Sunday, July 22, 2018

Brandywine picks up another site in University City

Natalie Kostelni Reporter Philadelphia Business Journal
Brandywine Realty Trust took another step forward on its Schuylkill Yards project by adding to its portfolio of properties in the University City neighborhood of Philadelphia by paying $20.9 million for 3025 John F. Kennedy Blvd.

The Philadelphia real estate investment trust bought a leasehold interest in the 1-acre parcel and additional development rights, it said in announcing its second quarter earning results.

The property is now a surface parking lot and will be part of the first phase of Schuylkill Yards, a $3.5 billion new neighborhood it is developing in partnership with Drexel University. The development is expected to be constructed over the next two decades and aims to create a community focused on innovation.

Brandywine has been picking up properties in that part of University City during the last couple of years. Earlier this year, it acquired a leasehold interest in another 1-acre lot located at 3001-3003 John F. Kennedy Blvd. for $24.6 million. That site is also a parking lot. 

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