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Brandywine Realty Trust

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NEWS
August 25, 2010
Thomas Properties Group of Los Angeles, which owns Commerce Square at 2001 and 2005 Market St., has agreed to joint ownership of the 41-story twin office towers with Brandywine Realty Trust of Philadelphia. The towers are made up of 1.9 million square feet of Class A office space. In return for $25 million of preferred equity to the partnerships, Brandywine will become a 25 percent limited partner in both properties. Thomas is also the developer of the residential condo tower Murano at 21st and Market Streets.
BUSINESS
February 3, 2013 | By Joseph N. DiStefano, Inquirer Staff Writer
Brandywine Realty Trust says it will redevelop 1900 Market St., which houses Nasdaq's Philadelphia Stock Exchange operations and investment and law offices, "as a Class A office building. " Work will start next year and be done by 2015, the company said. Separately, Brandywine, of Radnor, has asked Campus Crest Communities, a Georgia company known mostly for building student housing at suburban and small-town colleges in the South and West, to put up student housing on a site approved for a 36-story high-rise at 2930 Chestnut St. in University City, according to two real estate industry sources familiar with the deal.
BUSINESS
August 6, 2010 | By Chris Mondics, Inquirer Staff Writer
Brandywine Realty Trust, a national, commercial real estate company, said Thursday that it had acquired one of Center City's most distinctive office buildings, the pink-tinged, 53-story high-rise known as the Bell Atlantic Tower, in a $129 million transaction. The company said the deal would bring to 3.9 million square feet the total commercial office space it owns in Philadelphia, much of it in the Logan Square area, where the building, at 1717 Arch St., is located. Taken together, the company said, the purchase from an affiliate of the Blackstone Group, which will become a 5 percent owner of Brandywine in the transaction, signals that Brandywine executives are confident about the ongoing vitality of the city's commercial real estate market.
BUSINESS
August 26, 2010 | By Joseph N. DiStefano, Inquirer Staff Writer
Brandywine Realty Trust invested more millions in high-rise Center City office towers Wednesday, boosting its share of the stalled Philadelphia property market. The Radnor landlord agreed to pay $25 million for a 25 percent equity interest in graystone Commerce Square , the twin 41-story Market Street towers built for International Business Machines Corp. , in 1987, and the former Conrail Inc. , in 1992. Brandywine's investment "is a good sign for these buildings. They were out of cash, and this stabilizes them," said Robert Fahey , executive vice president at real estate investment broker CB Richard Ellis Group Inc., of Philadelphia.
BUSINESS
January 28, 2002 | By Henry J. Holcomb INQUIRER STAFF WRITER
Brandywine Realty Trust, the region's largest office landlord, is setting out to turn Plymouth Meeting into the next Conshohocken. The company already owned one complex there, and it: Opened a $40 million office building this month. Is planning a $200 million, two-building corporate center. Is buying the 360,000-square-foot Plymouth Meeting Executive Campus on West Germantown Pike. Plymouth Meeting has as much to offer as Conshohocken - the current hub of business in Philadelphia's suburbs, which is just three miles south on the Blue Route - Jerry Sweeney, Brandywine's chief executive officer, said.
BUSINESS
March 16, 1998 | By David J. Wallace, FOR THE INQUIRER
With the fervor of an evangelist out to convert the fallen, Gerry Sweeney admits that the real estate business has had to clean up its act. He readily concedes the transgressions of the late 1980s, when some high-flying developers earned a reputation for wreaking havoc. Their handshake deals, shaky financing and long-distance management led directly to bank and savings-and-loan failures. Now, Sweeney says his company and industry have been reborn, thanks to real estate investment trusts, or REITs.
BUSINESS
March 26, 2001 | By Henry J. Holcomb INQUIRER STAFF WRITER
Brandywine Realty Trust is on the verge of becoming a stronger number-one landlord in the Philadelphia-South Jersey office market. The Newtown Square-based real estate investment trust - with a portfolio of 251 commercial and industrial properties containing nearly 17 million rentable square feet - was already the largest owner and manager of prime office space in the region. If a pending deal is closed next month, it will add nearly 1.6 million square feet and 90 new companies to its roster of tenants, all in its home market.
NEWS
December 21, 2011
Commercial real estate operator Brandywine Realty Trust, Radnor, said it formed a joint venture with Current Creek Investments L.L.C. to invest in properties in the Washington area. Brandywine is contributing three office properties valued at $156 million to the venture. Both partners also have allocated $75 million in equity "to pursue additional office property investments" in the Washington region, Brandywine said in a statement. Current Creek is a wholly owned subsidiary of Allstate Insurance Co.    - Reid Kanaley
NEWS
June 29, 1999 | By Mary Blakinger, INQUIRER SUBURBAN STAFF
This bustling commercial hub is poised to get yet another business campus with a Brandywine Realty Trust plan to construct two office buildings and rehabilitate four industrial structures on a 40-acre site here. Called the Allendale Business Park, the business campus will be off Allendale Road between First and Third Avenues in Upper Merion. The first phase is a $25 million project that includes site improvements and building a four-story, 150,000-square-foot office building for IBAH, part of Omnicare Inc., said Anthony S. Rimikis, a senior vice president with Brandywine Realty Trust in Newtown Square.
BUSINESS
December 10, 2011 | By Mike Armstrong, Inquirer Staff Writer
The law firm of Reed Smith L.L.P. will move its Center City offices for the first time since 1989. Brandywine Realty Trust said Reed Smith signed a lease for 115,000 square feet of space in Three Logan Square, 1717 Arch St. The firm, which has more than 150 lawyers in Philadelphia, currently occupies 156,534 square feet in One Liberty Place, 1650 Market St. Reed Smith chief of operations Pat Hiltibidal said the firm intended to move its 300...
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BUSINESS
February 20, 2015 | By Paul Nussbaum, Inquirer Staff Writer
Sen. Bob Casey urged Amtrak to spruce up 30th Street Station to welcome visitors for the papal visit this fall and the Democratic National Convention in 2016. The Pennsylvania Democrat said Wednesday he wanted more retail and dining options and nicer restrooms. No new federal money is likely to be available to speed up improvements, Casey acknowledged in a news conference at the station, but he said he hoped private funding could fill the bill. He had no estimates on costs, specifics on renovations, or possible private contributors.
BUSINESS
October 28, 2014 | By Joseph N. DiStefano, Inquirer Staff Writer
The latest plan for Philadelphia's most expensive grassy field - at 1919 Market St. , the gap in Center City's skyscraper row - is to dig it up and build a 29-story, 321-apartment, $140 million glass-walled tower, owner Brandywine Realty Trust said Monday. There have been other plans for towers on the site, before and since Brandywine bought the lot in 2011. But this time the money is committed, and work is to start immediately, Brandywine says. Its new partner is Berwyn-based LCOR CalSTRS , a successor to the former Linpro Co. , which invests for the giant California State Teachers Retirement System . Brandywine previously planned a little more business and a little less housing at the site with partner Independence Blue Cross , whose headquarters is next door.
NEWS
October 11, 2014 | By Joseph N. DiStefano and Julia Terruso, Inquirer Staff Writers
Campbell Soup Co. took a step forward Thursday in a long-awaited plan to create a 13-acre office park around its Camden headquarters, appointing Brandywine Realty Trust as developer. The parcels of land, located off Newton Avenue between Admiral Wilson Boulevard and 11th Street, will become an office park for prospective users, who could benefit from amped-up tax incentives created through recent state legislation. When Campbell's committed to staying in Camden in 2007, it also announced plans to invest in the "Gateway District" by redeveloping the area around its headquarters.
NEWS
October 4, 2014 | By Maria Panaritis, Inquirer Staff Writer
The Schuylkill Banks Boardwalk, an $18 million concrete walkway that seemingly floats atop the Schuylkill with spectacular views of University City and Center City, opened to the public Thursday. Officials and citizens praised the sleek walkway as an amenity that will endure for generations. Supported by caissons drilled into the riverbed between Locust and South Streets, the 15-foot-wide walkway is the latest milestone in a years-long effort to convert eight miles of the industrial banks of the Schuylkill into interconnecting walking, cycling, and running trails between the Delaware River and the Fairmount Dam. With a ramp to the walkway visible behind them, Mayor Nutter, U.S. Rep. Chaka Fattah, and other dignitaries took to a podium under overcast skies to lavish the project with accolades.
BUSINESS
May 12, 2014 | By Chris Hepp, Inquirer Staff Writer
FMC Corp. has been one of the region's quiet giants. With $3.9 billion in sales in 2013, the specialty-chemical company is one of Philadelphia's most significant corporate residents. But in terms of household names, it's no Comcast. That might change a bit now that FMC has decided to move to its own trophy tower at 30th and Walnut Streets. The edifice - to be topped with FMC's brand - will certainly make the firm more visible. Groundbreaking for the 49-story, $385 million tower is set for Wednesday.
BUSINESS
March 3, 2014 | By Joseph N. DiStefano, Inquirer Staff Writer
Design consultants from around the world have been meeting with chiefs at Drexel University, Amtrak, Brandywine Realty Trust , and other local powers over the last couple of weeks to pitch competing development proposals they hope will help grow the neighborhood around 30th Street Station into a forest of high-rise towers and busy spaces. "We are in the process of determining and selecting a winning bid," Amtrak spokesman Craig Schulz told me. "My understanding is, we should have that process wrapped up in the next several weeks.
BUSINESS
September 9, 2013 | By Joseph N. DiStefano, Inquirer Staff Writer
There aren't a lot of big employers looking for a new headquarters in Philadelphia. That has made Pierre Brondeau , chief executive of FMC Corp. , extra popular among governors, mayors, landlords, and their agents. They are excited - anxious, in Philly's case - by the question of how far Brondeau will be moving the multinational chemical company and hundreds of managers and staff from current digs at 1735 Market St. when the lease runs out. "We will make a decision in September," Brondeau told me. "We have to make a decision by December.
BUSINESS
September 7, 2013 | By Joseph N. DiStefano, Inquirer Staff Writer
Brandywine Realty Trust , the dominant landlord in Philadelphia's slow-moving office sector, says it has agreed to pay $69 million and take on $238 million in debt to acquire the 75 percent of One and Two Commerce Square that it doesn't already own from Parkway Properties Inc. The combined price works out to about $175 a square foot, down from the $178 a square foot Brandywine paid three years ago (including $25 million in cash, plus debt)...
BUSINESS
March 18, 2013
Securities trades recently reported to the Securities and Exchange Commission by officers, directors, and principal shareholders of corporations based or having sizable employment in the Philadelphia area. Titles are as reported to the SEC. Ace Ltd. Philip V. Bancroft , chief financial officer, sold 27,705 shares at $86.75 on Mar. 7, and now directly holds 229,431 shares. Airgas Inc. Robert A. Dougherty , chief technology officer, sold 20,483 shares at $101.76 on Mar. 6, and now directly holds 6,160 shares.
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