RADNOR, PA - Brandywine Realty Trust, 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."