Brandywine Leases 1M SF Over First Quarter

Commercial real estate owner, developer and manager Brandywine Realty Trust on Thursday said that it has inked more than 1 million square feet in new and renewed leases during the first quarter of this year, including more than 197,000 square feet of leasing activity commencing through March 31, 2010.

April 16, 2010
By Allison Landa, News Editor

Commercial real estate owner, developer and manager Brandywine Realty Trust on Thursday said that it has inked more than 1 million square feet in new and renewed leases during the first quarter of this year, including more than 197,000 square feet of leasing activity commencing through March 31, 2010.

Pennsylvania was by far the leasing hot spot for Brandywine, which has a primarily Class A suburban and urban office portfolio. The company leased 493,516 square feet in the Keystone State, including 74,893 square feet taken by GSI Commerce Solutions in King of Prussia, 43,480 absorbed by Ametek in Berwyn, and a 24,096 square-foot lease renewal and 11,561 square-foot expansion lease by UBC Late Stage in Blue Bell.

Brandywine also leased 254,155 square feet in New Jersey and Delaware, 182,251 square feet in Richmond, Va., 47,940 square feet in the metropolitan Washington, D.C. area, and 36,834 square feet in Austin, Tex.

According to the company, this quarter’s leasing activity was comprised of 51 percent new leases and 49 percent renewal/expansion leases.

Last month, Brandywine announced that its Board of Trustees had declared a quarterly cash dividend of $0.15 per common share, payable on April 19, 2010 to holders of record on April 5, 2010. As of the end of the first quarter, Brandywine owned, managed or had an ownership interest in 343 office and industrial properties, aggregating approximately 34.7 million square feet, including 25.1 million square feet owned on a consolidated basis.