Brandywine Realty Trust announces Joint Venture with a Global Institutional Investor for its planned 570,000 GSF mixed-use tower at 3025 JFK Blvd within 14-acre, $3.5 billion Schuylkill Yards Neighborhood
Source: Nasdaq GlobeNewswire / 03 Feb 2021 07:06:56 America/New_York
PHILADELPHIA, Feb. 03, 2021 (GLOBE NEWSWIRE) -- Brandywine Realty Trust (NYSE:BDN) today announced a partnership with a global institutional investor for its Schuylkill Yards West mixed-use tower at 3025 JFK Blvd. 3025 JFK is planned to be the first vertical development within the 14-acre, $3.5 billion Schuylkill Yards innovation neighborhood Brandywine is master developing in University City, Philadelphia, in partnership with Drexel University. The 570,000 SF project will cost approximately $287 million and will deliver 326 ultra-luxury rental residences, 200,000 SF of Life Science/Innovative Office space, 29,000 SF of indoor/outdoor amenity space and 9,000 SF of retail to the neighborhood. Commencement of construction is planned for March 2021, with an anticipated project completion date of October 2023.
“As true believers in the promise of Philadelphia, we are pleased to continue partnering with one of the world’s top real estate investors who sees the same tremendous opportunity we do. This announcement furthers our expansive portfolio of outstanding joint venture relationships and signifies our deep-seated commitment to the vision we are bringing to life at Schuylkill Yards. With this partnership, we are poised to deliver a market-leading mixed-use tower within a city that is gaining significant momentum as a world-class life science hub,” said Jerry Sweeney, President & CEO of Brandywine Realty Trust.
The tower at 3025 JFK Boulevard, dubbed The West Tower at Schuylkill Yards, is situated adjacent to Amtrak’s 30th Street Station, and within the innovation neighborhood that serves as the central connection point between Center City’s economic district and University City’s eds & meds epicenter.
Designed by the Practice for Architecture and Urbanism (PAU), along with HDR as the Executive Architect and a team of nationally recognized Engineering firms, the tower design incorporates current and future demand drivers, such as health & wellness, technology acceleration and integrated work/life experiences through light-infused spaces, flexible 29,000 SF floorplates, and expansive, unobstructed views. The building’s heart lies in its 29,000 SF Lifestyle Club on the 9th floor, which features fluid indoor and outdoor experiences including lounge, conference and co-working spaces, an upscale fitness center, a terrace with a lap and recreation pool, cabanas, grilling stations, and more. Designed to market-leading standards of design excellence, the West Tower is optimized for fresh air intake, filtration, and circulation, and is equipped with state-of-the-art mechanical and building systems.
“The addition of this highly-anticipated tower is a pivotal moment for both Philadelphia and University City, bringing Schuylkill Yards one step closer to realizing Drexel and Brandywine’s vision of a world-class setting for work and living, learning and innovation, socializing and making meaningful community connections,” said John Fry, President of Drexel University.
The residential component is being developed in conjunction with the Gotham Organization, a fifth generation New York City-centric developer of luxury residential buildings, mixed-use developments and affordable housing. The 326 residences will reflect today’s evolving live/work lifestyle with flexible unit layouts and multiplicity of collaborative space on the amenity floor. Unobstructed views and high-end finishes are perfectly complemented by an array of amenities that cater to both passive and active entertainment. Units will range in size from studios to duplex 3-bedroom residences. The West Tower will eventually be joined by the neighboring East Tower, linked together by a verdant pocket park called the Highline Park. This is Gotham’s first Philadelphia-based development, further expanding the company’s portfolio from New York and Washington, DC.
“We are excited to have been chosen by Brandywine to develop our first luxury residential building in Philadelphia. We have been enamored by the growth and diversification of the residential marketplace and fascinated by the new neighborhoods popping up all over the City. Philadelphia is a city on the rise and deserving of what we believe will be a unique and inspiring living experience at The West Tower at Schuylkill Yards,” said David Picket, CEO of Gotham Organization.
In addition to the world-class team of PAU and Gotham, Brandywine has engaged Mount Vernon Manor, a Community Development Corporation partner for the tower, as part of Schuylkill Yards’ larger $16.4+ million Neighborhood Engagement Initiative, which prioritizes apprenticeship training, local sourcing, capacity building, business development, and more.
The West Tower will join Brandywine’s existing network of vibrant workplace, retail and green space within Schuylkill Yards and its Cira Centre South neighborhood. For leasing availabilities or to learn more, visit www.schuylkillyards.com.
Our institutional investor’s obligation to provide funding for the West Tower Development is subject to certain conditions, and there can be no assurance that these conditions will be satisfied or waived.
About Brandywine Realty Trust
Brandywine Realty Trust (NYSE: BDN) is one of the largest, publicly traded, full-service, integrated real estate companies in the United States with a core focus in the Philadelphia, Austin and Washington, D.C. markets. Organized as a real estate investment trust (REIT), we own, develop, lease and manage an urban, town center and transit-oriented portfolio comprising 173 properties and 24.7 million square feet as of December 31, 2020 which excludes assets held for sale. Our purpose is to shape, connect and inspire the world around us through our expertise, the relationships we foster, the communities in which we live and work, and the history we build together. For more information, please visit www.brandywinerealty.com.
About Schuylkill Yards
Directly adjacent to Amtrak’s 30th Street Station, Drexel University, and the University of Pennsylvania, Brandywine is building a new nexus of knowledge and innovation in the Northeast corridor. The West Tower joins the emerging Schuylkill Yards Neighborhood – 14 acres of vibrant parks, lifestyle experiences, and workspaces, all intentionally designed for connectivity, productivity, and satisfaction.
Gotham has over 100 years of experience constructing and developing high quality mixed-use buildings throughout New York. The Gotham team has deep experience in a multitude of programs and strategies to create both affordable and market rate housing ranging from utilization of capital subsidies, public private partnerships, renovations and preservation of historic buildings, to new construction on public or private land. Following development and construction, its in-house property management division seamlessly transitions into ongoing building and community management, operating vibrant communities in the neighborhoods it builds in.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “will,” “strategy,” “expects,” “seeks,” “believes,” “potential,” or other similar words. Because such statements involve known and unknown risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. Such risks, uncertainties and contingencies are, in some cases, beyond our control and could materially affect actual results, performance or achievements, including of the West Tower development. These factors include, without limitation, our inability to satisfy conditions to the funding commitment of our institutional partner; delays in completing, and cost overruns incurred in connection with, development of the West Tower; risks related to the impact of COVID-19 and other potential future outbreaks of infectious diseases, which could adversely affect construction costs and schedules, our financial condition, results of operations and cash flows and the economy and real estate and financial markets; uncertainty and volatility in capital and credit markets, including changes that reduce availability, and increase costs, of capital; disagreements with our partners and collaborators in the West Tower Development; and other risks included in our filings with the Securities and Exchange Commission, including our Form 10-K for the year ended December 31, 2019 and our Form 10-Q for the quarter ended March 31, 2020. We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events except as required by law.
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