Posted Oct 26, 2022, 4:30 AM
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Join Date: Dec 2015
Location: South Philly
Posts: 1,680
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Notes from Brandywine's latest earnings call:
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On looking at Schuylkill Yards, our 3025 [Market], JFK project was a life science residential tower remains on time and on budget for Q3 2023 delivering. We currently have an active pipeline, totaling just shy of 400,000 square feet, which is up 73,000 square feet from last quarter. The pipeline is expected to continue as construction progresses. In fact, now with the superstructure nearing completion, we have done over 100 hard hat tours for prospects and their representatives. As I noted earlier, our $56.8 million equity commitment is fully funded. Our partners equity investment is also fully funded, and the first funding of our construction loan has commenced. As you know from our supplemental package at Schuylkill Yards, we can do about develop those another 3 million square feet of additional life science space. And it's another step in the execution of that plan, our 3151-market project, which is a 441,000 square foot dedicated life science building is on schedule and on budget. That project will be completed in the second quarter of 2024. On that project we have a leasing pipeline of about 400,000 square feet. And we plan on obtaining a construction loan and the 50% loan-to-cost range early '23 as funding of that construction loan is not required until the third quarter of next year.
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And the same thing for the north at Schuylkill Yards. I mean, we have the superstructure 3025 [Market] will top out at the end of November. The window wall system is up to six of the eight levels on the life science side. And then we leapfrogged up to the residential tower. We having daily active -- daily tours with prospects, their brokers. So the pipeline there is very good. We have there a number of multiple floor users ranging up to 70,000 to 80,000 square feet. And then we're also looking at a number of smaller users be they less than a floor that are in the queue as well. Same thing on 3151 [Market] is a little bit early, we're just really coming out of the groundbreaking on that. But the users there again, range from single floor, i.e. 35,000 square foot users up to a couple 100,000 square feet, the ranges from established life science companies, companies growing out of the incubators in the region into more graduate level space, as well as a good pipeline of institutional demand coming from the healthcare and academic systems.
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https://seekingalpha.com/article/454...all-transcript
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These towers could have a spectacular lighting scheme, and it could be visible from practically anywhere for the foreseeable future
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