RADNOR, Pa., Sept. 11, 2012 /PRNewswire/ -- Brandywine Realty Trust (NYSE: BDN) and Toll Brothers, Inc. (NYSE: TOL) announced today that they have formed a joint venture to build 398 residential units in seven buildings at 134 Plymouth Road, Plymouth Meeting, PA. The project will feature a mix of one and two bedroom luxury rental residences located on a 20-acre site that will have 45% open space. The project will have a first-class amenity package including a 10,000 square foot club house, fitness center, resort-style pool, dog park and walking trail, and will incorporate many sustainability features including rain gardens, white roofs, electric car chargers, drought-tolerant landscaping, water saving fixtures and energy efficient design.
The property is in an excellent location with immediate access to the mid-county interchange, the region's major highways and is just over 16 miles from Center City Philadelphia. Area demographics are outstanding and the project is located near suburban Philadelphia's largest employment base. All essential shopping, dining, healthcare, lifestyle, and transportation needs are located within one to three miles of the site.
Toll Brothers and Brandywine will each own a 50% interest in the Plymouth Meeting complex, and will have joint decision making responsibility. Brandywine and Toll Brothers have joint development responsibilities with Toll Brothers providing property management and construction management services. Brandywine will contribute its land parcel in connection with the venture and Toll Brothers will contribute cash. Total project costs inclusive of land are estimated to be $77.0 million. Site engineering, planning, and architecture have begun and the groundbreaking is projected to occur in the first half of 2013.
"Brandywine is one of the most respected names in the real estate community and we look forward to developing this project with them," stated Douglas C. Yearley, Jr., Chief Executive Officer of Toll Brothers. "We are pleased to bring to this partnership our residential experience and the Toll Brothers luxury brand. We are very excited by this opportunity.""We are delighted to commence this transaction with Toll Brothers," stated Gerard H. Sweeney, President and Chief Executive Officer of Brandywine Realty Trust. "They are a premier developer of residential properties and we look forward to continued expansion of our relationship. This transaction is consistent with our business plan goal of monetizing up to 35% of our existing land bank over the next several years and we are on track to achieve that goal." 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 305 properties and 34.5 million square feet, including 230 properties and 24.9 million square feet owned on a consolidated basis (including 11 properties and 0.5 million square feet held for sale) and 53 properties and 6.5 million square feet in 18 unconsolidated real estate ventures as of June 30, 2012. For more information, please visit www.brandywinerealty.com. About Toll Brothers Toll Brothers, Inc. is the nation's leading builder of luxury homes. The Company began business in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol "TOL." The Company serves move-up, empty-nester, active-adult, and second-home buyers and operates in 20 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Texas, Virginia, and Washington. Toll Brothers builds an array of luxury residential communities, principally on land it develops and improves: single-family detached and attached home communities, master planned resort-style golf communities, and urban low-, mid- and high-rise communities. The Company operates its own architectural, engineering, mortgage, title, land development and land sale, golf course development and management, home security, and landscape subsidiaries. The Company also operates its own lumber distribution, house component assembly, and manufacturing operations. The Company acquires and develops commercial properties through Toll Commercial and its affiliate, Toll Brothers Realty Trust, and purchases distressed loan and real estate asset portfolios through its wholly owned subsidiary, Gibraltar Capital and Asset Management.