Search
 

Brandywine/Penn Plan $775M Cira Centre South

PHILADELPHIA-The 30th Street project includes redevelopment of a 862,000-sf post office building and two new towers combining office, residential, hotel and retail.

By Marita Thomas | Updated on August 31, 2007

PHILADELPHIA-Brandywine Realty Trust and the University of Pennsylvania have unveiled plans for Cira Centre South, a mixed-use complex on 14 acres at 30th Street between Walnut and Market streets and redevelopment of the 862,000-sf US Postal Service building. Designed by New Haven, CT-based Pelli Clarke Pelli, which designed Brandywine’s Cira Centre office building at 30th Street Station, the project calls for construction of two towers that will combine office, residential, hotel and retail space in addition to the rehabbed postal facility.

Brandywine has acquired the main post office building from the university for $28 million. In addition, it has signed a 90-year ground lease with Penn for the post office truck terminal annex, which now occupies a full block. That will be demolished to make way for the Cira Centre South mixed-use components. These properties are one block from the existing Cira Centre, which is north of 30th Street Station.

Redevelopment of the five-story postal service building and construction of a 733,000-sf, 2,400-vehicle parking garage represents the opening phase of the project. The building will be converted into offices for 5,000 employees of the Internal Revenue Service. The US General Services Administration has signed a 20-year lease, beginning in 2010, for the entire building.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.