By Paul Schwedelson – Reporter, Philadelphia Business Journal
Brandywine Realty Trust has acquired its joint venture partner's stake in 3025 John F. Kennedy Blvd. for $70.5 million, giving it complete ownership of the 570,000-square-foot property.
Philadelphia-based Brandywine originally had a 66% stake in the recently developed building, while its global institutional investment partner owned the balance. Brandywine (NYSE: BDN) declined to name the former joint venture partner. As part of the deal, Brandywine also assumed its share of the debt on the property.
The 28-story mixed-use University City building, just west of 30th Street Station,is split between 326 apartments on floors 10 through 28 and 200,000 square feet of office space on floors two through eight. Shared amenity space is on the ninth floor.
The project's total cost was $325 million, Brandywine reported.
Construction was completed in the fourth quarter of 2023, and Brandywine reported this week the residential portion of the building is 99% leased. The office portion will be 92% leased when anchor tenant Future Standard takes occupancy in the first quarter of 2026. Law firm Goodwin Procter occupies 31,000 square feet in the building.
Brandywine and its global institutional investor partner exercised a one-year loan extension for the property in the second quarter. Following the acquisition of the partner’s equity stake, Brandywine CEO Jerry Sweeney said Thursday on the company’s quarterly earnings call with investors that the firm is considering refinancing in 2026.
“With the debt coming due, we think we have some positive refinancing outcomes at a very straightforward level,” Sweeney said.
Full story: https://www.bizjournals.com/philadelphia/news/2025/10/23/brandywine-3025-jfk-equity-stake-acquired.html
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