The Philadelphia Parking Authority (PPA) has inked a $46 million deal to lease space for a Center City headquarters, a 25-year agreement with 30 years of renewal options that was negotiated and signed in less than a week under the guidance of the PPA’s attorney, Jay S. Ruder of Archer P.C.
Under the lease, the PPA will occupy 77,000 square feet on the fourth and fifth floors and part of the sub-basement of the Mellon Independence Center at 701 Market Street, the former Lit Brothers building that now houses BNY Mellon as its main tenant. Once the new space is renovated for the PPA, scheduled for completion in the early fall of 2013, the Authority will relocate its offices from 3101 Market Street and consolidate office operations at 701 Market.
The lease arrangement ensued after negotiations on a different location failed to yield an agreement, and the PPA’s broker, Tactix Real Estate Advisors LLC, identified the Mellon building space as a potential alternative. Mr. Ruder served as the PPA’s chief drafter and negotiator for the transaction. He worked in close consultation with PPA management, in particular Deputy Executive Director Richard D. Dickson Jr.
“It was a result of Jay’s efforts that we were able to negotiate a lease in less than a week,” Mr. Dickson said. “He knew the issues important to us, communicated quickly and effectively with the landlord’s counsel, and provided reasonable solutions to unresolved issues.”
Mr. Ruder concentrates his practice on real estate law, representing global, regional and local businesses and institutions in transactions, tax assessment, land use and condemnation cases.
Archer PC is a full-service regional law firm with more than 200 lawyers and eight offices in Philadelphia, Pa.; Haddonfield, Hackensack, Princeton and Flemington, N.J.; New York, N.Y.; and Wilmington and Georgetown, Del. The Firm has been serving Fortune 100 clients, small to medium-sized businesses and individuals for more than 80 years. Each office provides full-service litigation and transactional capabilities in nearly every area of law including corporate, estate & trust, family & matrimonial, labor & employment, litigation, medical & personal injury and real estate services. For more information, visit archerlaw.com.
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