By Paul Schwedelson – Reporter, Philadelphia Business Journal
While still envisioned as a top-tier life sciences property, Brandywine Realty Trust’s recently completed 14-story building at 3151 Market St. could soon be made available to office tenants.
“To the extent that there are tenants who are of the size and the composition where we cannot accommodate them in one of our traditional office offerings, we would certainly welcome the idea of showing them 3151 as a receiver,” Brandywine CEO Jerry Sweeney told the Business Journal.
The possibility of the 472,000-square-foot building welcoming office tenants only came into focus following FS Investments’ 117,000-square-foot lease at Brandywine's nearby property at 3025 John F. Kennedy Blvd. That lease brought the commercial portion of the office and residential Schuylkill Yards building to 83% leased. With only a little over a floor still vacant at 3025 JFK, Brandywine (NYSE: BDN) will have to look elsewhere to accommodate any prospective tenants looking for a large amount of office space in a brand new building.
Ultimately, Sweeney still sees 3151 Market as a life sciences building. The $317 million project was built with mechanical requirements like floor loads and power capacity designed for life sciences users, and the property has what it needs for high-quality lab space.
Everything that makes 3151 Market St. an attractive lab building carries over to office space too. The building will have a café and ground-floor retail, and is in the heart of University City surrounded by major education and medical anchor institutions near 30th Street Station.
“We’re in the business of leasing space,” Sweeney said. “We try to lease space to the best quality customers and accommodate their growth requirements over time.”
Full story: http://tiny.cc/cym9001
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