Tuesday, October 28, 2014

Brandywine, LCOR Team Up For Center City High-Rise

A 29-story, 455,000-square-foot residential glass tower will serve as the centerpiece for a mixed-up development in central Philadelphia under a newly announced joint venture of Brandywine Realty Trust (NYSE: BDN) and LCOR, which is partnering with the California State Teachers Retirement System (CalSTRS).

Construction will begin immediately with an expected spring 2016 delivery.

The 50/50 joint venture at 1919 Market Street will include residential, retail and parking, with 321 luxury units and 24,000 square feet of commercial space that is 90% pre-leased to Independence Blue Cross and CVS, plus a 215-car structured parking facility.

Brandywine contributed the land and will manage the retail and parking. LCOR will oversee construction of the project and will be responsible for the marketing, leasing, and management of the apartments.

Barton Partners is the architect for the project and Hunter Roberts Construction Group is the construction manager.

"Brandywine has a significant investment in the Philadelphia CBD and is committed to the resurgence of the Market Street West submarket," said Brandywine President and CEO Gerard H. Sweeney, noting that the development "adds tremendous neighborhood value to our 7 million square feet of office space."

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