FMC TOWER TO BE BUILT IN PHILADELPHIA, 6TH TALLEST BUILDING IN THE CITY
Nov. 1, 2013
Source: joint organization news release
Brandywine Realty Trust (NYSE: BDN) and FMC Corporation (NYSE: FMC) announce they have executed a 253,000 square foot, 16-year lease transaction for the specialty chemical company's new global headquarters at Cira Centre South, located in Philadelphia, Pennsylvania.
The building, to be known as FMC Tower at Cira Centre South, represents the last phase of Brandywine's Cira Centre South development, a 2.7 million square foot premier mixed-use development.
FMC expects to occupy its new corporate headquarters by June 2016, with groundbreaking planned for mid-year 2014.
FMC Tower at Cira Centre® South will be the sixth tallest office building in Philadelphia at 47 stories, 650 feet tall and will consist of approximately 830,000 rentable square feet: 575,000 square feet of Class A office, 10,000 square feet of retail, and 260 luxury apartment suites with concierge services and market rate rental housing. As previously announced, Brandywine has executed a 20-year lease with the University of Pennsylvania for four floors approximating 100,000 square feet.
"It's an exciting time at FMC as we grow our company and workforce," said Pierre Brondeau, President, Chief Executive Officer and Chairman of the Board of FMC Corporation. "We're proud to call Pennsylvania and Philadelphia our home, and today's announcement underscores FMC's long-term commitment to this great city. As one of the fastest growing specialty chemical companies, our ability to retain and attract the best talent is critical to our success.
"FMC Tower at Cira Centre® South will provide an office environment that encourages employee collaboration, engagement and creativity. Located at the gateway to University City, with close proximity to the University of Pennsylvania, Drexel University and the University City Science Center, we're thrilled to partner with Brandywine to move this development from concept to reality by 2016."
"Penn's acquisition and redevelopment of the U.S. Postal lands are paying huge dividends for Philadelphia," said Penn President Amy Gutmann. "This redevelopment has brought thousands of high-paying jobs to University City, and has transformed an ugly parking lot into a lovely recreational oasis for the entire city.
"The new FMC Tower at Cira Centre® South, adjacent to Penn Park, will serve as a stunning gateway to the Penn campus and another major catalyst to Penn's strategic vision of spurring economic development along the banks of the Schuylkill, stretching from the Cira Centre® to Penn's South Bank at the former DuPont Marshall Lab site. The FMC Tower at Cira Centre® South also will further link Penn, the city's largest private employer, to downtown Philadelphia."
"Make no mistake, global companies like FMC have the opportunity to expand anywhere in the world and FMC chose to grow here," Pennsylvania Governor Tom Corbett said. "Today is recognition that Pennsylvania's economy is moving forward and our partnership in progress is resulting in new growth and new jobs for our citizens."
"We are thrilled to celebrate FMC Corporation's new office location in Philadelphia," said Mayor Michael Nutter. "Like so many companies choosing to start, stay and grow here, FMC is banking on Philadelphia's strategic location, access to talent and strength in the chemicals industry to propel its growth over the long term."
"We are delighted that FMC chose University City and Cira Centre® South for their headquarters location. FMC had many regional and out-of-state options for its headquarters and we appreciate their trust in Brandywine and support for this exciting project. We are also delighted with our continued partnership with the University of Pennsylvania and are proud to partner with them in creating a striking entrance to their campus," stated Gerard H. Sweeney, President and CEO of Brandywine Realty Trust.
"FMC Tower at Cira Centre® South completes the final phase of our Cira South development which included the $340 million renovation of the 30th Street Post Office (GSA-Philadelphia Campus) and Cira Garage, and evo at Cira Centre® South - our joint venture campus housing project currently under construction. This lease, combined with the University of Pennsylvania lease, brings the office component to 61% leased to major credit tenants on long-term leases.
"FMC Tower at Cira Centre® South creates an extraordinary gateway to the University of Pennsylvania campus and West Philadelphia. University City is a dynamic, thriving neighborhood and we are confident FMC employees will become enthusiastic stakeholders in a strengthened city fabric."
FMC Tower at Cira Centre® South will be an iconic landmark, creating an exciting visual statement on the City's resurgent skyline, defined as much by its contemporary architecture as by its embrace of the natural elements. Operational efficiencies include: highly efficient column-free floor plates, LEED Silver design, and high performance, next generation building systems. Quality of work-life will be enhanced by the highly desirable mixed-use development with a comprehensive amenity package, 10-foot ceiling heights, floor-to-ceiling glass featuring dramatic views of the Schuylkill River and Philadelphia's central business district, as well as an abundance of natural light into employee spaces.
Building amenities include: 260 luxury rental apartment units, aquatic center with pool and deck, fitness center and spa, planned state-of-the-art business conference center, on-site 1,662 space parking garage, convenient access to public transportation and a one-acre elevated park known as Cira Green. Cira Green, to be completed in the fourth quarter of 2014, is an extension of the recreational green belt created by Schuylkill River Trail and Penn Park.
This green space will continue across the eastern entrance of the FMC Tower at Cira Centre® South to the face of the Cira parking garage where a glass elevator will convey visitors to Cira Green, a soaring one-acre urban oasis that will be a centerpiece of this green continuum.
Physically connected to FMC Tower at Cira Centre® South by a dramatic sky bridge, this unique element will provide FMC employees and visitors a vibrant outdoor space with stunning views of the river and city skyline; a fully functional outdoor venue for daily enjoyment, large-scale catered company events; and the stage for frequent events such as classical musical concerts, live arts performances, summer movie screenings, etc.
The design team for FMC Tower at Cira Centre® South will be the architectural firms of Pelli Clark Pelli and Bower Lewis Thrower. The office component of the project will cost approximately $236 million with the residential component costing $105 million for a total anticipated investment of $341 million.
FMC was represented on this transaction by Tactix Real Estate Advisors. For more information, visit www.tactix.com.
A presentation titled "FMC Tower at Cira Centre® South" which contains renderings, site plans and other project information can be accessed under the "Presentations" tab in the "Investor Relations" section of Brandywine's website at www.brandywinerealty.com.
FMC Corporation is a diversified chemical company serving agricultural, industrial, environmental, and consumer markets globally for more than a century with innovative solutions, applications and quality products. In 2012, FMC had annual sales of approximately $3.4 billion. The company employs approximately 6,000 people throughout the world, and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition, and FMC Minerals. The company traces its roots to 1883 when founder John Bean created an innovative insecticide spray pump to protect California orchards. FMC came to the Delaware Valley in 1956 with the opening of its research center in Princeton, N.J. The company consolidated it chemical business in Philadelphia in 1974 and then established its global headquarters in the city in 2001. Today, FMC has approximately 860 employees in three locations in the Delaware Valley. For more information, visit www.FMC.com.
About Brandywine Realty Trust
Brandywine Realty Trust is one of the largest, publicly traded, full-service, integrated real estate companies in the United States. Organized as a real estate investment trust and operating in select markets, Brandywine owns, leases and manages an urban, town center and suburban office portfolio comprising 283 properties and 32.9 million square feet, including 209 properties and 24.1 million square feet owned on a consolidated basis and 54 properties and 6.2 million square feet in 18 unconsolidated real estate ventures all as of September 30, 2013. For more information, please visit www.brandywinerealty.com.