Brandywine Realty Trust has made a move to re-establish a
presence in the Bala Cynwyd, Pa., office market and has entered into an
agreement to buy 9 Presidential Blvd., for $4 million.
The property consists of a two-story, 27,000-square-foot
office building.
L.F. Driscoll, a construction company, vacated the
structure last year and decided to lease space at 401 City Ave. After making
that move, an affiliate of the Driscoll family put 9 Presidential up for sale.
Scott Gabrielsen of Binswanger and Jim Dugan of Newmark Grubb Knight Frank have
the listing.
Brandywine (NYSE: BDN) said it plans weren't finalized
for the property, but it expects to construct a 180,000-square-foot office
building on the site, said Jerry Sweeney, CEO of the real estate company.
The property sits within a relatively new zoning district
along the City Avenue corridor that promotes denser, mixed-use development that
is more transit oriented and pedestrian friendly.
Brandywine is not a stranger to Bala Cynwyd.
The Radnor, Pa., real estate investment trust had at one
time owned the Bala Pointe Office Center, a 170,000-square-foot structure at
111 Presidential Blvd. In a reflection of how times, markets and companies
change, Brandywine sold the property in 2006 for $35.5 million as part of a
plan it had then laid out to selectively sell properties it had determined to
be non-core to its local office portfolio. The company said at the time it
would invest in areas it thought were to be “higher-growth” and “strategically
significant.” Radnor and Center City are among the local office markets that
Brandywine is now a dominant player.
Source: Philadelphia
Business Journal
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