News
IF THEY BUILD IT, WILL THEY COME?
September 21, 2011
| A giant thermometer usually indicates fundraising totals. We need a symbol for pre-leasing, since Brandywine Realty Trust is just 50% away from movingon its second gleaming Cira Centre tower. |
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| Brandywine's Steve Rush tells us activity may be enough to kick-start a Cira Centre South building that could range from 500k to 700k SF. He feels there are enough potential big tenants to hit its 50% prelease threshold. Brandywine is certainly in a position to see the biggest RFPs in the market, not only with Cira Centre, but also with its Three Logan Square (above), which has 100k SF still available. “We happen to be the one trophy-class building in all of the market that can handle large tenants.†Steve says demographic trends are favoring long-term office growth in the CBD. “The number one thing [tenants] state is their young workforce wants to be downtown. They hate the reverse commute.†|
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| The real estate giant also just bought 3020 Market Street, a 217k SF Class-B building that's 65% leased through a note purchase from Inland Bank. Steven, seen here playing Godzilla to his Cira Centre model at the company's local office, says the acquisition comes at the right time as activity picks up in the CBD. But, it's likely the only additional downtown buy Brandywine will make in the near future. “A few have come along that for key reasons have been pretty good for us. But we're not aggressively looking for any new product.†|
