PHILADELPHIA, Jan. 27, 2016 /PRNewswire/ -- 1919 Market, a joint venture between LCOR and Brandywine Realty Trust (NYSE: BDN), is pleased to announce that they have opened their leasing office doors to the public. This 28 story, 321 unit, 455,000 square feet mixed-use development is located on the corner of 20th and Market Streets. In this 50/50 joint venture partnership, LCOR will be responsible for the marketing, leasing, and management of the apartments while Brandywine will manage the commercial space consisting of 24,000 square feet which is 100% leased.
"We are excited to announce the opening of 1919 Market Street for leasing," says Thomas O'Brien, LCOR President. "We take pride in building properties that enhance the quality of life for our residents, local professionals and community. LCOR is also thrilled to be part of our hometown, Philadelphia, and the thriving Center City market."
1919 Market aims to provide all of their residents' wants and needs under one roof. Amenity highlights include a state of the art fitness center, clubroom, demonstration kitchen, golf simulator, dramatic outdoor roof entertainment center including a fire pit and an infinity pool, tech bar and work pod area, wine tasting room with available wine storage, pet wash, bike storage and more. Unit finishes include Moen plumbing fixtures, GE stainless steel appliances, quartz countertops and European tiled bathrooms.
This spectacular new addition to the Philadelphia skyline includes 321 luxury apartments along with 24,000 square feet dedicated to office and retail space that will become home to Independence Blue Cross, CVS and the ever-popular fast casual eatery, Naf Naf Grill. A connected 215-car, five-story parking garage will be accessible and available to residents and for daily and monthly public parking. 1919 Market is on its way to become LEED-Gold-Certified. By using energy star appliances, water-saving showerheads and energy efficient lighting, 1919 Market looks to reduce the carbon footprint of the building and residents alike.
"Brandywine is committed to the resurgence of the Market Street West corridor and we are delighted to introduce tenants and residents to this remarkable building," said Gerard H. Sweeney, President and Chief Executive Officer of Brandywine Realty Trust. "We are pleased to partner with LCOR to deliver this luxury, mixed-use development, with access to multi-modal transit options in Philadelphia."
Units are available now for lease with move-in starting in March 2016. For more information about 1919 Market, please visit www.1919marketapts.com.
ABOUT 1919 MARKET:
1919 Market is Philadelphia's new premier rental residence. Standing 28 stories high and featuring 321 apartment units, the newest addition to Market Street is filled with modern amenities and exceptional views of the city. Complete with contemporary finishes and features, this luxurious high-rise is located in the epicenter of Market West, the evolving sector of Philadelphia that is flourishing with businesses, retail spaces and restaurants. Live Refreshed. Live 1919 Market. 1919marketapts.com.
LCOR is a fully integrated real estate company with a mission to create better places to live, learn, work, travel and play. In 2012, LCOR recapitalized the company with the California State Teachers' Retirement System and the resulting new platform, with a significant asset and capital base, is poised for strategic portfolio growth. LCOR specializes in core urban development and acquisition / redevelopment opportunities where assets can be repositioned or rehabilitated to add value. The company is a pioneer and leader in public/private development, including government spaces, aviation facilities and infrastructure. LCOR's real estate operating and development business manages approximately 8,000 multifamily units, 8 million square feet of commercial space and a substantial development pipeline of mixed-use real estate in core markets. Nationally, LCOR has developed more than 21,000 residential units and 20 million square feet of commercial space. LCOR is principally focused in the eastern United States, with offices in New York City and the Washington D.C. and Philadelphia metro areas.
ABOUT BRANDYWINE REALTY TRUST:
Brandywine Realty Trust (NYSE: BDN) is one of the largest, publicly traded, full-service, integrated real estate companies in the United States with a core focus in the Philadelphia, Washington, D.C., and Austin markets. Organized as a real estate investment trust (REIT), we own, develop, lease and manage an urban, town center and transit-oriented portfolio comprising 239 properties and 30.7 million square feet as of September 30, 2015. Our purpose is to shape, connect and inspire the world around us through our expertise, the relationships we foster, the communities in which we live and work, and the history we build together. Our deep commitment to our communities was recognized by NAIOP naming Brandywine the 2014 Developer of the Year – the highest honor in the commercial real estate industry. For more information, please visit www.brandywinerealty.com.
FORWARD LOOKING STATEMENTS:
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 1919 Market