Brandywine announces Joint Venture with Global Institutional Investor for 3025 JFK Blvd
At 570,000 GSF, 3025 JFK is planned to be the first vertical development within Schuylkill Yards
Philadelphia, PA, February 3, 2021 – Brandywine Realty Trust (NYSE:BDN) today announced a partnership with a global institutional investor for its Schuylkill Yards West mixed-use tower at 3025 JFK Blvd. 3025 JFK is planned to be the first vertical development within the 14-acre, $3.5 billion Schuylkill Yards innovation neighborhood Brandywine is master developing in University City, Philadelphia, in partnership with Drexel University. The 570,000 SF project will cost approximately $287 million and will deliver 326 ultra-luxury rental residences, 200,000 SF of Life Science/Innovative Office space, 29,000 SF of indoor/outdoor amenity space and 9,000 SF of retail to the neighborhood. Commencement of construction is planned for March 2021, with an anticipated project completion date of October 2023.
“As true believers in the promise of Philadelphia, we are pleased to continue partnering with one of the world’s top real estate investors who sees the same tremendous opportunity we do. This announcement furthers our expansive portfolio of outstanding joint venture relationships and signifies our deep-seated commitment to the vision we are bringing to life at Schuylkill Yards. With this partnership, we are poised to deliver a market-leading mixed-use tower within a city that is gaining significant momentum as a world-class life science hub,” said Jerry Sweeney, President & CEO of Brandywine Realty Trust.