Brandywine Realty Trust

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

Brandywine Realty Trust
Company typePublic
IndustryReal estate investment trust
Founded1994; 30 years ago (1994)[1]
Headquarters2929 Arch St., Suite 1800, Philadelphia, Pennsylvania, U.S.
Key people
Gerard H. Sweeney, CEO & President
Michael J. Joyce, Chairman
Thomas E. Wirth, CFO
ProductsOffice buildings
RevenueIncrease US$506 million (2022)
Increase US$53 million (2022)
Total assetsIncrease US$3.874 billion (2022)
Total equityDecrease US$1.633 billion (2022)
Number of employees
334 (2022)
Websitebrandywinerealty.com
Footnotes / references
[1]

As of December 31, 2022, the company owned interests in 72 properties containing 12.8 million net rentable square feet.[1]

History

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The company was founded in 1994 by Jerry Sweeney.[2]

In 1998, the company acquired a portfolio of 23 properties for $229 million,[3] an office park for $48.5 million,[4] and a 68 property portfolio.[5]

In 2001, the company completed an asset exchange with Prentiss Properties Trust.[6]

In May 2005, the company completed the development of the Cira Centre, designed by César Pelli, next to Philadelphia's 30th Street Station.[7]

In January 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

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  1. ^ a b c "Brandywine Realty Trust 2022 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ "Gerard H. Sweeney, President, CEO and Trustee of Brandywine Realty Trust Named Honoree for Villanova's Celebration of Excellence in Real Estate" (Press release). Villanova University. February 13, 2020.
  3. ^ "BRANDYWINE REALTY BUYS 23 PROPERTIES FOR $229 MILLION". The New York Times. Dow Jones & Company. January 7, 1998.
  4. ^ "REIT Buys Office Complex". The New York Times. Dow Jones & Company. May 13, 1998.
  5. ^ "BRANDYWINE REALTY TO BUY 68 PROPERTIES FROM LAZARD". The New York Times. Bloomberg News. August 7, 1998.
  6. ^ "Prentiss, Brandydwine complete asset swap". American City Business Journals. April 11, 2001.
  7. ^ Kostelni, Natalie (May 24, 2005). "Cira Centre passes 90% leased mark". American City Business Journals.
  8. ^ "Prentiss Properties completes merger with Brandywine". American City Business Journals. January 6, 2006.
  9. ^ Kostelni, Natalie (October 3, 2005). "Brandywine Realty Trust to pay $3.3B for Prentiss Properties". American City Business Journals.
  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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