Brandywine Realty Trust (NYSE: BDN
) has signed a 16-year lease with specialty chemical company FMC Corp. for a new global headquarters at Cira Centre South in Philadelphia.
FMC Tower will be the last phase of Brandywine's Cira Centre South development, a 2.7 million-square-foot mixed-use development. FMC expects to occupy its new corporate headquarters by June 2016, with groundbreaking planned for mid-year 2014.
The FMC lease is an economic development win for Pennsylvania. which reportedly beat out competing sites in New Jersey and Delaware to retain the company headquarters.
"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.
At 47 stories and 650 feet tall, FMC Tower at Cira Centre South will be the sixth-tallest office building
in Philadelphia, totaling 830,000 rentable square feet. Office space
will encompass 575,000 square feet, with 10,000 square feet of retail and 260 luxury apartment suites.
Brandywine previously announced it has executed a 20-year lease with the University of Pennsylvania for four floors totaling about 100,000 square feet.
"As one of the fastest-growing specialty chemical companies, our ability to retain and attract the best talent is critical to our success," said Pierre Brondeau, president, CEO and chairman of FMC.
The university's 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," adds Penn President Amy Gutmann.