Brandywine Realty Trust

Brandywine Realty Trust is a real estate investment trust that invests in office buildings in Philadelphia, Washington, D.C., and Austin.

Brandywine Realty Trust
TypePublic
IndustryCommercial Real Estate
Founded1994 (1994)[1]
HeadquartersPhiladelphia, Pennsylvania, U.S.
Key people
Gerard H. Sweeney, CEO & President
Michael J. Joyce, Chairman
Thomas E. Wirth, CFO
ProductsOffice buildings
Revenue US$580 million (2019)
US$34 million (2019)
Total assets US$4.075 billion (2019)
Total equity US$1.677 billion (2019)
Number of employees
337 (2019)
Websitebrandywinerealty.com
Footnotes / references
[1]

As of December 31, 2019, the company owned interests in 173 properties containing 24.3 million net rentable square feet.[1]

History

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]

In 2013, the company acquired Commerce Square for $331.8 million.[11]

In 2016, the company sold a portfolio of 58 office properties for $398.1 million.[12]

References
  1. "Brandywine Realty Trust 2019 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. Archived from the original on 2017-08-17. Retrieved 2020-01-02.
  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 (September 5, 2013). "Brandywine makes $331M Center City office play". American City Business Journals.
  12. Kostelni, Natalie (February 5, 2016). "Brandywine completes $400M sale". American City Business Journals.
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