Brandywine Realty Trust and LCOR Announce Joint Venture Development Plans for 1919 Market Street, Philadelphia, Pennsylvania

RADNOR, Pa., Oct. 27, 2014 /PRNewswire/ -- Brandywine Realty Trust (NYSE: BDN), a real estate investment trust focused on the ownership, management and development of urban, town center and suburban office properties in the mid-Atlantic region and other select markets throughout the United States, announced today that it has formed a 50/50 joint venture partnership with LCOR/CalSTRS for a mixed-use development located at 1919 Market Street in Philadelphia, Pennsylvania.

The joint venture is planning a 29-story, 455,000 square foot contemporary glass tower in a mixed-use development 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 fitness center, club room with demonstration kitchen, outdoor roof garden with fire pit and ledge pool, and fully-equipped game room including golf simulator.  The commercial space will consist of 24,000 square feet and is 90% pre-leased to Independence Blue Cross and CVS. A 215-car structured parking facility will support the development and also offer parking to the public.

As part of its land monetization program, Brandywine has contributed the land parcel at 1919 Market Street and will manage the retail and parking components of the project. LCOR, a fully-integrated real estate company specializing in development, investment and management across the Eastern United States, will oversee construction of the project and will be responsible for the marketing, leasing, and management of the apartments.

Barton Partners is the architect for the project and Hunter Roberts Construction Group is the construction manager.  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," said 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."

"We are delighted to commence development of 1919 Market Street and look forward to our partnership with LCOR and CalSTRS," stated Gerard H. Sweeney, President and Chief Executive Officer of Brandywine Realty Trust.  "Brandywine has a significant investment in the Philadelphia CBD and is committed to the resurgence of the Market Street West submarket. This luxury, mixed-use development, with access to various transit options, epitomizes smart urban development and adds tremendous neighborhood value to our seven million square feet of office space."

About LCOR

LCOR is a fully integrated real estate company with a mission to create better places to live, learn, work, travel and play.  In 2012, LCOR recapitalized the company with the California State Teachers' Retirement System and the resulting new platform, with a significant asset and capital base, is poised for strategic portfolio growth.  LCOR specializes in core urban development and acquisition / redevelopment opportunities where assets can be repositioned or rehabilitated to add value.  The company is a pioneer and leader in public/private development, including government spaces, aviation facilities and infrastructure. 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.  Nationally, LCOR has developed more than 21,000 residential units and 20 million square feet of commercial space.  LCOR is principally focused in the eastern United States, with offices in New York City and the Washington D.C. and Philadelphia metro areas.

About Brandywine Realty Trust

Brandywine Realty Trust is one of the largest, publicly traded, full-service, integrated real estate companies in the United States.  Organized as a real estate investment trust and operating in select markets, Brandywine owns, leases and manages an urban, town center and suburban office portfolio comprising 281 properties and 33.7 million square feet as of September 30, 2014. For more information, please visit www.brandywinerealty.com.

Forward-Looking Statements

Certain statements in this release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, achievements or transactions of the Company and its affiliates or industry results to be materially different from any future results, performance, achievements or transactions expressed or implied by such forward-looking statements.  Such risks, uncertainties and other factors relate to, among others, the Company's ability to lease vacant space and to renew or relet space under expiring leases at expected levels, the potential loss of major tenants, interest rate levels, the availability and terms of debt and equity financing, competition with other real estate companies for tenants and acquisitions, risks of real estate acquisitions, dispositions and developments, including cost overruns and construction delays, unanticipated operating costs and the effects of general and local economic and real estate conditions.  Additional information or factors which could impact the Company and the forward-looking statements contained herein are included in the Company's filings with the Securities and Exchange Commission, including our Form 10-K for the year ended December 31, 2013.  The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

Photo - http://photos.prnewswire.com/prnh/20141027/154474

Photo - http://photos.prnewswire.com/prnh/20141027/154473

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/brandywine-realty-trust-and-lcor-announce-joint-venture-development-plans-for-1919-market-street-philadelphia-pennsylvania-120676101.html

SOURCE Brandywine Realty Trust

Related Links

http://www.brandywinerealty.com