WASHINGTON, Aug. 6, 2015 /PRNewswire/ -- Akridge and Brandywine Realty Trust (NYSE: BDN) announced an agreement to develop the land located on the corner of Half Street and M Street, SE. The property, 25 M Street, is directly across from the Navy Yard Metro Station and one block from Nationals Park in the burgeoning Capitol Riverfront neighborhood of Washington, DC. Akridge and Brandywine will develop a 275,000 square foot building featuring both office and retail space, creating a new front door to Nationals Park.
"We are delighted to partner with Akridge on this exciting project in the Capitol Riverfront submarket," said Mike Cooper, Brandywine Realty Trust's Executive Vice President and Senior Managing Director – Metro DC Region. "Akridge's vast development experience and local expertise within the District of Columbia will be crucial as we embark on the development process and begin to market this site. We believe the Capitol Riverfront neighborhood is well-positioned for future growth and we are excited to be able to expand Brandywine's presence in the DC area. The acquisition and future development of 25 M Street is in line with Brandywine's strategy of investing in high-quality developments in urban, transit oriented, amenity-rich, infill locations in its core markets."
HOK, a world renowned architectural firm, will design 25 M Street to create a landmark presence at one of the most visible intersections in Washington, DC. The location and building design will offer tenants an incredible visibility, branding, and communications opportunity. Designed to the highest level of sustainability, 25 M will boast a full host of trophy amenities including a large, modern lobby, a 3,000 square foot fitness facility, and a rooftop terrace with views of Nationals Park. It will also offer 25,000 square feet of street-level retail, dining, and entertainment in a one-of-a-kind location.
The leasing team of Randy Harrell, Kevin Howard, Joe Coleman, and Melissa Byrd of CBRE will be marketing the building for the partnership.
"25 M Street promises to be a terrific addition to the Capitol Riverfront," said Matt Klein, President of Akridge. "The highly visible project will provide a vibrant retail and entertainment scene for property users and for the neighborhood as a whole. The Capitol Riverfront has developed tremendously since Akridge originally invested in the neighborhood and we are incredibly enthusiastic about the project and our new partnership with Brandywine."
Akridge is a comprehensive real estate services company that has invested in the Washington Metropolitan area for over four decades. It provides acquisitions, construction management, development, finance and asset management, leasing, and property management services. For over 40 years, the company has acquired, developed, or entitled more than 14 million square feet of office, industrial flex, residential, retail, and entertainment space. Akridge has another 10 million square feet in its active pipeline and currently manages 4.5 million square feet at an estimated value of $2.0 billion. Notable projects include the 1 million square foot Gallery Place, the internationally recognized Homer Building, the award-winning 1200 Seventeenth Street, NW, and a 3 million square foot Burnham Place air rights development project at Union Station. For more information please visit www.akridge.com.
About Brandywine Realty Trust
Brandywine Realty Trust is one of the largest, publicly traded, full-service, integrated real estate companies in the United States. Organized as a real estate investment trust and operating in select markets, Brandywine owns, leases and manages an urban, town center and transit-oriented office portfolio comprising 281 properties and 33.2 million square feet as of June 30, 2015. For more information, please visit www.brandywinerealty.com.
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, including our Form 10-K for the year ended December 31, 2014. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
SOURCE Brandywine Realty Trust