Landlord Advisory At Work
Brandywine Realty Trust, Radnor, PA

Situation:
Stockton hired to represent owner of a 1,700,000 square foot, 15 building portfolio of Class “A” office space located in Radnor, Pennsylvania.

Unprecedented amount of available space for a single suburban submarket - the largest tenant in the portfolio vacated more than 800,000 square feet, which combined with 200,000 square feet of additional vacancy throughout the portfolio, resulted in 1,000,000 square feet of available space. In addition to 1,000,000 square feet of vacant space, Stockton faced a stagnant leasing climate with soft rental rates.

Action:
Stockton formulated and implemented a leasing game plan that offered space incrementally and established different price points for various properties within the portfolio, created the model of a central concentration of amenities to reinforce uniqueness and exclusivity of the market (Sports Club, Steak House), sought out “Franchise Transactions” to spark interest in the area, and increased rents as leasing progressed.

Results:
• 91% leased across the portfolio

• Re-established Radnor as the premier Philadelphia suburban sub-market

• Rents have climbed from mid-$20’s per square foot to as high as $35 per square foot

• 555 Building 2006 winner
   - Philadelphia Business Journal’s Best Real Estate Deal Suburban Market

• Lincoln Financial transaction (182,000 square feet) 2007 winner
   - Philadelphia Business Journal’s Best Real Estate Deal Suburban Market

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