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Old Posted Oct 19, 2019, 1:17 AM
Boku Boku is offline
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Join Date: Jul 2014
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According to Brandywine's 3rd quarter earnings call, they've begun the design process for a 400,000 square foot life science building.

Relevant portion:

On Schuylkill Yards, full master plan approvals are completely in place. The design development is substantially complete on the first two buildings. Final pricing on those buildings is under way.

Marketing efforts continue with a pipeline still around 1.5 million square feet, including significant interest from life science tenant. We are in very active discussions with joint-venture financing sources on it to provide equity for the project. Our existing investment base aggregating approximately $90 million will be sufficient to meet our equity requirements in the contemplated equity joint venture structures on those projects at our targeted 35% hold. So no additional cash requirements are anticipated on our Schuylkill Yards starts.

Prior to starting either tower, we will have final construction pricing locked down and all equity and debt financing committed and announced as part of any start announcement. Given our read on the residential market, we could be assuming the above conditions are met in a position to go on the West Tower in the next couple of quarters. The East Tower, which is predominantly office and a potential life science component, does require an active tenant, as well as having those cost and financing conditions met prior to any start.

A final point worth noting that you'll see on the page in the supplemental is that our Schuylkill Yards master plan can accommodate almost 2 million square feet of life science space. Given the strong demand drivers we're seeing in that sector, we have also commenced the design development process for a 400,000 square foot dedicated life science building that could commence construction very late in 2020, or early '21, in a joint venture with our life science partner.
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