News broke yesterday that Brandywine Realty Trust entered into a 50/50 joint-venture with LCOR/CalSTRS to develop the site at 1919 Market Street. Today, more details have been revealed about some of Brandywine's other projects. As you might expect from the Developer of the Year, the vast majority of it is cool beans. The 49-story FMC Tower is on track and the Campbell's Soup development in Camden is taking shape in the form of a 5-year option agreement on a 13-acre parcel. There is also some surprising information as well — Evo Philly is under 50% leased up since opening in August.
According to the Philadelphia Business Journal, here's what Brandywine's president and CEO Jerry Sweeney said about the Evo situation on a recent conference call with analysts:
"[That level of leasing is] "really not in line with some of our initial expectations that the partnership had ... It does represent a pretty good out-of-the-gate performance for a property that wasn't really able to show renters any units until very late August." We have a feeling rooms should fill up once potential renters get a look at that roof deck area, which wasn't yet finished upon move-in back in August. Evo is expected to sell out in two years time. As for the FMC Tower, PBJ also reports that 100 of the 268 apartments will be "extended stay" units. Given the nature of the building as a business hub/'vertical neighborhood', that makes a whole lotta sense. They will be managed by Korman Communities.
· FMC Tower, Evo at Cira South making progress [Philadelphia Business Journal]
· More Brandywine Realty Trust Coverage [Curbed Philly]