Brandywine to Pay $69 Million in Cash for Philadelphia’s Twin Towers

commerce_tallinsunBrandywine Realty Trust will acquire One and Two Commerce Square on Market between 20th and 21st for a total price of $331.8 million–a $238 million mortgage and $69 million in cash.

At 41 stories, the first of the identical office towers to open, in 1987, was the second building in Philadelphia that rose higher than the William Penn statue atop City Hall. The second building was finished in 1992. Both were designed by Henry Cobb, a partner of I.M. Pei, who would later design the Constitution Center. Now the twin towers, as some call them, are a familiar part of the skyline, and are a feather in Brandywine’s cap.

The Philadelphia Business Journal’s Natalie Kostelni writes, “the acquisition solidifies Brandywine as the lead landlord of Center City trophy space.”

Brandywine makes $331M Center City office play [Philadelphia Business Journal]

Photo: Bradley Maule