Brandywine Realty Trust has paid $23.2 million for the
ground on which Cira Centre sits.
Amtrak sold the parcel at 2929 Arch St. to the Radnor, Pa.,
real estate investment trust. Brandywine declined comment on the transaction.
Brandywine constructed Cira Centre, a 29-story, 731,000-square-foot office
tower. The building sits in a Keystone Opportunity Zone and this transaction
doesn’t effect that special designation, according to two experts on the KOZ
legislation.
Amtrak limited the comments it made about the sale. Craig
Schulz, spokesman for Amtrak, said Brandywine bought out a 99-year lease it had
on the land on which Cira Centre sits. The rail company plans to use the
capital raised by the transaction to advance a number of projects across the
country, Schulz said in an email.
Brandywine and Drexel University are partnering with Amtrak
on a master planning effort for 30th Street Station and the area surrounding
it. Part of that effort is to come up with a vision for the area and potential
development of air rights above the rail yards it maintains in that part of
Philadelphia. The deadline for submitting proposals is Nov. 18.
Source: Philadelphia
Business Journal
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