Posted Apr 28, 2022, 7:12 PM
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Join Date: Dec 2015
Location: South Philly
Posts: 1,680
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Quote:
Originally Posted by PHLtoNYC
The answer may be in thread, but will Drexel own this building or solely a Brandywine endeavor?
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It's both sort of. My understanding is that it would be a ground lease with Drexel.
On their earnings call last week, they said a few things about this project and Schuylkill Yards/Cira overall.
Quote:
Our B.Labs project at Cira Center, the 50,000 square feet incubator opened in January and is 97% leased to 12 companies. It's doing very well and based on tenant feedback, we do anticipate between 150,000 square feet to 200,000 square feet of demand out of these tenants in the next 12 to 24 months.
Based on this success, we do plan to add another floor, a mid-tour incubator totaling approximately 27,000 square feet by year-end '22. And in addition to that, plans are underway to add another 78,000 square feet of Life Science capable space through Floor 9 in the Cira Center project. The target delivery of that space is the second quarter of '23.
In looking at some of our development of Schuylkill Yards and Uptown ATX, Schuylkill Yards West, our Life Science office and residential tower is on time and on budget for a Q3 '23 delivery. We have an active pipeline totaling about 550,000 square feet, that's up significantly from the previous quarter for both the -- that's for the Life Science and the office components. And we expect that pipeline to continue to progress as construction continues to move forward.
Our entire equity commitment in that project of $56.8 million is fully funded and our partners' equity investment is currently being made with the first funding into construction loan occurring in the second quarter of '22. Our life science push does continue at Schuylkill Yards. As we've noted before, we can develop between $3 million square feet and $4 million square feet of Life Science space.
And we do anticipate our next start will be 3151 Market Street, a 424,000 square feet dedicated Life Science building, buildings fully designed and fixed price. We have a leasing pipeline of about 350,000 square feet on that project, which is up about 150,000 square feet from last quarter and our goal does remain to start that project in the next couple of quarters.
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Then in the questions session, another quote:
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George Johnstone:
Yes, I mean on the development that's still includes 405 Colorado starting with the near-term delivery. So we've got, obviously, the pipeline, Jerry alluded to there. To kind of close out that building at 250 Radnor we've got a lease out for 12 and then we've got some advanced dialog with some other Life Science companies of about 100,000 square feet and then at Schuylkill Yards and kind of some early negotiations and discussions at 3151, we've got an ever-increasing building pipeline there. Haven't issued any leases on those properties yet, but we've had continued dialogue.
Jerry Sweeney:
And it's pretty healthy exchange if I might jump in for a second, George, with just on exchanging proposals back where to responded to a number of RFPs, Jamie, which is usually good, a good sign, certainly when you're responding to a kind of a shorter list.
I think we, we feel pretty good about where we stand with the Schuylkill Yards West. And it up the economy, there are a number of investors have been back and forth between Austin in the last couple months. Yes. With that just announcing, we really having to start to build that significant pipeline. We're really, we're really responding to a lot of inquiries and kind of early marketing activities on the, on the blockade Uptown ATX.
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https://seekingalpha.com/article/450...all-transcript
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