Did Richard Basciano Sell a Market East Parking Garage to Brandywine Realty Trust?
Two major names on the Philadelphia real estate scene (for very, very different reasons) may have just pulled off a a big time deal near Independence Hall. According to Natalie Kostelni of the Philadelphia Business Journal, Richard Basciano–yes, that Richard Basciano– has sold the property at 618-34 Market Street to Brandywine Realty Trust. Currently, it’s a parking garage with ground-floor retail, including none-other-than Jerry Blavat’s Geater Gold Radio Network as well as a Dunkin’ Donuts and the Suit Corner.
It’s unclear if the building has officially been sold and for how much. Basciano is still listed as the owner, having purchased the building in 1997 for $6.655 million. Brandywine couldn’t be reached regarding the deal . We talked with an employee at the Suit Corner (630 Market Street), who said they didn’t know anything about the sale. If the deal happens, Kostelni reports the structure will be altered:
It’s presumed that if any future development occurred at the property it would either be on top of the existing structure or Brandywine could take down the existing structure and start anew.
You remember Basciano as the owner of the building involved in the Market Street collapse that ultimately lead to the death of seven people. More recently, Basciano has sought to combine the parcels adjacent to the collapse site, currently parking lots/structures, and potentially turn them into more parking. Unrelated: Can Brandywine or someone please buy those lots, too?
On the other hand of the deal is Brandywine, who has been extra busy in Philly and beyond, including Austin, Texas. Two of their latest projects, the FMC Tower and 1919 Market Street, are rising from the ground. As noted by Kostelni, the building at 6th and Market is in the thick of it all and its max density CMX-5 zoning could allow for a true game-changer to be built on the site.
Keep your eyes peeled on this one.
- Exclusive: High-profile site near the Liberty Bell sold [Philadelphia Business Journal]
- Richard Basciano Coverage [Property]
- Brandywine Realty Trust Coverage [Property]
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