Headlines: Brandywine Realty Trust Hints at Market East Plan
All signs point towards the redevelopment of the “concrete heap” of a parking garage at 7th and Market into something much different in the future. Brandywine Realty Trust recently dished out $17 million for the building and it quickly became clear that they had plans beyond its current set up. In late April, The Inquirer reported that Jerry Sweeney, CEO of Brandywine Realty Trust, said the site could hold up to “600,000 square feet of development.” That’s some big time stuff.
Now, Natalie Kostelni of the Philadelphia Business Journal says that Brandywine has already set the gears in motion to make that a reality, initiating a change in zoning for the mixed-use parking structure.
The change would permit upwards of 600,000 square feet of space to be constructed at the property at 618-34 Market St., which is across from the U.S. Courthouse. Jerry Sweeney, CEO of Brandywine (NYSE: BDN), indicated the company had started this process while giving a keynote address yesterday at an office summit of the Philadelphia chapter of the Society of Industrial and Office Realtors.
This is starting to get very interesting.
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