Posted Oct 26, 2021, 7:04 PM
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Join Date: Jul 2017
Posts: 159
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It's always interesting to listen in to Brandywine's quarterly analyst call. here are some of the more pertinent and interesting comments:
- Our vacancy rate is lower than the national average and based upon a major brokerage report, Philadelphia is in the top 10 of all American cities for pandemic recovery as measured by recovery rates and employment, vaccination, and leasing activity.
- And while these recovery data points are encouraging, they also do compare favorably to the pre-pandemic leasing trends. So our pipeline today is 7% better than our third quarter '19 results.
- Looking at Schuylkill Yards, our Schuylkill Yards West project is on time, on budget for a Q3 2023 delivery. That project will be delivered at 7% blended yield. As you may recall, it consists of 326 apartment units, 200,000 square feet of commercial and life science space, and 9,000 square feet of street-level retail.
- 3000 Market Street in University City, Philadelphia, is a 91,000 square feet life science renovation as part of our Schuylkill Yards neighborhood. Base building construction is complete. The building is fully leased for 12 years at a development yield of 9.6%. The redevelopment did include increasing the building size from 64,000 to 91,000 by converting below-grade space into labs. This property was placed into service on October 1st.
- Cira Labs, which we announced a couple of quarters ago, where we partnered with PA Biotech Center to create a 50,000 square foot, 239-seat life science incubator within the Cira Center project. That will be completed later in the fourth quarter and will open January 1, 2022. Since the announcement, we have had great leasing success, and now, stand just shy of 50%, about 49% leased with 118 of that 239 seats leased, and a pipeline with 17 additional proposals aggregating more seats than we have available capacity. So very excited about delivering that project on a substantially pre-leased basis.
- And just looking at some future development at Schuylkill Yards and Broadmoor, within Schuylkill Yards the life science push really continues. We can develop about 3 million square feet of life science space.
- We've already delivered 3000 Market, The Bulletin Building, 3151 Market, which is our 424,000 net rentable square feet life science building, is fully designed, ready-to-go, and with a strong leasing pipeline and our goal remains to be able to start that project in early '22 assuming market conditions permit and the pipeline continues to build.
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