Brandywine Realty Trust is a real estate investment trust that invests in

office building An office is a space where an organization's employees perform administrative work in order to support and realize objects and goals of the organization. The word "office" may also denote a position within an organization with specific ...

s in

Philadelphia Philadelphia, often called Philly, is the largest city in the Commonwealth of Pennsylvania, the sixth-largest city in the U.S., the second-largest city in both the Northeast megalopolis and Mid-Atlantic regions after New York City. Since ...

, Washington, D.C., and

Austin Austin is the capital city of the U.S. state of Texas, as well as the seat and largest city of Travis County, with portions extending into Hays and Williamson counties. Incorporated on December 27, 1839, it is the 11th-most-populous city ...

. As of December 31, 2019, the company owned interests in 173 properties containing 24.3 million net rentable square feet.

History

The company was founded in 1994. In 1998, the company acquired a portfolio of 23 properties for $229 million, an office park for $48.5 million, and a 68 property portfolio. In 2001, the company completed an asset exchange with Prentiss Properties Trust. In 2005, the company completed the development of the Cira Centre, designed by

César Pelli César Pelli (October 12, 1926 – July 19, 2019) was an Argentine-American architect who designed some of the world's tallest buildings and other major urban landmarks. Two of his most notable buildings are the Petronas Towers in Kuala Lumpu ...

, next to Philadelphia's

30th Street Station 3 (three) is a number, numeral and digit. It is the natural number following 2 and preceding 4, and is the smallest odd prime number and the only prime preceding a square number. It has religious or cultural significance in many societie ...

. In 2006, the company acquired Prentiss Properties Trust for $3.3 billion. 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 The General Services Administration (GSA) is an independent agency of the United States government established in 1949 to help manage and support the basic functioning of federal agencies. GSA supplies products and communications for U.S. gover ...

for occupancy by the

Internal Revenue Service The Internal Revenue Service (IRS) is the revenue service for the United States federal government, which is responsible for collecting U.S. federal taxes and administering the Internal Revenue Code, the main body of the federal statutory t ...

. In 2013, the company acquired

Commerce Square Commerce Square is a Class-A, high-rise office building complex in Center City, Philadelphia, Center City Pennsylvania. Commerce Square consists of One and Two Commerce Square, two identical 41-Storey, story office towers high that surround a pav ...

for $331.8 million. In 2016, the company sold a portfolio of 58 office properties for $398.1 million.

References

External links

{{Authority control Real estate companies established in 1994 Financial services companies established in 1994 1994 establishments in Pennsylvania Companies based in Philadelphia Companies listed on the New York Stock Exchange Real estate investment trusts of the United States