Posted Nov 19, 2007, 4:56 PM
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Registered User
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Join Date: Jan 2007
Location: Chapel Hill, NC
Posts: 1,183
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from today's PBJ
Work at Cira Centre South starts
Philadelphia Business Journal
Brandywine Realty Trust is breaking ground Monday on its $800 million Cira Centre South project in Philadelphia's University City.
The company built the original Cira Centre, a 28-story, 728,000-square-foot office building adjacent to 30th Street Station.
It will have a ceremony with University of Pennsylvania and other local officials to mark the occasion. The project entails razing the current U.S. Post Office Truck Terminal Annex and building a 2.8 million-square-foot mixed-use development comprised of offices, hotel, residential, parking and retail on land Brandywine has leased from the university.
It will also involve renovating an existing, historic Post Office structure.
The site sits on a Keystone Opportunity Zone, giving tenants who move into the space breaks on state and local taxes, as the first Cira Centre did. The Postal Service and Penn, two tax-exempt entities, are lined up to be tenants in the buildings. Cira Centre South is scheduled for completion by the end of 2010.
Brandywine (NYSE:BDN) is a Radnor, Pa., real estate investment trust that buys and builds office properties.
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