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.
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.
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 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.
August 26, 2015 |
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.
July 23, 2015 |
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.
July 11, 2015 |
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.
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.