PHILADELPHIA — Brandywine Realty Trust (NYSE: BDN) has formed a 50/50 joint venture partnership with LCOR/CalSTRS for a mixed-use development located at 1919 Market St. in Philadelphia’s City Center neighborhood. The joint venture is planning a 29-story, 455,000-square-foot glass tower consisting of residential, retail and parking components.
The project will be comprised of 321 luxury apartments with full concierge service and rooftop amenities that include a fitness center, club room with demonstration kitchen, outdoor roof garden with a fire pit and ledge pool and a game room including a golf simulator.
The commercial space will consist of 24,000 square feet and is 90 percent pre-leased to Independence Blue Cross and CVS/pharmacy. A 215-car structured parking facility will support the development and also offer parking to the public.
Brandywine has contributed the land parcel at 1919 Market St. and will manage the retail and parking components of the project. LCOR will oversee construction of the project and will be responsible for the marketing, leasing and management of the multifamily component.
The project team includes architect Barton Partners and construction manager Hunter Roberts Construction Group. Construction will begin immediately with an expected spring 2016 delivery.
“With LCOR’s experience developing transit-oriented communities, we understand and recognize the value of walkable, mixed-use projects, especially in a dynamic neighborhood such as Center City,” says Thomas O’Brien, president of LCOR. “Brandywine is a committed partner and we look forward to working with them on bringing this notable development to fruition, further enhancing the Philadelphia area which both LCOR and Brandywine call home.”
LCOR is a fully integrated real estate company that specializes in core urban development and acquisition/redevelopment projects. In 2012, LCOR recapitalized the company with the California State Teachers’ Retirement System (CalSTRS). LCOR’s real estate operating and development business manages approximately 8,000 multifamily units, 8 million square feet of commercial space and a substantial development pipeline of mixed-use real estate in core markets. LCOR has developed more than 21,000 residential units and 20 million square feet of commercial space.
Organized as a real estate investment trust (REIT), Brandywine Realty Trust owns, leases and manages an urban, town center and suburban office portfolio comprising 281 properties and 33.7 million square feet as of Sept. 30, 2014.
Brandywine Realty Trust’s stock price closed Friday, Oct. 24 at $15.17 per share, up from $14.23 per share this time last year.
— John Nelson