Brandywine Realty Trust

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Brandywine Realty Trust
Public company
Traded as NYSEBDN
Russell 1000 Index component
Industry Commercial Real Estate
Founded 1994; 24 years ago (1994)[1]
Headquarters Philadelphia, Pennsylvania
Key people
Gerard H. Sweeney, CEO & President
Michael J. Joyce, Chairman
Thomas E. Wirth, CFO
Products Office buildings
Revenue Decrease $0.520 billion (2017)
Increase $0.115 billion (2017)
Total assets Decrease $3.995 billion (2017)
Total equity Decrease $1.829 billion (2017)
Number of employees
342 (2017)
Website www.brandywinerealty.com
Footnotes / references
[1]

Brandywine Realty Trust is one of the largest, publicly traded, full-service, integrated real estate companies in the United States with a core focus in the Philadelphia, Washington, D.C., and Austin markets. Organized as a real estate investment trust (REIT), they own, develop, lease and manage an urban, town center and transit-oriented portfolio.

As of March 31, 2018, the company's portfolio consists of 185 properties containing 25.3 million net rentable square feet.[1]

History[edit]

The company was founded in 1994.[1]

In 1998, the company acquired a portfolio of 23 properties for $229 million,[2] an office park for $48.5 million,[3] and a 68 property portfolio.[4]

In 2001, the company completed an asset exchange with Prentiss Properties Trust.[5]

In 2005, the company completed the development of the Cira Centre, designed by César Pelli, next to Philadelphia's 30th Street Station.[6][7]

In 2006, the company acquired Prentiss Properties Trust for $3.3 billion.[8][9]

In 2010, the company completed the renovation of Cira Square, a former U.S. post office building that was leased to the General Services Administration for occupancy by the Internal Revenue Service.[10] The company also acquired Three Logan Square from an affiliate of The Blackstone Group for $129 million.[11][12]

In 2013, the company bought Commerce Square for $331.8 million.[13] The company also bought the ground lease for Cira Center from Amtrak.[14]

In 2014, the company acquired a 320,000-square-foot office complex in Austin, Texas for $14 million.[15]

In 2015, the company bought a 50% interest in an office park in Austin, Texas from IBM from $211.4 million.[16] The company also sold an office building in Mount Laurel, New Jersey for $16.5 million.[17]

In 2016, the company sold the Residence Inn Philadelphia Conshohocken hotel for $26.5 million,[18] a portfolio of 58 office properties for $398.1 million,[19] and Cira Square for $354 million,[20]

In 2017, the company sold 5 acres of waterfront property in Philadelphia to the Durst Organization for $21.4 million.[21] The company also acquired a building in Philadelphia for $32 million.[22]

References[edit]

  1. ^ a b c d "Brandywine Realty Trust 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission. 
  2. ^ "BRANDYWINE REALTY BUYS 23 PROPERTIES FOR $229 MILLION". The New York Times. Dow Jones & Company. January 7, 1998. 
  3. ^ "REIT Buys Office Complex". The New York Times. Dow Jones & Company. May 13, 1998. 
  4. ^ "BRANDYWINE REALTY TO BUY 68 PROPERTIES FROM LAZARD". The New York Times. Bloomberg News. August 7, 1998. 
  5. ^ "Prentiss Properties Trust and Brandywine Realty Trust Close Asset Exchange" (Press release). PR Newswire. April 10, 2001. 
  6. ^ "Brandywine Realty Trust - Cira Centre Reaches 91 Percent Leased with 180,000 Square Feet of Recent Transactions; Landmark New Office Tower Bringing Over 700 New Jobs to the City of Philadelphia" (Press release). Business Wire. May 24, 2005. 
  7. ^ Kostelni, Natalie (May 24, 2005). "Cira Centre passes 90% leased mark". American City Business Journals. 
  8. ^ "Brandywine Realty Trust Closes on $3.3 Billion Merger with Prentiss Properties Trust" (Press release). Business Wire. January 5, 2006. 
  9. ^ "Brandywine to Buy Prentiss". Los Angeles Times. Reuters. October 4, 2005. 
  10. ^ Kostelni, Natalie (September 20, 2010). "Brandywine wraps up big rehab of post office". American City Business Journals. 
  11. ^ Kostelni, Natalie (August 6, 2010). "Brandywine Realty Trust buys Bell Atlantic Tower from Blackstone affiliate". American City Business Journals. 
  12. ^ Deichler, Andrew (August 8, 2010). "Brandywine Acquires 1717 Arch for $129M". CoStar Group. 
  13. ^ Kostelni, Natalie (September 5, 2013). "Brandywine makes $331M Center City office play". American City Business Journals. 
  14. ^ Kostelni, Natalie (December 5, 2013). "Brandywine buys land where Cira Centre stands". American City Business Journals. 
  15. ^ Buchholz, Jan (May 23, 2014). "National REIT acquires huge office development in Southwest Austin". American City Business Journals. 
  16. ^ Buchholz, Jan (August 4, 2015). "A blockbuster deal for North Austin: IBM sells campus near The Domain, more development planned". American City Business Journals. 
  17. ^ House, Wesley (October 13, 2015). "Brandywine Realty Trust Sells Mt. Laurel Corporate Park I". CoStar Group. 
  18. ^ Hilario, Kenneth (January 6, 2016). "Conshohocken hotel sells for $26.5M". American City Business Journals. 
  19. ^ Kostelni, Natalie (February 5, 2016). "Brandywine completes $400M sale". American City Business Journals. 
  20. ^ Drummer, Randyl (December 28, 2015). "Brandywine Selling Cira Square In W. Philadelphia for $354 Million". CoStar Group. 
  21. ^ Drummer, Randyl (March 27, 2017). "Durst Organization Acquires Delaware River Waterfront Properties from Brandywine Realty Trust". CoStar Group. 
  22. ^ "Brandywine buys building in University City". American City Business Journals. September 5, 2017. 

External links[edit]