Brandywine Realty Trust plans to develop loft-style
offices and residential units on the land it bought this month along the 2100
block of Market Street in Center City, president and chief executive Jerry
Sweeney told analysts Thursday in a conference call.
The offices would be similar to those at the 1900 Market
St. building that Brandywine is now renovating, Sweeney said. That structure,
known as the Stock Exchange Building, is being upgraded with open floor plans
and collaborative work and meeting areas.
The company will partner with an outside firm for the
residential units, Sweeney said.
"The 2100 block of Market we view to be very much of
a mixed-use development," he said.
Brandywine agreed to pay $18.8 million for the land, the
company said in a statement. The 37,000-square-foot property, which comprises
most of the block's southern side, includes the site of 2013's deadly building
collapse that flattened a thrift store.
Records filed with the city showed that Brandywine had
paid Richard Basciano's STB Investments Corp. $16.6 million for the parcels.
The remainder of the purchase price will be paid in two years, Sweeney said in
an e-mail.
Development of Brandywine's recently acquired properties
- which include a parking structure at Seventh and Market Streets - would not
begin until the company completed the FMC Tower, being built near 30th Street
Station, and other current projects, Sweeney told analysts.
"We'll proceed with planning over the next 12 to 18
months and position them for starts in the 2017 to 2019 time frame," he
said.
Sweeney also said Brandywine had signed a lease for
228,000 square feet with a tenant, whom he did not identify, at the
456,900-square-foot 1900 Market St. building.
Source: Philly.com
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