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Brandywine Realty Trust (NYSE:BDN) today reported several transactions since our second quarter earnings call.
Austin Property Sale
Brandywine completed the sale of Three Barton Skyway, a 173,302 square foot office building located at 1221 S. Mopac Expressway in Austin, Texas for $53.3 million, or $307 per square foot. We closed on the sale during August 2023 and we received net proceeds totaling $51.3 million. Net proceeds will be used for general corporate purposes.
Construction Loan
Brandywine has closed on a construction loan on our development project located at 155 King of Prussia Rd. Construction commenced during January 2023 and the scheduled completion is the fourth quarter 2024. The $50.0 million construction loan bears interest at 2.50% over the secured overnight financing rate and has an initial maturity date in August 2026. We anticipate our first draw on the construction loan during the fourth quarter 2023.
Located in Radnor, Pennsylvania, 155 King of Prussia Rd. is a fully leased 144,685 square foot build-to-suit office property. The building will be the North American Headquarters for Arkema S.A., a global supplier of specialty materials.
Schuylkill Yards 3025 JFK Blvd Leasing
The Company has signed a 12.5-year lease with global law firm Goodwin totaling 31,500 square feet at 3025 JFK Blvd in Schuylkill Yards. The lease represents approximately 15% of the commercial space. Goodwin's 2,000 lawyers operate from 16 offices across North America, Europe, and Asia. The firm's Philadelphia office focuses on the life sciences, healthcare, and private equity industries, including where they converge with other sectors such as technology.
The mixed-use tower at 3025 JFK Blvd is an elegant new addition to University City's skyline, rising directly adjacent to Amtrak's 30th Street Station. Designed for a mix of office, life science, lifestyle, and residential uses, 3025 JFK Blvd delivers integrated, elevated work and life experiences in Philadelphia's most exciting new neighborhood. The 29-level development features 200,000 square feet of life science/innovative office space, 326 ultra-luxury apartment units, and a 29,000-square-foot indoor/outdoor amenity floor to create an unmatched work and lifestyle balance.
"We are delighted to welcome a high-quality customer like Goodwin to our newest addition to the Schuylkill Yards neighborhood and the Brandywine family," said Jerry Sweeney, President and CEO of Brandywine Realty Trust. "On a broader front, these capital transactions advance our 2023 business plan objective of generating additional liquidity and maintaining full availability under our $600 million line of credit."
Posted In: BDN
