Brandywine earnings transcript:
“ The Bulletin Building here in Philadelphia, that renovation work is ongoing and will be completed on budget and on schedule in early Q2 of this year. As you may recall, that entire building is leased to Spark Therapeutics, a life science company owned by Roche Pharmaceuticals, and we still project a 9.3% free and clear return.
In looking at our large master plan mixed-use projects on pages 15 and 16 in our sup, we did provide more information. To highlight a few points, our full master plan approvals are now in place. That's two years ahead of schedule, so we were able to accomplish all of the zoning overlays in 2019. The design, development and pricing is substantially done on the first two buildings. Marketing efforts do continue with about a 1.1 million sq. ft. active pipeline and a significant component of that being life science tenancies. We are in very advanced discussions with joint venture equity financing sources. And as we've indicated before, our current front money investment balance in both of those projects of approximately $90 [Phonetic] million should be sufficient to meet the equity requirements under our contemplated joint venture structures.
If we are successful in finalizing the current equity and debt financing negotiations, we will be in a position to go on the west tower in the first half of 2020. The east tower, which is obviously a larger project with primarily office and a life science component, will require an anchor tenant, and we continue that process as well in addition to working on the equity and debt financing arrangements.
The Schuylkill Yards master plan can accommodate almost 2 million sq. ft. of life science space. As I mentioned last quarter, we are proceeding with the design and development on a 400,000 sq. ft. dedicated life science building. And in addition to that new ground-up life science building, we noted on page 13 that we have started the conversion of 3000 Market Street, an existing 60,000 sq. ft. office building into a life science facility. Design and pricing is being finalized with selective demo already under way. We do expect to deliver that project in the first quarter of 2021. That decision was really driven by the tremendous near-term demand we're seeing from smaller life science companies with the objective that we can -- if we can get them into 3000 Market we can capture their future growth at Schuylkill Yards.”
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