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Brandywine Realty Trust

From Wikipedia - Reading time: 6 min
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]

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

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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Licensed under CC BY-SA 3.0 | Source: https://en.wikipedia.org/wiki/Brandywine_Realty_Trust
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