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<\/p>\nBrandywine Realty Trust is borrowing tens of millions of dollars to breathe life into a largely vacant life sciences project.<\/p>\n
<\/p>\n
\n Courtesy of Gensler\n <\/p>\n
\n A rendering of 3151 Market St. in Brandywine Realty Trust’s Schuylkill Yards development district\n <\/p>\n
The REIT obtained $87.3M for the 3151 Market St. building in its Schuylkill Yards<\/a> development overlooking 30th Street Station<\/a>, $30M of which will be reserved for future tenants.<\/p>\n Nuveen Green Capital<\/a>\u00a0originated the funding administered by the\u00a0Philadelphia Energy Authority<\/a>\u00a0through the C-PACE<\/a>\u00a0green financing program. Nuveen touted it as the largest C-PACE deal in the state’s history.\u00a0<\/p>\n The borrower will use the funds to \u201cpreserve conventional debt capacity\u201d and make sustainability improvements\u00a0including envelope, lighting and HVAC upgrades at the 12-story building.<\/p>\n The building completed in 2024 with\u00a0495K SF of labs, offices and retail. It is now\u00a04% leased, with Fine Wine & Good Spirits and\u00a0Starbucks<\/a>\u00a0taking up retail space,\u00a0the Philadelphia Business Journal reported<\/a>.<\/p>\n \u201cC-PACE provided the right financing at the right time for 3151 Market,\u201d Brandywine\u00a0Chief Financial Officer Tom Wirth said in a statement<\/a>. \u201cWorking with the Philadelphia Energy Authority affirmed our continued investment in West Philadelphia at Schuylkill Yards.\u201d<\/p>\n Life sciences vacancy reached 7.2% across the Philadelphia region last quarter, which was up 110 basis points year-over-year, according to a report<\/a> from Savills<\/a>.<\/p>\n The non-lab component in 3151 Market meant it was also included in the brokerage\u2019s Q4 2025 office report<\/a>, Savills Research Manager Daniela Stundel<\/a> told Bisnow earlier this month.<\/p>\n The trophy availability rate for the central business district, which also covers University City and the Navy Yard in Savills reports, fell from 20.7% to 17.4% when\u00a0Stundel removed 3151 Market from the equation.<\/p>\n Developers have secured a string of big C-PACE deals up and down\u00a0the East Coast over the past few months.\u00a0<\/p>\n In November, Pearl Properties<\/a>\u00a0obtained\u00a0$60M in C-PACE funding for the Harper Square apartment tower near Philly’s Rittenhouse Square, previously the state’s largest\u00a0loan<\/a>\u00a0through the program. The developer paired it with a $113M construction loan.<\/p>\n Earlier this month,\u00a0Post Brothers<\/a>\u00a0secured $465.3M in C-PACE funding from Nuveen Green Capital to help with a $750M office-to-residential conversion<\/a> spanning 1M SF in Washington, D.C.\u00a0<\/p>\n In October,\u00a0Bungalow Projects<\/a> and Bain Capital<\/a> also borrowed $156M via C-PACE<\/a> to build two film studios in Brooklyn, New York’s largest-ever loan through the program.\u00a0<\/p>\n South Florida’s largest-ever C-PACE loan came in September<\/a>, when North Development secured $160M to build a 579-unit condo project. That same month, Nuveen Green Capital provided a $290M C-PACE loan<\/a>\u00a0for a condo and hotel tower in Tampa.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"Brandywine Realty Trust is borrowing tens of millions of dollars to breathe life into a largely vacant life…\n","protected":false},"author":2,"featured_media":99345,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[48506,48502,48503,48505,28,30,29,48504,48500,48501,48507],"class_list":["post-99344","post","type-post","status-publish","format-standard","has-post-thumbnail","category-pennsylvania","tag-3151-market-st","tag-c-pace","tag-daniela-stundel","tag-nuveen-green-capital","tag-pennsylvania","tag-pennsylvania-headlines","tag-pennsylvania-news","tag-philadelphia-energy-authority","tag-savills","tag-schuylkill-yards","tag-tom-wirth"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts\/99344","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/comments?post=99344"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts\/99344\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/media\/99345"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/media?parent=99344"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/categories?post=99344"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/tags?post=99344"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}