Brandywine Realty Trust expects to close on the sale of Cira Square this month | Google Street View
Brandywine Realty Trust has sold a large portfolio of properties to an affiliate of Och Ziff Capital Management Group LCC, according to a company release.
The complex deal–worth $398.1 million–includes nearly 4 million square feet of rentable space over 58 “non-core holdings” in Pennsylvania, New Jersey and Virginia. It marks the completion of what Brandywine called a “multi-year portfolio repositioning strategy” totaling $1.1 billion.
“The 2015 and early 2016 dispositions provide significant liquidity and results in a portfolio much more focused on urban and town center properties,” said Gerard Sweeney, president and CEO of Brandywine realty Trust, in the statement. “In addition, these transactions significantly increase our financial capacity, reduce debt and provide ample liquidity for our development pipeline.”
Philadelphia-basedHHM, formerly known as Hersha Hotel Management, is increasing its portfolio once again by agreeing to buy the Residence Inn Philadelphia Conshohocken for $26.5 million. That’s a cool $193,430 per room key.
The seller is Brandywine Realty Trust which owned 50 percent of the property as part of a joint venture which originally developed the hotel in 2001. The deal closed December 30, 2015. Brandywine netted $6.1 million from the sale.
The all-suite hotel was renovated in 2014 and with a new bar and lounge, as well as an indoor pool, fitness center and outdoor sports court. Read more »
The view from the 24th Floor of the FMC Tower | Image via Albert Lee, @urphillypal on Instagram
We’re taking a decidedly different turn on this week’s installment of Photo of the Week–and for good reason.
As you know, we typically delve into the #PhillyScape tag to grab the beautiful scenes of Philadelphia. Today, we were fortunate enough to be invited to tag along on a sky-high Instameet with Albert Lee (@urphillypal on Instagram), Brandywine Realty Trust (@brandywinerealty) and 20-or-so of Philly’s top Instagrammers to tour the glistening FMC Tower at 30th and Walnut.
You’ve seen what it’s like to be on top of the tower crane at One Riverside. Now, let’s take a trip to the other side of the Schuylkill River, as we climb to the construction site at the 24th floor for a few stunning open-air views of Philly from about 300-feet in the sky.
The site is bound by Federal and Newton avenues in the north, and 11th Street to the south | Google Street View
Subaru of America will break ground on its new U.S. corporate headquarters next week, as the company officially cements its move from nearby Cherry Hill to the Gateway District on Admiral Wilson Boulevard near Campbell’s Soup Company.
The District is owned by Campbell’s, and the 13-acre swath of the city is being developed by Brandywine Realty Trust. As such, Denise Morrison, President and CEO of Campbell’s Soup Company, and Jerry Sweeney, President and CEO of Brandywine Realty Trust, will join Subaru’s Thomas Doll, Subaru’s President and COO and Mayor Dana Redd in the ceremonial moving of the dirt. We anticipate that shiny shovels and hardhats will be involved.
Jerry Sweeney wants big-time changes to Philadelphia’s tax code — and says it will spark much-needed job growth and help the city break its cycle of poverty. If we do nothing, he said, the city is on a path to lose 35,000-40,000 jobs over the next 10 years.
The president of Brandywine Realty Trust, Sweeney is also a leader of the Philadelphia Job Growth Coalition — and he outlined the organization’s plan during a session at ThinkFest 2015.
“With all the great things Philadelphia has going for it, why can we not grow jobs? Why can’t we get more companies to locate downtown?” he said. “We need to match the economic enthusiasm with our cultural, retail and restaurant renaissance.”
He offered these grim stats about Philadelphia: Read more »
As of late, though, Market Street in particular has been abuzz with activity: a newly built-out, mid-century-style La Colombe opened its doors at 6th and Market; upcoming units at a currently being “remodeled elevator building” at 304 Market popped up on Redfin; not to mention, the massive East Market project finally had its foundation poured.
Also recently, Richard Basciano was reported to have sold off his chunk of the 2100 block to Brandywine Realty Trust, the group who may very well have inspired this surge on Market in the first place – anyone remember when 1919 Market was a big ole’ patch of “Will-Someone-Please-Do-Something-With-This?”
Brandywine Realty Trust purchased a swath of land that includes the site of the deadly building collapse near 22nd and Market | Google Street View
It looks as though Richard Basciano, through a company called STB Investment Corp., is selling off his clutch of properties along Market Street West.
Jacob Adelman of The Inquirerreported last week that Brandywine Realty Trust has purchased a massive chunk of the south side of the 2100 block of Market Street for an undisclosed price, including the site of 2013’s fatal building collapse (not the corner property, where the memorial park is planned).
Brandywine Realty Trust, who is in the middle of constructing 1919 Market and overhauling 1900 Market, has not yet indicated what they would build on the site, which is largely used as a parking lot, though Adelman notes that two three-story buildings closer to 21st Street included in the sale will be converted into “rental lofts, shops, and offices.”
It might be blasphemous to say, but much like living with complex human beings, sometimes Philadelphia can be a total pain in the derriere. It’s a city rife with struggle, ugliness, and crime; but also hope, beauty, and folks who will reach out to help you on instinct.
The latter description can be one that falls by the wayside for some of us who’ve lived here long enough. Oddly enough, we didn’t realize this until after having watched Cory J. Popp’s “Philadelphia From Above” video, which made us fall in complete and utter love with the city once more.
A team lead by Amtrak, Brandywine Realty Trust, Drexel University, PennDOT and SEPTA (plus additional public stakeholders) will release three conceptual diagrams at an open house scheduled for tonight from 4 p.m. to 7 p.m. at 30th Street Station.
Each one is an ambitious view into what one of the busiest transportation hubs in the nation could look like in the not-too-distant future. Amtrak gave PlanPhilly’s Jim Saksa a sneak preview of the trio of concepts, which call for capping parts of the railyards or the highway in some fashion.
Commerce Square debuted a new outdoor digital screen that will actually be helpful to the throngs of office workers, commuters and visitors in Center City. Brandywine Realty Trust announced a partnership today with TransitScreen to introduce a digital hub that provides real-time updates on various forms of transportation, including SEPTA and New Jersey Transit schedules, Uber distance times, nearby car share locations and even Indego Bike Share docking info.
Essentially, the one-stop-shop allows you to choose the most convenient form of transportation for whatever trip you’re about to take. CityLab explains that the “goal is to focus on getting city residents to consider all their travel options before they ever leave” and proclaimed that the tech belongs “in every lobby.”
Here’s what that info might look like on the giant LED screen or on a TV in the lobby of the building: Read more »