Brandywine Realty Trust will begin redeveloping 1900 Market
St. in Center City midyear, and aims to complete the major overhaul by 2015.
A sneak peek at what the Radnor, Pa., real estate investment
trust might do with the interior and exterior of the structure shows a dramatic
and uplifting revamp of the 456,922-square-foot structure, known as the Stock
Exchange Building.
It was developed by the late Willard G. Rouse III and was
his first foray into Center City. Rouse & Associates constructed the
building in 1981, and law firm Cozen O’Connor and the Philadelphia Stock
Exchange ended up being anchor tenants.
The building was designed with a large interior atrium that
was replete with foliage. Cope Linder Architects designed it and, at the time,
won a gold medal for its design from the Philadelphia Chapter of the American
Institute of Architects and an honor award from the Pennsylvania Society of
Architects.
Its shining past has dulled. The building hit on some hard
times, looks dated and is losing its anchor tenant, Cozen O’Connor, which is
relocating to One Liberty. It is currently 77 percent leased. It's a value-add
opportunity for Brandywine (NYSE: BDN).
The renovation looks to bring the property up to Class A
standards and, while it won't exactly be turned into trophy space, it will
bring some high-end office space onto what is a tight trophy and Class A
market.
Source: Philadelphia
Business Journal
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