Brandywine Polishes off $252M Rehab of Philly Post Office
- Oct 13, 2010
October 13, 2010
By Allison Landa, News Editor
Brandywine Realty Trust has just closed the envelope on a major rehabilitation project: the office conversion of Philadelphia’s 30th Street Main Post Office. The $252 makeover of the 862,692-square-foot building is complemented by construction of a $90 million parking garage.
The property, which will be the new area headquarters for nearly 5,000 Internal Revenue Service employees, was mostly gutted and retrofitted with new mechanical, electrical and plumbing systems. However, its designation as a national historic site was preserved.
Brandywine has negotiated a 20-year lease with the General Services Administration. E project is part of a greater overall plan to revitalize the area through the adaptation of industrial buildings to more modern uses along with connecting the city’s financial and educational centers. According to Brandywine president and chief executive officer Gerard Sweeney, the post office’s restoration is a major neighborhood enhancement.
Brandywine owns, develops, manages and has ownership interests in a predominantly Class A office portfolio with 321 properties and 36.3 million square feet.