Brandywine Realty Trust and AKA Announce Partnership in Residential Component at FMC Tower at Cira Centre South AKA Continues Luxury Brand Expansion with New Location at FMC Tower at Cira Centre South
RADNOR, Pa., May 14, 2014 /PRNewswire/ -- Brandywine Realty Trust (NYSE: BDN) and AKA, announced today that they have formed a partnership in the residential component at FMC Tower at Cira Centre South. AKA, Korman Communities' sophisticated luxury long-stay accommodations, newest location will be at the FMC Tower at Cira Centre South, designed by the famed architectural firm Pelli Clarke Pelli. The new University City location marks the continued expansion of the AKA brand, with properties in New York, Beverly Hills, Philadelphia, Washington, D.C. and London, and the brand's first partnership with Brandywine Realty Trust, developer of the celebrated mixed-use development that will line the western bank of the Schuylkill River.
"We're pleased to be part of the most compelling new mixed–use development in Philadelphia – FMC Tower at Cira Centre South. Philadelphia is our hometown, where the AKA brand started and evolved, so having the opportunity to partner with Brandywine Realty Trust to create luxury apartments under our flagship brand, AKA, is an important opportunity for us," stated Bradley Korman, co-CEO of Korman Communities. "The building's prime location is ideal as FMC Tower at Cira Centre South will serve as the gateway to University City and its world–class hospitals and universities."
The residential component of FMC Tower at Cira Centre South will comprise 268 studio, one- and two-bedroom residences on floors 29 through 46; AKA plans to operate a mix of furnished luxury serviced suites and unfurnished residences. The 28th floor of the striking new glass tower will feature an impressive full-floor amenity space that will boast a business center, lounge, café, bar, golf simulator, two-tiered screening room, oversized lap pool with seating, fitness center, and outdoor terrace with water features and fire pits. Floors 2 through 26 of the development will be composed of approximately 622,000 square feet of office space. Residents and office tenants alike will also enjoy the Cira South development's 21,000-total square-feet of retail offerings, including a bar/restaurant on FMC Tower's ground floor, and "Cira Green," a one-acre urban park.
"We're delighted to partner with the accomplished team at AKA on the design and management of the residential component of FMC Tower at Cira Centre South," stated Gerard H. Sweeney, President and Chief Executive Officer of Brandywine Realty Trust. "AKA brings a breadth of experience, tremendous energy and creativity to the project that will greatly enhance the luxury residences and amenities at this iconic landmark, solidifying its reputation as Philadelphia's premier vertical neighborhood."
"We're excited to collaborate on this lifestyle-driven building with such a talented team of architects and designers. AKA's guests will have spectacular views of the city from the residences occupying the top floors of the 49–story tower," added Larry Korman, president of AKA and co-CEO of Korman Communities. "With this property, we are able to continue our innovative approach as the market leader in luxury long–stay lodging by now offering a wider selection of serviced residences."
Designed by Pelli Clarke Pelli; BLTa, and Asfour Guzy Architects, FMC Tower at Cira Centre South will have a soaring presence on the Philadelphia skyline, featuring faceted glass panels, sculpted angles and entranceways and will offer some of the most extraordinary views of the city. Located along the Schuylkill River's western shore in University City, FMC Tower at Cira Centre South will be in walking distance to Amtrak's 30th Street Station, the second busiest train station in the United States and the mid-Atlantic area's hub of mass transit, and be accessible to all 141 commuter towns in the Greater Philadelphia region.
AKA, a division of Korman Communities, is an innovative, and growing collection of luxury serviced residences in prime urban locations and ranked the number one extended stay brand in the world according to BBC Travel. Currently AKA owns and operates properties in: New York City (4), Philadelphia, Los Angeles, Washington, D.C. and London, with a new property in lower Manhattan to be opened in 2015. Across the brand, architecturally inspired spacious accommodations, which range from studios to two-bedroom penthouse suites, offer the privacy of a luxury residence infused with hotel services. While each property is unique and has distinct resident offerings, all feature the AKA brand standards and amenities of: a lounge, a cafe, fitness centers; full-service business centers with meetings space and complimentary high-speed Internet access; en-suite dining; same-day, valet dry-cleaning and laundry service; 24-hour front desk assistance; dedicated doormen, a dedicated resident services team and full-time, on-site management and maintenance. All suites include top-of the-line kitchens, contemporary furnishings, luxurious bathrooms, meticulous housekeeping; extended digital cable with HBO and Wi-Fi access. Personalized service is a hallmark of AKA. www.stayaka.com
About Korman Communities
Korman Communities, has three residential real estate brands: AKA, ARK and AVE. The four-generation firm has constructed more than 30,000 single family homes, 12,000 apartments and townhouses, as well as 2 million square feet of industrial and commercial space. Korman Communities is a fully integrated real estate company with development, management and financial capabilities. www.kormancommunities.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 suburban office portfolio comprising 283 properties and 33.1 million square feet, including 205 properties and 24.9 million square feet owned on a consolidated basis and 60 properties and 5.7 million square feet in 17 unconsolidated real estate ventures all as of March 31, 2014. 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, 2013. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
SOURCE Brandywine Realty Trust