Report: Brandywine Realty Trust Paid $17 Million for Basciano Garage
618 Market Street vi Google Street View
UPDATE (04/24, 12:00 p.m.): Gerard Sweeney, CEO of Brandywine Realty Trust, said the company is considering a mixed-use development at this site, according to Jacob Adelman in a business roundup report on Philly.com. While no specific plans are in place, the site “could accommodate at least 600,000 square-feet” of development. That’s a pretty tasty proposition, as Brandywine’s 29-story luxury apartment tower at 1919 Market Street is 455,000 square-feet of space.
ORIGINAL (04/23): It’s confirmed: Brandywine Realty Trust now owns the mixed-use parking garage at 7th and Market Street. According to Joe DiStefano of The Inquirer, the Radnor-based development giant paid $17 million for the “concrete heap” that’s centrally located between a bunch of glossy new projects and Independence Hall. In a separate deal, Brandywine also unloaded $50.75 million worth of office parks in Delaware to Buccini/Pollin Group, including Delaware Corporate Center and Christiana Office Park.
Richard Basciano looks to have come out pretty well in this deal. He purchased the property back in 1997 for $6.655 million for the building that now houses a Park Safe parking facility, Suit Corner, Jerry Blavat’s Geator Gold Radio Network and a Dunkin’ Donuts. It’s still unclear what the future holds for the building. Will is stay as is (hopefully not) or will Brandywine decide to knock it down or build onto it? It’s zoned CMX-5, so this could turn into something big time.
In the meantime, can we at least get it power washed?
• Brandywine buys Phila. garage: $17MM; sells 2 Del. office parks: $51MM [The Inquirer]
• Did Richard Basciano Sell a Market East Parking Garage to Brandywine Realty Trust? [Property]
