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Brandywine Realty Trust

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NEWS
January 7, 2016 | By Jacob Adelman, STAFF WRITER
The company formerly known as Hersha Hospitality Management has acquired the Residence Inn Philadelphia Conshohocken hotel from a partnership involving Brandywine Realty Trust for $26.5 million. HHM, as it is now known, bought the 137-room Marriott hotel to take advantage of Conshohocken's growing business community, the company said in a release Tuesday. Brandywine announced the sale of the hotel, in the Tower Bridge development, earlier in the day. The Radnor-based developer said it will net $6.1 million from its 50 percent stake in the property after debt repayment and other costs.
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
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
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 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
October 6, 2015 | By Jacob Adelman, Inquirer Staff Writer
Brandywine Realty Trust has sold a 105,312-square-foot commercial building in Mount Laurel, New Jersey, for $16.5 million, the company said in a Monday filing with the U.S. Securities and Exchange Commission. The Radnor-based real estate investment trust sold the building on Sept. 29, according to the filing. Brandywine CEO Gerard Sweeney declined in an email to identify the location of the property or its buyer. The transaction was part of an ongoing asset-sale program, he said.
BUSINESS
August 26, 2015 | By Jacob Adelman, Inquirer Staff Writer
Brandywine Realty Trust has sold the 247,294-square-foot Bay Colony Executive Park office complex in Wayne to an affiliate of Philadelphia-based real estate fund manager Equus Capital Partners. The acquisition of the four-building campus was made on behalf of BPG Investment Partnership IX, a discretionary fund managed by Equus, the company said Monday, without disclosing the purchase price. The company plans "a significant capital investment" in building and campus upgrades, Equus vice president George Haines said in the release without specifying how much would be spent.
NEWS
July 23, 2015 | By Jacob Adelman, Inquirer Staff Writer
Brandywine Realty Trust paid $16.6 million for the 37,000 square feet of property it bought this month on the Center City block that was the site of 2013's deadly building collapse. The purchase price for the land, which makes up most of the southern side of Market Street's 2100 block, was revealed in documents filed with the city that surfaced Tuesday. Brandywine's purchase was the largest of several recent transactions through which property investor Richard Basciano finished selling off his Center City holdings.
BUSINESS
July 11, 2015 | By Jacob Adelman, Inquirer Staff Writer
Brandywine Realty Trust, Philadelphia's biggest office landlord, has bought almost the entire Center City block that was the site of 2013's deadly building collapse that flattened a Salvation Army thrift store. The publicly traded investment trust bought the 37,000 square feet of land along the southern side of Market Street's 2100 block on Tuesday, president and CEO Jerry Sweeney said. He would not disclose the price. The purchase of the site - including two buildings, a parking lot, a parking structure, and a vacant lot - is seen as a vital piece in linking Philadelphia's core office district to University City.
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.
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NEWS
July 23, 2016 | By Jacob Adelman, STAFF WRITER
Equus Capital Partners of Philadelphia has acquired the 1000 Chesterbrook Boulevard office building in Berwyn from Brandywine Realty Trust and Realen Properties Inc., Equus president and chief executive Daniel DiLella said in an email on Thursday. The 172,327-square-foot, three-story building sold for $32.1 million on June 30, Brandywine said in a statement on its quarterly earnings Wednesday. Brandywine is also under agreement to sell 1120 Executive Plaza in Mount Laurel, N.J, for $9.5 million, with the transaction expected to close before the end of September, the company said.
BUSINESS
July 5, 2016
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. Brandywine Realty Trust Gerard H. Sweeney , chief executive officer, sold 60,000 shares at $15.74 on June 27, and now directly holds 1,143,231 shares. Chesapeake Utilities Corp. John R. Schimkaitis , board chairman, sold 500 shares at $63.03 on June 27, and now directly holds 146,099 shares.
BUSINESS
April 27, 2016 | By Jacob Adelman, Staff Writer
Brandywine Realty Trust plans to demolish an aged industrial building on the 2100 block of Market Street so it can combine the property with surrounding parcels into a large surface parking lot for valet use. The developer has secured permits to tear down the structure at 2126-30 Market St. and is seeking to be excused from zoning rules that prohibit new parking businesses in the area, according to filings on Philadelphia's Department of Licenses and...
NEWS
April 24, 2016 | By Jacob Adelman, STAFF WRITER
Newly formed e-commerce technology company Radial is vacating 100,000 square feet of King of Prussia office space owned by Radnor-based Brandywine Realty Trust. Radial, recently formed through the merger of a former eBay unit and global e-commerce company Innotrac, is consolidating staff at 935 First Ave., King of Prussia, which it owns, spokeswoman Amy Christie said Friday. One of the office buildings it will vacate as a result is Brandywine Realty's 630 Allendale Rd., Christie said.
NEWS
March 3, 2016 | By Jacob Adelman, STAFF WRITER
Drexel University has apparently selected Brandywine Realty Trust to develop a huge swath of land it owns between its campus and 30th Street Station into a massive mixed-used project the school has discussed for the property. An email sent to members of Philadelphia's real estate community and others invites recipients to a Wednesday event at which Drexel president John Fry and Brandywine chief executive officer Jerry Sweeney will "unveil plans for the future of University City. " Drexel officials have said for months that the university was in the process of choosing a developer for the project, which it has referred to as an "Innovation Neighborhood.
NEWS
February 6, 2016 | By Jacob Adelman, STAFF WRITER
Brandywine Realty Trust has sold a package of 58 properties in Virginia, New Jersey and suburban Pennsylvania for $398.1 million to an affiliate of Och Ziff Capital Management LLC of New York, the Radnor-based developer said in a release. Thursday's sale, which encompasses 3.9 million rentable square feet, includes all of Brandywine's Richmond, Va., inventory and reduces its square footage in New Jersey by 44 percent, it said. Under the deal, Brandywine took a 50 percent stake in a ground lease covering the properties through a venture with the Och Ziff affiliate, it said.
NEWS
January 22, 2016 | By Jacob Adelman, STAFF WRITER
Brandywine Realty Trust and Realen Properties Inc. are selling the 1000 Chesterbrook Boulevard office building, which they own as a joint venture, Douglas Rodio, a managing director at real estate services firm JLL, said Wednesday. The 172,327-square-foot, three-story building in Berwyn is 92 percent leased, with tenants including National Penn Bank and Wells Fargo, according to Rodio, a member of the JLL team marketing the property. Recent property sales by Brandywine include the IRS facility in the former 30th Street Main Post Office and the Laurel Corporate Center in South Jersey.
NEWS
January 7, 2016 | By Jacob Adelman, STAFF WRITER
The company formerly known as Hersha Hospitality Management has acquired the Residence Inn Philadelphia Conshohocken hotel from a partnership involving Brandywine Realty Trust for $26.5 million. HHM, as it is now known, bought the 137-room Marriott hotel to take advantage of Conshohocken's growing business community, the company said in a release Tuesday. Brandywine announced the sale of the hotel, in the Tower Bridge development, earlier in the day. The Radnor-based developer said it will net $6.1 million from its 50 percent stake in the property after debt repayment and other costs.
BUSINESS
December 25, 2015 | By Jacob Adelman, Staff Writer
A South Korean fund is buying the former postal building near 30th Street Station that houses the IRS's local offices, as the Asian country's investors increasingly tap U.S. real estate for stable returns. The fund, managed by Seoul-based Korea Investment Management Co., is under contract to buy the 862,700-square-foot building now known as Cira Square from Brandywine Realty Trust for $354 million, Brandywine CEO Jerry Sweeney said Wednesday. It's the latest acquisition by South Korean fund managers drawn to U.S. office buildings occupied by government or investment-grade tenants with plenty of time left on their leases, said Lucy Fletcher, a managing director at real estate services firm JLL. Such assets appeal to Korean managers, who generally target a steady return of about 6 percent to satisfy the pension and insurance funds they serve back home, said Fletcher, who directs JLL's international capital group in Chicago.
NEWS
December 11, 2015 | By Allison Steele, Inquirer Staff Writer
Subaru of America on Wednesday broke ground on the site of the company's future Camden headquarters, a project that will transform a vacant plot of land off the Admiral Wilson Boulevard into a sprawling office park. The property, across from the Campbell Soup Co. complex, will be the new home base for the company's U.S. operations, bringing together four offices. In addition to the 250,000-square-foot facility planned for the land, the company will build an 83,000-square-foot training facility.
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