Leading Commercial Real Estate Developer Strengthens Continued Investment in Thriving Economic Submarket
Brandywine Realty Trust (NYSE:BDN) announced today plans for the demolition, and visionary ground up re-development, of 650 Park Avenue in King of Prussia. Upon completion, the sleek new workplace will feature an unmatched combination of contemporary architecture, efficient design, and premier visibility tailored to attract top tier talent and corporations to the burgeoning economic hub.
Brandywine Realty Trust enlisted Coscia Moos Architecture, a Philadelphia-based architectural design firm, to realize its vision for the new 650 Park Avenue, which will transform the property into a four-story, 100,000 square foot versatile workplace strategically designed to offer generously open floor plates and customizable layouts that can be tailored for single, or multi-tenant users.
“King of Prussia is among the most successful regional economic hubs in the nation,” said Jerry Sweeney, President & CEO of Brandywine Realty Trust. “650 Park Avenue boasts a premier location in the heart of King of Prussia, and to attract leading businesses and talent, we elected to reinvent the property to deliver a highly desirable asset that will rival the quality and appeal found in urban workplaces.”
To foster connected communities in the workplace, the completed 650 Park Avenue development will feature an abundance of open-air amenity spaces and communal work environments designed to promote team productivity, and individual wellness and leisure. A fourth-floor terrace will serve as a flexible activity space, ideal for a variety of events from morning yoga classes, to lunch meetings, and evening gatherings. The second and third floors of the property will feature private balconies, while amenity space on the east side of the building will be designed to accommodate group lunches, meetings, and gatherings with easy access to the first-of-its-kind 2.6-mile First Avenue Linear Park and trail, a new public recreational amenity that Brandywine will help deliver in collaboration with Upper Merion Township and King of Prussia District. Furthering Brandywine’s dedication to tenant wellness, 650 Park Avenue will also be WELL and Fitwel certified— designations that ensure Brandywine’s buildings are designed to positively impact and support a healthy lifestyle at work.
“Brandywine’s new office building will be a wonderful addition of King of Prussia, and the design beautifully complements the First Avenue Linear Park project, which is transforming underutilized, private lawns into a cohesive, active and beautiful public amenity,” said Eric Goldstein, Executive Director of King of Prussia District. "Brandywine's investments continue to foster substantial economic growth and elevate KOP’s prominence in this Philadelphia submarket."
With a desirable location adjacent to major suburban routes 422, 202, and I-76, and situated just off the Kind of Prussia Interchange of the Pennsylvania Turnpike, 650 Park Avenue boasts high visibility, and ease of access. Located just minutes away, tenants can enjoy the luxury shopping, vibrant dining, and entertainment experiences at the King of Prussia Mall and King of Prussia Town Center.
The investment and ground-up re-development of 650 Park Avenue follows the highly successful ground up development of 933 1st Avenue for single tenant, GeoBlue, and the complete reimagination of 500 N. Gulph, now home to CSL Behring. Brandywine remains bullish on delivering impactful and visionary developments that will further elevate the thriving King of Prussia market. Brandywine currently owns and operates 1 million rentable square feet across 12 properties, accounting for 14 percent of the office product in the market.
650 Park Avenue is expected to deliver in Q4 2020.
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), we own, develop, lease and manage an urban, town center and transit-oriented portfolio comprising 180 properties and 24.9 million square feet as of March 31, 2019, which excludes assets held for sale. Our purpose is to shape, connect and inspire the world around us through our expertise, the relationships we foster, the communities in which we live and work, and the history we build together. For more information, please visit www.brandywinerealty.com.
