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Press Release: Real Estate Forecast 2020
On November 19th, 2019 real estate experts, ULI members and industry professionals convene to for the 20th Anniversary Real Estate Forecast.
November 21, 2019
Francesca Caccavale
On Tuesday November 19th, ULI Philadelphia presented a unique behind the scenes tour of the Schuylkill Yards development following the 20th Annual Real Estate Forecast. Brandywine Realty Trust hosted a small group at their corporate office in FMC tower followed by a walking tour of the latest piece of the development and a glimpse of their future plans.
Starting in Brandywine’s Cira View conference, attendees were joined by Vice President of Leasing, Steve Rush who walked through the vision for Schuylkill Yards. With 14 acres of space on and around Drexel University’s campus, the company plans on revitalized the land by creating a bustling neighborhood including public parks, residences and hotels, retail, and a variety of workplaces including lab space. The partnership with Drexel will allow Brandywine to develop about seven million square feet through ground leases and purchases. They hope to attract businesses by creating a new Philadelphia neighborhood with incredible access to mass transit and state issued tax incentives.
Participants took a short walk to experience Drexel Square, a public park directly across from 30th Street Station. The completion of the park, which includes 35 foot tall trees and an elevated center oval of green space, marked the beginning of phase one. Rush explained how it was important to Brandywine that they create a placemaking piece for the development. They plan to host various public events in spring and summer to engage the community. This phase also includes renovations to the adjacent Bulletin Building. Currently being reskinned, the building is also able to accommodate about 35 thousand square feet of food and beverage retail on the first floor with direct access to the park. The floor to ceiling glass now going on the building’s east facade includes a frit that pays homage to the font used by the newspaper that originally occupied the building.
Members learned about the next steps Brandywine is taking to expand Schuylkill Yards. Phase one will also include two new towers bifurcated by an existing elevated commercial rail line. The east tower, designed by New York architecture firm PAU, will consist of three counterbalanced blocks of office space. With a terra cotta red fascia and offset floor plates, the building will be striking from any angle. The lowest block is also adaptable for lab space which Brandywine hopes to use as a way to get in front of the demand for this emerging user group. The west tower will also include another 250 thousand square feet of office space with residences above. Brandywine will use the space under the elevated rail as another opportunity for a public park between the new buildings.
Over the next 15 to 20 years, Schuylkill Yards will expand through University City. Rush explained how Brandywine’s goal is to “create a development that benefits the community” and hopes to attract innovative and forward thinking companies to share in that vision.
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This article was contributed by Francesca Caccavale, Design Associate at Brandywine Realty Trust and member of the ULI Philadelphia Young Leaders Group.
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