April 24, 2018
Philadelphia-based Brandywine Realty Trust is moving ahead with plans to develop the $3.5-billion Schuylkill Yards project in West Philadelphia. The company is acquiring controlling interests in two acres of land in University City for more than $45 million, where it envisions initiating the first phase of construction.
Brandywine paid $24.6 million for a 99-year lease of a one-acre site at 3001 and 3003 John F. Kennedy Blvd. It also plans to acquire another long-term lease on an adjacent one-acre parcel at 3025 John F. Kennedy Blvd. for $20.5 million later this summer.
Design work will now commence, though construction of the planned 700,000-square-foot tower will be held off until pre-lease commitments are secured. The building is envisioned to house offices in half of the space, and residential or life science labs in the balance. The 14-acre Schuylkill Yards project is planned to eventually have eight million square feet of development.
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