Brandywine Realty Trust Builds Major Philly Project, Pivots to Biotech as Office Market Faces Turbulence
-
Brandywine Realty Trust is building a major mixed-use development called Schuylkill Yards in West Philadelphia despite concerns about the office market.
-
The company is benefiting from the "flight to quality" as tenants seek amenities and financially stable landlords.
-
Brandywine is pivoting to the life sciences sector and developing lab space to house growing local biotech firms.
-
The company cut its dividend for the first time since 2009 due to market volatility, though its properties remain mostly leased.
-
CEO Jerry Sweeney acknowledged "turbulent times" but said Brandywine is focused on long-term value for shareholders.