Quote:
Originally Posted by iheartphilly
So BDN bought this 1 acre parking parcel. Any idea what they want to do with it since it is part of the SY. I thought Drexel back in 2011 already own this and other adjacent parcels on JFK Blvd.
And, if BDN is going to do something with this parcel in the near future, its stock price hasn't recently reflected it.
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Brandywine purchased a leasehold interest, not absolute ownership. I assume it's a long-term (e.g., 99 years) ground lease from Drexel for development purposes, like Brandywine obtained from Penn for the FMC tower. In both cases, the universities retain ownership of the land.