Brandywine Realty Trust
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Public company | |
Traded as |
NYSE: BDN Russell 1000 Index component |
Industry | Commercial Real Estate |
Founded | 1994[1] |
Headquarters | Philadelphia, Pennsylvania |
Key people |
Gerard H. Sweeney, CEO & President Michael J. Joyce, Chairman Thomas E. Wirth, CFO |
Products | Office buildings |
Revenue |
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Total assets |
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Total equity |
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Number of employees | 342 (2017) |
Website |
www |
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
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
- 1 2 3 4 "Brandywine Realty Trust 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- ↑ "BRANDYWINE REALTY BUYS 23 PROPERTIES FOR $229 MILLION". The New York Times. Dow Jones & Company. January 7, 1998.
- ↑ "REIT Buys Office Complex". The New York Times. Dow Jones & Company. May 13, 1998.
- ↑ "BRANDYWINE REALTY TO BUY 68 PROPERTIES FROM LAZARD". The New York Times. Bloomberg News. August 7, 1998.
- ↑ "Prentiss Properties Trust and Brandywine Realty Trust Close Asset Exchange" (Press release). PR Newswire. April 10, 2001.
- ↑ "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.
- ↑ Kostelni, Natalie (May 24, 2005). "Cira Centre passes 90% leased mark". American City Business Journals.
- ↑ "Brandywine Realty Trust Closes on $3.3 Billion Merger with Prentiss Properties Trust" (Press release). Business Wire. January 5, 2006.
- ↑ "Brandywine to Buy Prentiss". Los Angeles Times. Reuters. October 4, 2005.
- ↑ Kostelni, Natalie (September 20, 2010). "Brandywine wraps up big rehab of post office". American City Business Journals.
- ↑ Kostelni, Natalie (August 6, 2010). "Brandywine Realty Trust buys Bell Atlantic Tower from Blackstone affiliate". American City Business Journals.
- ↑ Deichler, Andrew (August 8, 2010). "Brandywine Acquires 1717 Arch for $129M". CoStar Group.
- ↑ Kostelni, Natalie (September 5, 2013). "Brandywine makes $331M Center City office play". American City Business Journals.
- ↑ Kostelni, Natalie (December 5, 2013). "Brandywine buys land where Cira Centre stands". American City Business Journals.
- ↑ Buchholz, Jan (May 23, 2014). "National REIT acquires huge office development in Southwest Austin". American City Business Journals.
- ↑ Buchholz, Jan (August 4, 2015). "A blockbuster deal for North Austin: IBM sells campus near The Domain, more development planned". American City Business Journals.
- ↑ House, Wesley (October 13, 2015). "Brandywine Realty Trust Sells Mt. Laurel Corporate Park I". CoStar Group.
- ↑ Hilario, Kenneth (January 6, 2016). "Conshohocken hotel sells for $26.5M". American City Business Journals.
- ↑ Kostelni, Natalie (February 5, 2016). "Brandywine completes $400M sale". American City Business Journals.
- ↑ Drummer, Randyl (December 28, 2015). "Brandywine Selling Cira Square In W. Philadelphia for $354 Million". CoStar Group.
- ↑ Drummer, Randyl (March 27, 2017). "Durst Organization Acquires Delaware River Waterfront Properties from Brandywine Realty Trust". CoStar Group.
- ↑ "Brandywine buys building in University City". American City Business Journals. September 5, 2017.
External links
- Business data for Brandywine Realty Trust: Google Finance
- Yahoo! Finance
- Bloomberg
- Reuters
- SEC filings