This Week’s Philadelphia Deal Sheet: Brandywine Completes Lease-Up At Radnor Life Sciences Building

Brandywine Realty Trust has a full slate of tenants at its 168K SF life sciences building in one of suburban Philly’s hottest office markets.

Penn Medicine, West Pharmaceutical and Quanta Therapeutics are some of the companies renting space at 250 Radnor, according to a press release from Brandywine. The building at 250 King of Prussia Road was transformed from a collection of medical offices into a lab facility.

The last tenant to sign on was an unnamed “global leader in industrial solutions” that is slated to occupy 119K SF, according to the press release.

The building is part of the 26.6-acre Radnor Life Sciences Center, which is next to the township’s Main Line regional rail station. Brandywine also owns a 145K SF building in the complex.

“We are proud to deliver top-tier lab [space] in a thoughtfully designed, sustainable environment that supports our tenants' missions and further demonstrates our progress in diversifying our revenue through the establishment of innovation hubs across our platform,” Jeff DeVuono, executive vice president of life sciences at Brandywine, said in a statement.

SALES

Universe Holdings purchased 108 apartments in Mount Holly from affiliates of Fernmoor Homes. The units were constructed in 2022. Universe plans to buy 232 more apartments at the same complex early next year.

The Kislak Co. represented the buyer and the sellers. The transaction was arranged by Kislak Executive Vice President Barry Waisbrod. The seller’s attorney was Stephen Kessler, the purchaser’s attorney was Joel Rosen, and financing was provided by Dwight Capital.

LEASES

Law firm Polsinelli is expanding at Center City’s Three Logan Square with a new 40K SF lease. The company established its Philly branch in July and quickly outgrew the space it rented at the time, according to a release.

The new office can accommodate up to 120 employees. Polsinelli expects to move in sometime in the summer of 2025.

CONSTRUCTION AND DEVELOPMENT 

Renderings of a 204-unit mixed-use apartment building slated for a lot near Temple University Hospital have been released, Philly YIMBY reported. Plans for the eight-story brick building at 1322 W. Clearfield St. in Allegheny were drafted by Canno Design.

***

The Philadelphia Housing Development Corp. is requesting proposals from contractors to rebuild a retaining wall in West Philadelphia. The wall is between Jefferson Street and Nassau Road from 61st Street to 63rd Street.

All applicants must attend an on-site prebid meeting at 10 a.m. Nov. 27. The application deadline is 3 p.m. Dec. 4. More information is available on PHDC’s website.

FINANCING

Logistics Property Co. has taken out a $129M loan to refinance the 1.2M SF Box Park Logistics Center in Cinnaminson. The funds will be used for tenant improvements, leasing operations and to pay off a construction loan, according to a press release. The bridge loan was provided by PGIM.

***

RL Cold has secured a $58M loan to build a 215K SF cold-storage warehouse in Mount Laurel, Commercial Observer reported. The company broke ground on the project in August.

The loan was arranged by a team at Newmark that included Nick Scribani, Blake Thompson, Jordan Roeschlaub and Jonathan Firestone. Greek Design Build is the general contractor on the project.