PLYMOUTH MEETING, Pa.–(BUSINESS WIRE)–Dec. 24, 2003–Brandywine Realty Trust (NYSE: BDN) today announced that it has signed leases totaling 374,000 square feet in Cira Centre, its planned landmark28-story office tower located adjacent to Amtrak’s 30th Street Station in the University City District of Philadelphia. With the signing of a 245,000-square foot lease by Dechert LLP, one of theworld’s leading international law firms; a 109,000-square foot lease by Woodcock Washburn LLP, the region’s largest intellectual property law firm; and a 20,000-square foot headquarters lease withAttalus Capital, a locally-based hedge fund and private equity firm, Brandywine will soon commence construction and expects to complete the project in the fourth quarter of 2005, as originally statedby the company.
In announcing the project, Philadelphia Mayor John F. Street said, “We are delighted that this landmark will become a gateway to a revitalized Philadelphia. Cira Centre illustrates our commitment to economic development projects that will make a difference to the entire region. Cira is an outstanding addition to the city’s skyline and will serve as an attraction point to bring companies into the city. It improves Philadelphia’s competitive position along the Northeast Corridor and forms an economic bridge to our West Philadelphia neighborhoods.”
Gerard H. Sweeney, President and CEO, Brandywine Realty Trust, commented, “This announcement is a milestone for the entire region in that Cira Centre creates a true connection point between University City, the suburban office market and the traditional CBD. We applaud the vision of Dechert LLP, Woodcock Washburn LLP, and Attalus Capital in recognizing the true long-term growth potential of University City. Their strategy completely complements the foresight exhibited by the University of Pennsylvania, Drexel University and other institutions in investing in the revitalization of the entire University City District. Brandywine Realty Trust is proud to be playing a role in this extraordinary renaissance and in the successful tenant retention strategy exhibited by the City of Philadelphia and the Commonwealth of Pennsylvania.”
Barton J. Winokur, Chairman of Dechert LLP said, “After a thorough search, we concluded that Cira Centre will be the best fit for Dechert. It has an outstanding and exciting design with excellent access to transportation. This move will allow us to keep all of our people in the City of Philadelphia with acceptable economics and at the same time we can be a key participant in the resurgence of University City which the city and state have said is important to the future of Philadelphia. We are delighted with this development.”
Dale Heist of Woodcock Washburn LLP’s Policy Committee said, “As a major intellectual property firm, our business needs dictate vision and accessibility. Cira Centre fits those key characteristics. We were able to recommit ourselves to the City of Philadelphia, improve our business operating platform and the high profile of our space. We are delighted to be one of the original tenants in Cira Centre and look forward to our move-in date.”
Attalus is relocating from its former suburban location in Bala Cynwyd, Pennsylvania. Pat Egan, President of Attalus Capital, commented, “Our firm’s relocation into the City, and into a project of Cira Centre’s prominence, will be a catalyst for our future growth and will assist in attracting the high-quality staff necessary to serve our expanding client base.”
David Gunn, President and CEO of Amtrak states, “Cira Centre represents an excellent continuation of Amtrak’s strategy to maximize the value of its real estate assets. We are delighted with our transaction with Brandywine Realty Trust and we’re looking forward to seeing our neighbors in Cira Centre on our trains. Come moving-in day, I’m going to sign up every tenant for our frequent passenger program – Amtrak Guest Rewards.”
Designed by Cesar Pelli, Cira Centre will consist of 690,000 square feet of office space and 37,000 square feet of conference, retail space and related amenities for a total of 727,000 square feet. The average floor-plate size will be 27,300 square feet. The building will be serviced by 14 high-speed elevators in a three-bank configuration providing tenants with extraordinarily efficient response time. Cira Centre has complete redundancy in high-tension electric and communications with direct access to the major Northeast fiber optic corridor. Building design also incorporates a 100% air purge system as well as nine-foot ceilings and 360-degree panoramic views of the cityscape. Amenities include a health club, restaurants, support retail, conference center as well as a direct connection into the retail complex at 30th Street Station.
The 28-story multi-faceted building articulates a bold new horizon for the city’s skyscape while perfectly complementing suburban office locations and existing transportation infrastructure. Cira Centre truly represents the next step in the architectural evolution of the city’s urban core. The building both beckons to a grand and exciting future for the metropolitan area and provides a striking transition between Philadelphia’s traditional business center and the continuing resurgence of University City.
Amtrak’s 30th Street Station is the third busiest train station in the country with approximately 3.8 million Amtrak passengers per year. 30th Street Station also serves as a regional transportation hub with over 2.5 million regional rail commuters per year. In addition to Amtrak and the regional rail system, Cira Centre is accessible to the regional subway, trolley, bus systems, New Jersey Transit, as well as vehicular access from Interstates 76 and 676. Cira Centre’s location at a regional transportation hub positions it as an important link in a significant growth corridor in the region.
Tactix Real Estate Advisors represented both Dechert LLP and Woodcock Washburn LLP. Tactix is headquartered in Radnor, Pennsylvania. GVA Smith Mack’s Center City office represented Attalus Capital.
About Dechert LLP
With more than 700 lawyers located in 15 cities around the world, Dechert LLP provides a full range of legal services to corporations and financial institutions in transactional, regulatory, and litigation matters. Visit Dechert on the web at www.dechert.com.
About Woodcock Washburn LLP
Woodcock Washburn LLP, with offices in Philadelphia, Pennsylvania, and Seattle, Washington, has built a wealth of experience in patent, trademark and copyright law, litigation and trade secret protection for more than 60 years. The firm’s lawyers and scientific advisors service national and international clients, offering their expertise in biotechnology, chemistry, and chemical, electrical and mechanical engineering, and software.
About Brandywine Realty Trust
Brandywine Realty Trust, with headquarters in Plymouth Meeting, Pennsylvania and regional offices in Mt. Laurel, NJ and Richmond, VA is one of the Mid-Atlantic region’s largest full service real estate companies. Brandywine owns, manages or has an ownership interest in 281 office and industrial properties, aggregating 20.3 million square feet. For more information, visit Brandywine’s website at www.brandywinerealty.com.
Note: Certain statements in this release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, achievements or transactions of the Company and its affiliates or industry results to be materially different from any future results, performance, achievements or transactions expressed or implied by such forward-looking statements. Such risks, uncertainties and other factors relate to, among others, the Company’s ability to lease vacant space and to renew or relet space under expiring leases at expected levels, the potential loss of major tenants, interest rate levels, the availability and terms of debt and equity financing, competition with other real estate companies for tenants and acquisitions, risks of real estate acquisitions, dispositions and developments, including cost overruns and construction delays, unanticipated operating costs and the effects of general and local economic and real estate conditions. Additional information or factors which could impact the Company and the forward-looking statements contained herein are included in the Company’s filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
