Monday, August 23, 2010

Phila. agencies to remain at 1234 Market

"Three related Philadelphia agencies have renewed a large lease at 1234 Market St. in Philadelphia, making the combined entities the biggest tenant in the building after SEPTA.

The Redevelopment Authority as well as the Philadelphia Housing Development Corp. and the Philadelphia Office of Housing and Community Development re-upped for 11 years on 70,000 square feet on floors 16 and 17 of the building.

The RDA looked at options within a two-block radius of City Hall but decided that staying put made the most financial sense. As part of the deal, the landlord plans to make significant upgrades to the building’s HVAC systems designed to meet LEED standards, and will provide a decent tenant improvement allowance to renovate the RDA’s existing space. In addition, the deal has the landlord implementing other “sustainable concessions” such as using recycled furniture, low VOC paint and carpeting as well as energy efficient lighting fixtures. The three agencies will temporarily relocate up to the 20th floor while work is done to the space."

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