Mayor John F. Street stated, "We are delighted with the recent announcement of Cira Centre being 91 percent preleased. This world-class building is not only an architectural statement on the Philadelphia Skyline but has also served as a catalyst to encourage businesses to locate their operations to this vibrant University City Area of Philadelphia. The 2000 jobs at Cira Centre will further enhance this area's economic vitality and accelerate the connection between the Schuylkill River Front and our traditional Commercial Business District."
Gerard H. Sweeney, president and chief executive officer of Brandywine Realty Trust, commented, "Cira Centre reaching 91 percent leased is a key milestone in the continuing renaissance of University City. Our multi-state marketing strategy has translated into approximately 725 new jobs to the City of Philadelphia and over 500 new jobs for the Commonwealth of Pennsylvania. Cira Centre has been instrumental in retaining 1,150 jobs in the City, and our leasing efforts to date have created a 63 percent increase in new versus retained jobs for the City. Cira Centre's success confirms that a premier world class office building in an emerging office location can serve as a catalyst for generating job growth and economic activity for our entire region." The recent lease transactions include:
-- Brandywine Asset Management, a financial asset management firm, has signed a long-term lease agreement to occupy 54,755 square feet. Brandywine Asset Management will relocate its corporate headquarters from Wilmington, Delaware in May 2006. Scott Johnson and Ed O'Brien of McConnell Johnson represented Brandywine Asset Management in the transaction. Brandywine Asset Management was established in 1986 and is a wholly owned, independent subsidiary of Legg Mason, Inc. Brandywine Asset Management provides investment management services to a broad array of clients, including: public funds, corporations, educational institutions, Taft-Hartley plans, eleemosynary funds, healthcare organizations, and high-net-worth individuals.
-- Capsicum Group, LLC, a management and technology-consulting firm, has signed a long-term lease agreement to occupy approximately 1,800 square feet of space. Capsicum Group is relocating to Philadelphia from the suburban town of Berwyn, Pennsylvania. Founded in 2002, Capsicum Group, LLC is a management consulting company devoted to helping businesses improve operations and successfully complete technology-related projects. Capsicum Group has been at the forefront of technology consulting to the legal community and its clients, with its practice focused on various disciplines including: disaster planning and business continuity, electronic discovery, digital forensics, HIPAA, privacy and security, risk management and technology delivery.
-- Lubert-Adler Real Estate Funds, a private equity real estate investment firm, has signed a long-term lease agreement to occupy approximately 58,000 square feet. Lubert-Adler Real Estate Funds is relocating its corporate headquarters to the signature office building in March 2006. Sid Smith of GVA Smith Mack was the firm's representative in the transaction. Lubert-Adler is a real estate private equity firm specializing in redevelopments through joint ventures with local operating partners. Lubert-Adler invests in all property types throughout North America. Since its inception in 1997, Lubert-Adler has invested in $8 billion of real estate assets.
-- Mand Marblestone & Danziger, P.C., a law firm specializing in the field of tax qualified retirement plans, has signed a long-term lease agreement to occupy approximately 9,592 square feet of space. Mand Marblestone & Danziger is expanding and relocating its firm from suburban Bala Cynwyd, Pennsylvania. Tim Monahan and Patrick McGrath of Julian J. Studley represented the firm in this transaction. Founded in 1975, Mand Marblestone & Danziger, P.C., is a tax law/consulting firm that concentrates its practice in the design, legal documentation and administration of qualified retirement plans. The firm has received the highest rating awarded by Martindale-Hubbell for legal ability and professional ethics.
-- McKinsey & Company, a worldwide business-consulting firm, has signed a long-term lease agreement to occupy approximately 27,600 square feet. This will be the first office in the Philadelphia market for McKinsey & Company. George Cauffman, senior vice president of CB Richard Ellis represented McKinsey & Company in the transaction. McKinsey & Company advises leading companies on issues of strategy, organization, technology and operations. Founded in 1926 by James O. McKinsey, the firm has since grown into a global partnership serving three of the world's five largest companies and two-thirds of the Fortune 1000. With 82 offices in 44 countries, the firm is a global network of offices and practices led by a partnership group.
-- Reger, Rizzo, Kavulich & Darnall, LLP, a growing regional law firm, has signed a long-term lease agreement to occupy approximately 27,600 square feet. Reger, Rizzo, Kavulich & Darnall, LLP, currently with offices in Delaware, Maryland, New Jersey and Pennsylvania, is relocating from its suburban office in King of Prussia, Pennsylvania. Tony Rossi, first vice president of CB Richard Ellis served as the firm's representative in the transaction.
Established in 1992, Reger Rizzo, Kavulich & Darnall, LLP is a general civil firm practicing in areas ranging from casualty defense to employment law with offices in Delaware, Maryland, New Jersey and Pennsylvania.
Jeff DeVuono, senior vice president - urban division, and Steven Rush, leasing agent, for Brandywine Realty Trust, served as the in-house representatives for the various transactions.
Additional Cira Centre tenants include Dechert LLP, Woodcock Washburn LLP, Attalus Capital, BlackRock Financial Management and SCA North America. Brandywine commenced construction at Cira Centre in January 2004, and expects to complete the world-class development project in the fourth quarter of 2005.
Designed by Cesar Pelli, Cira Centre will consist of 694,000 square feet of office space and 36,000 square feet of conference, retail space and related amenities for a total of 730,000 square feet. The average floor-plate size is 27,300 square feet. The building will be serviced by 14 high-speed elevators in a three-bank configuration providing tenants with extraordinarily efficient response time. Cira Centre has complete redundancy in high-tension electric and communications with direct access to the major Northeast fiber optic corridor. Building design also incorporates a 100% air purge system as well as nine-foot ceilings and 360-degree panoramic views of the cityscape. Amenities include a health club, restaurants, support retail, conference center as well as a direct connection into the retail complex at 30th Street Station.
The 29-story multi-faceted building articulates a bold new horizon for the city's skyscape while perfectly complementing suburban office locations and existing transportation infrastructure. Cira Centre truly represents the next step in the architectural evolution of the city's urban core. The building both beckons to a grand and exciting future for the metropolitan area and provides a striking transition between Philadelphia's traditional business center and the continuing resurgence of University City.
Amtrak's 30th Street Station is the second busiest train station in the country with approximately 3.8 million Amtrak passengers per year. 30th Street Station also serves as a regional transportation hub with over 2.5 million regional rail commuters per year. In addition to Amtrak and the regional rail system, Cira Centre is accessible to the regional subway, trolley, bus systems, New Jersey Transit, as well as vehicular access from Interstates 76 and 676. Cira Centre's location at a regional transportation hub positions it as an important link in a significant growth corridor in the region.
About Brandywine Realty Trust
Brandywine Realty Trust, with headquarters in Plymouth Meeting, PA and regional offices in Mount Laurel, NJ; Richmond, VA; and Philadelphia, PA, is one of the Mid-Atlantic Region's largest full-service real estate companies. Brandywine owns, manages or has an ownership interest in 293 office and industrial properties, aggregating 23.8 million square feet.
For more information, visit Brandywine's Web site at www.brandywinerealty.com.
Note: Certain statements in this release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, achievements or transactions of the Company and its affiliates or industry results to be materially different from any future results, performance, achievements or transactions expressed or implied by such forward-looking statements. Such risks, uncertainties and other factors relate to, among others, the Company's ability to lease vacant space and to renew or relet space under expiring leases at expected levels, the potential loss of major tenants, interest rate levels, the availability and terms of debt and equity financing, competition with other real estate companies for tenants and acquisitions, risks of real estate acquisitions, dispositions and developments, including cost overruns and construction delays, unanticipated operating costs and the effects of general and local economic and real estate conditions. Additional information or factors which could impact the Company and the forward-looking statements contained herein are included in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.