Jerry Sweeney, CEO of Brandywine Realty Trust and Drexel University President John Fry sign a large beam that was later placed atop Brandywine's building at 3151 Market St. in the Schuylkill Yards development.
While Philadelphia’s vacancy rate climbed to 19% as of September, according to real estate services company Jones Lang LaSalle, Brandywine’s properties in the city are 95% occupied and 97% leased.Even so, Brandywine, which is a publicly traded real estate investment trust, or REIT, is facing skepticism from investors who have soured on the office market.
Tenants aren’t just seeking the best amenities — they want to make sure their landlords will have the resources to pay for improvements, according to Sweeney and independent analysts. “The aggregation of talent and companies in place — whether it’s University City, or at the Navy Yard, is … a powerful magnet,” Alan Greenberger, vice president for real estate and facilities at Drexel, said during a conference hosted by Saul Ewing last month.