; and (2) significantly reducing or eliminating the backlog of expiring leases over the next 5 years. (c) Leasehold interests in real property (1) Simplified procedures Not­with­stand­ing subsection (b) of section 3305 of title 41, United States Code, but otherwise in accordance with such section, the Administrator shall provide special simplified procedures for acquisitions of leasehold interests in real property at rental rates that do not exceed the simplified lease acquisition threshold, as defined in paragraph (2). The rental rate under a multiyear lease does not exceed the simplified lease acquisition threshold if the average annual amount of the rent payable for the period of the lease does not exceed such threshold. (2) Acquisition threshold For purposes of this section, the simplified lease acquisition threshold is $500,000. (d) Consolidated lease prospectuses The Administrator may, when acquiring leasehold interests subject to section 3307 of title 40, United States Code, transmit, pursuant to subsection (b) of such section, to the committees designated in such section for approval of a prospectus to acquire leased space, and waive the requirements pursuant to paragraphs (3) and (6) of section 3307(b), subject to the following requirements: (1) Cost per square footage The cost per square footage does not exceed the maximum proposed rental rate designated for the respective geographical area. (2) Space utilization The Administrator ensures the overall space utilization rate is 170 usable square feet per person or less based on actual agency staffing levels when occupied. (3) Lease term The lease term, including a firm lease term of 10 years or greater. (4) Geographic location The geographical location is identified as having a large amount of square footage of Federal office space and lease turnover and will likely result in providing for the ability, on a timely basis, of the agency to consolidate space effectively or meet any requirements for temporary or interim space required for planned