PHILADELPHIA PARKING AUTHORITY SIGNS $46M LEASE DEAL

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PHILADELPHIA — The Philadelphia Parking Authority (PPA) has signed a $46 million office lease deal at the Mellon Independence Center, located at 701 Market St. in Philadelphia. Under the 25-year lease, PPA will occupy the fourth and fifth floors, as well as part of the sub-basement. The company plans to move from its current offices at 3101 Market St. in the fall of 2013. Tactix Real Estate Advisors represented the tenant in the transaction. Jay Ruder of Archer & Greiner P.C. served as PPA's attorney. The PPA will join BNY Mellon, the building's largest tenant.

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