CBRE has been appointed as the exclusive leasing agent by Brandywine Realty Trust for a 56,000-square-foot office building located at 426 West Lancaster Avenue in Devon, Pennsylvania. Until recently, the three-story office building had been occupied by Decision One, which downsized and relocated.
Decision One’s relocation allows Brandywine the opportunity to execute a $15 million renovation that will include a complete reimagination of the 1990s era office building, including a striking three-story atrium, common areas, expanded parking and upgraded building systems. With demolition underway, the renovations are scheduled to wrap by year end.
“426 Lancaster Avenue was originally designed and constructed to offer tenants the highest quality architecture and design – all of which were advanced for its time,” said Jerry Sweeney, President & Chief Executive Officer, Brandywine Realty Trust.“By reinvesting in the property, we are able to ensure the same high caliber level of quality, design and experiences, but with a modernized approach, creating a highly desirable asset for today’s workforce.
CBRE’s Scott Gabrielsen and Mitchell Reading will spearhead the leasing campaign at the property on behalf of Brandywine Realty Trust.
“This is a much-needed renovation for this asset, which will become a truly special opportunity for a user looking for a block of space along Route 30 in tax advantageous Easttown Township,” said Mr. Gabrielsen, Executive Vice President, CBRE. “We are honored to be selected as one of Brandywine’s only third-party leasing teams.”
Built in 1990, 426 West Lancaster Avenue is located in the heart of the Main Line near Interstate 476 and Route 202, and two stations on the SEPTA Paoli/Thorndale Regional Rail line. With a surplus of living, dining, working and entertainment options, the area is a dynamic live-work-play destination for many.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About Brandywine Realty Trust
Brandywine Realty Trust (NYSE: BDN) is one of the largest, publicly traded, full-service, integrated real estate companies in the United States with a core focus in the Philadelphia, Washington, D.C., and Austin markets. Organized as a real estate investment trust (REIT), Brandywine Realty Trust owns, develops, leases and manages an urban, town center and transit-oriented portfolio. Brandywine Realty Trust’s deep commitment to their communities was recognized by NAIOP naming Brandywine the 2014 Developer of the Year—the highest honor in the commercial real estate industry. Visit BrandywineRealtyTrust.com to learn more.
