Thursday, February 9, 2017

Brandywine Realty has big year with sales, sees lease up at FMC Tower

Natalie Kostelni Reporter Philadelphia Business Journal
Brandywine Realty Trust ended its year selling $860 million in properties — handily exceeding its original target of unloading $450 million — and reaching a leasing milestone at FMC Tower, which is now 96 percent occupied.

These were among the updates the company provided Tuesday during a company conference call with analysts to discuss fourth quarter and year-end results.

Among other updates from the company:

The multifamily project at 1919 Market St. in Philadelphia that it developed in partnership with CalSTRS and LCOR is complete. The 29-story, 455,000-square-foot building has 321 apartments as well as 24,000 square feet of office and commercial space. The office and retail space is fully leased and occupied. A 215-vehicle garage is averaging 90 percent occupancy each day and Brandywine is projecting a return of 7 percent on those parking operations. The apartments are already 76 percent leased and 68 percent occupied;
The company sold its 50 percent stake in an apartment complex called Parc at Plymouth for $100.5 million to an undisclosed buyer. Brandywine (NYSE: BDN) developed the 398-apartment complex on 20 acres at 134 Plymouth Road in Plymouth Meeting, Pa., with Toll Brothers Inc. (NYSE: TOL). The total project cost $77 million to build. In the sale, Brandywine reported proceeds of $27.2 million and expects to record a gain of $14.6 million;
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