUNCIL
Aye (17)
Councilmember DombCouncilmember GreenCouncilmember GymCouncilmember OhCouncilmember SquillaCouncilmember JohnsonCouncilmember JonesCouncil President ClarkeCouncilmember HenonCouncilmember Quiñones SánchezCouncilmember BassCouncilmember ParkerCouncilmember O'NeillCouncilmember BrooksCouncilmember GauthierCouncilmember Gilmore RichardsonCouncilmember Thomas
From the floor
Passages in the official transcripts that cite this file number. Every quote links to its exact place in the record.
“…f land along the Delaware River and the Tacony-Holmesburg section of the Delaware River Trail"; and Bill No. 210293, entitled "An 01:22:06 ordinance authorizing the Commissioner of Public Property to enter into a sublease agreement with Chestnut Street Realty, Limited Partnership, for use by the City, of a portion of the premises located at 01:22:16 Stated Meeting June 17, 2021 1327 through 29 Chestnut Street"; and B…”
Chief Clerk · Stated Meeting, June 17, 2021 · Jun 17, 2021 · official transcript, this passage
“…f land along the Delaware River and the Tacony-Holmesburg section of the Delaware River Trail"; and Bill No. 210293, entitled "An ordinance authorizing the Commissioner of 00:30:43 Public Property to enter into a sublease agreement with Chestnut Street Realty Limited Partnership, for use by the City, of a portion of the premises located at 1327 through 29 Chestnut Street"; and 00:30:52 Bill No. 210418, entitled "An o…”
Chief Clerk · Stated Meeting, June 10, 2021 · Jun 10, 2021 · official transcript, this passage
Status timeline
- Apr 8, 2021Introduced and Referred · CITY COUNCIL
This Bill was Introduced and Referred.to the Committee on Public Property and Public Works
- May 28, 2021HEARING NOTICES SENT · Committee on Public Property and Public Works
This Bill was HEARING NOTICES SENT.
- May 28, 2021HEARING HELD · Committee on Public Property and Public Works
This Bill was HEARING HELD.
- May 28, 2021REPORTED FAVORABLY, RULE SUSPENSION REQUESTED · Committee on Public Property and Public Works
This Bill was REPORTED FAVORABLY, RULE SUSPENSION REQUESTED.
- Jun 10, 2021SUSPEND THE RULES OF THE COUNCIL · CITY COUNCIL
This Bill was SUSPEND THE RULES OF THE COUNCIL.
- Jun 10, 2021ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR · CITY COUNCIL
This Bill was ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR.
- Jun 10, 2021READ AND ORDERED PLACED ON NEXT WEEK'S SECOND READING CALENDAR · CITY COUNCIL
This Bill was READ AND ORDERED PLACED ON NEXT WEEK'S SECOND READING CALENDAR.
- Jun 17, 2021READ AND PASSED · CITY COUNCIL
Recorded result: Pass
A motion was made that this Bill be READ AND PASSED. The motion carried by the following vote:
- Jul 1, 2021SIGNED · MAYOR
This Bill was SIGNED.
Official documents
Documents open on the City of Philadelphia’s legislative site.
Full text
Read the full text as published
..Title Authorizing the Commissioner of Public Property, on behalf of the City of Philadelphia, to enter into a sublease agreement with Chestnut Street Realty Limited Partnership, LP, for use by the City, of a portion of the premises located at 1327-29 Chestnut Street, Philadelphia, Pennsylvania, all under certain terms and conditions. ..Body THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS: SECTION 1. The Commissioner of Public Property, on behalf of the City of Philadelphia, is hereby authorized to enter into an amendment to a sublease agreement with Chestnut Street Realty Limited Partnership, LP, with the City as tenant, for use by the City, of a portion of the premises located at 1327-29 Chestnut Street, Philadelphia, Pennsylvania, 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 lease and other documents necessary to effectuate this Ordinance, which lease and 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 Sublease For 1327-29 Chestnut Street, Philadelphia, PA 1. Landlord: Chestnut Street Realty Limited Partnership, LP 2. Tenant/Sublandlord: Philadelphia Municipal Authority 3. Subtenant: The City of Philadelphia 4. Premises Address: 1327-29 Chestnut Street, Philadelphia, PA 5. Use of the Premises: Approximately 200,114 rentable square feet, to be used for office space. 6. Term of Sublease: 6 years in addition to the current term that expires in 2026, extending the end date until 2032. 7. Rent: The annual base rent beginning in 2026, will be approximately $27.75 per rentable square foot and will escalate at a rate of approximately 2.7% per rentable square foot for the first year and at the same rate each year thereafter. At approximately 200,114 rentable square feet, the first year's annual base rent will be approximately $5,553,163.50. 8. Cost Savings: Rent shall be abated for one and one half (1.5) months for calendar years 2021 and 2022 and one half (0.5) month for each calendar year until the end of the sublease in 2032, resulting in a cost savings of approximately $3,626.980.13. 9. Operating Expenses: The City shall be responsible for its proportionate share of taxes, operating expenses and janitorial expenses, but these shall not increase more than 4% annually over the previous year's expenses. 10. Tenant Improvements: Landlord, under the lease, shall deliver additional premises improvements of approximately $960,547.20 in cost, including, without limitation, construction of a new conference room within the Premises. ..End