Brandywine Realty Trust bought this parking structure
at 6th and Market streets in Philadelphia.
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Brandywine Realty Trust has acquired a parking structure
across from the U.S. Courthouse at 6th and Market streets in Center City,
according to people familiar with the situation.
The five-story structure at 618-34 Market St. was sold by
Richard Basciano, a New York real estate investor who owns several properties
in Philadelphia.
Neither an official at Brandywine (NYSE: BDN) or Basciano
could be reached for comment in spite of repeated attempts.
This is the first time Brandywine has taken a stake in
the historic area of Philadelphia. However, other large real estate companies,
such as Keystone Property Group, Rubenstein Partners and Brickstone Realty
Cos., have started to take a liking to the neighborhood, showing their
confidence that it has a bright future.
Brandywine has focused the last few years on building up
its footprint in Center City. It is the dominant landlord of Class A and trophy
office space along West Market Street in the Central Business District as well
as in and around 30th Street Station. The garage serves as a bookend to its
Philadelphia holdings as well as adds to its already large portfolio of parking
it has in Philadelphia.
Basciano became a recognized name in Philadelphia in 2013
because a company he was affiliated with was the owner of building in the 2100
block of Market Street that fell onto a Salvation Army Thrift Store and killed
seven people.
How much Brandywine paid couldn’t be determined. The
structure was acquired by Basciano in 1997 for $6.65 million, according to
Philadelphia property records, and now listed with a market value of $17
million.
Aside from the parking, the property has a small strip of
street-level retail that is partially occupied by Dunkin Donuts, Shirt Corner
and Geator Gold Radio. It sits next to the Dow building and is zoned CMX-5,
which allows for dense mixed-use development. It’s presumed that if any future
development occurred at the property it would either be on top of the existing
structure or Brandywine could take down the existing structure and start anew.
Source: Philadelphia
Business Journal
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