Brandywine Realty Trust Announces Capital Transactions Totaling $103.3 million and signs First Commercial Lease at 3025 JFK Blvd in Schuylkill Yards
07 Septembre 2023 - 10:46PM
Brandywine Realty Trust (NYSE: BDN) today reported several
transactions since our second quarter earnings call.
Austin Property Sale
Brandywine completed the sale of Three Barton
Skyway, a 173,302 square foot office building located at 1221 S.
Mopac Expressway in Austin, Texas for $53.3 million, or $307 per
square foot. We closed on the sale during August 2023 and we
received net proceeds totaling $51.3 million. Net proceeds will be
used for general corporate purposes.
Construction Loan
Brandywine has closed on a construction loan on
our development project located at 155 King of Prussia Rd.
Construction commenced during January 2023 and the scheduled
completion is the fourth quarter 2024. The $50.0 million
construction loan bears interest at 2.50% over the secured
overnight financing rate and has an initial maturity date in August
2026. We anticipate our first draw on the construction loan during
the fourth quarter 2023.
Located in Radnor, Pennsylvania, 155 King of
Prussia Rd. is a fully leased 144,685 square foot build-to-suit
office property. The building will be the North American
Headquarters for Arkema S.A., a global supplier of specialty
materials.
Schuylkill Yards 3025 JFK Blvd
Leasing
The Company has signed a 12.5-year lease with
global law firm Goodwin totaling 31,500 square feet at 3025 JFK
Blvd in Schuylkill Yards. The lease represents approximately 15% of
the commercial space. Goodwin’s 2,000 lawyers operate from 16
offices across North America, Europe, and Asia. The firm’s
Philadelphia office focuses on the life sciences, healthcare, and
private equity industries, including where they converge with other
sectors such as technology.
The mixed-use tower at 3025 JFK Blvd is an
elegant new addition to University City's skyline, rising directly
adjacent to Amtrak's 30th Street Station. Designed for a mix of
office, life science, lifestyle, and residential uses, 3025 JFK
Blvd delivers integrated, elevated work and life experiences in
Philadelphia's most exciting new neighborhood. The 29-level
development features 200,000 square feet of life science/innovative
office space, 326 ultra-luxury apartment units, and a
29,000-square-foot indoor/outdoor amenity floor to create an
unmatched work and lifestyle balance.
“We are delighted to welcome a high-quality
customer like Goodwin to our newest addition to the Schuylkill
Yards neighborhood and the Brandywine family,” said Jerry Sweeney,
President and CEO of Brandywine Realty Trust. “On a broader front,
these capital transactions advance our 2023 business plan objective
of generating additional liquidity and maintaining full
availability under our $600 million line of credit.”
About Brandywine Realty
Trust
Brandywine Realty Trust (NYSE: BDN) is one of
the largest, publicly traded, full-service, integrated real estate
companies in the United States with a core focus in the
Philadelphia and Austin markets. Organized as a real estate
investment trust (REIT), we own, develop, lease and manage an
urban, town center and transit-oriented portfolio comprising 162
properties and 22.8 million square feet as of June 30, 2023 which
excludes assets held for sale. Our purpose is to shape, connect and
inspire the world around us through our expertise, the
relationships we foster, the communities in which we live and work,
and the history we build together. For more information, please
visit www.brandywinerealty.com.
Company / Investor Contact:Tom WirthEVP &
CFO610-832-7434 tom.wirth@bdnreit.com
Brandywine Realty (NYSE:BDN)
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