Brandywine Realty Trust has initiated a zoning change on
a parking garage at 6th and Market streets in Philadelphia that it bought for
$17 million in April.
The change would permit upwards of 600,000 square feet of
space to be constructed at the property at 618-34 Market St., which is across
from the U.S. Courthouse. Jerry Sweeney, CEO of Brandywine (NYSE: BDN),
indicated the company had started this process while giving a keynote address
yesterday at an office summit of the Philadelphia chapter of the Society of
Industrial and Office Realtors.
Sweeney said the company’s purchase of the property is a
“hedge” on the direction East Market Street is headed.
The East Market Street corridor had heated up. In all,
real estate companies are investing $1.5 billion in 5.5 million square in the
East Market Street corridor, according to JLL data. These projects are expected
to be completed by 2017. So much money is flooding the area because of the
population growth in Philadelphia, which has made “Market East significantly
more attractive for retail, multifamily and speculative office projects,” JLL
said in a research report.
Brandywine, an office owner and developer that is the
third largest owner of parking in Philadelphia, bought the garage Richard
Basciano, a New York real estate investor who owns several properties in the
city.
Source: Philadelphia
Business Journal
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