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.
February 3, 2013 |
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.
August 6, 2010 |
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.
August 26, 2010 |
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.
January 28, 2002 |
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.
March 16, 1998 |
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.
March 26, 2001 |
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.
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
June 29, 1999 |
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.
December 10, 2011 |
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...