Magnus Ebeck's questions to Brandywine Realty Trust (BDN) leadership • Q2 2025
Question
Magnus Ebeck asked for details on the economics of the 100,000 sq. ft. lease at Uptown ATX and inquired about the target leasing percentage required before considering a recapitalization of the joint venture office assets.
Answer
President & CEO Gerard Sweeney described the Uptown ATX deal as a ten-year lease with economics in line with projections, though capital costs were slightly higher. He noted the tenant would take occupancy in early 2026 and has rights for future expansion. For recapitalizations, Sweeney indicated a target of 85% leased with a clear path to over 90% for a project like 3025 Schuylkill Yards, while for others like One Uptown and 3151 Market, a range of 60-70% leased with visibility to stabilization would be the trigger.