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Thursday, July 31, 2008
BlackRock-Brandywine's Philly deal 'close'

    One of the pros working on Brandywine Realty Trust's Cira South project tells us they're expecting a formal announcement and political brag-fest in early August to confirm that BlackRock Inc. will indeed move 1,200 investment workers from temporary quarters in an old Merrill Lynch complex in Plainsboro, N.J., to Brandywine's proposed tower adjoining Penn's campus,  thanks to state and city tax breaks.
    BlackRock is expected to lease more than 500,000 square feet, with an option for another 100,000, in a building that will total around 750,000 square feet -- not as big as the Liberty Place towers, but in that league.
   For a company that's earning $90 million a month (Financial Times story here), plain-vanilla investment manager BlackRock sure gets a lot of tax breaks:  As reported by PhillyDeals earlier this month, BlackRock CEO Larry Fink says he'll double its Wilmington, Delaware, workforce to 600, now that  Gov. Ruth Ann Minner has signed a law limiting investment company taxes. Release here. -- New Jersey's failed effort to save BlackRock in Newark Star-Ledger story here.
  Brandywine traded higher this morning on a stronger 2q earnings report, despite flat revenues. Report here.
 

Posted by Joseph N. DiStefano @ 10:12 AM  Permalink | 2 comments
Comments   
Posted 02:30 PM, 07/31/2008
lincolndrive
That is seriously great news for Philly. Can't wait until its a 100% go.
Posted 02:49 PM, 07/31/2008
WPhillyguy
Welcome To Philadelphia, BlackRock!
2 comments
About Joseph N. DiStefano
Joseph N. DiStefano writes this blog to feed his PhillyDeals column, which is printed in the business pages of The Philadelphia Inquirer every Sunday, Tuesday, Wednesday, Thursday and Friday. Joe has worked at the Inquirer, mostly, since 1988. He has also written for Bloomberg and Gannett, authored the book Comcasted, majored in economics at Penn, and fathered six children. Reach Joe at 215-854-5194 and JoeD@phillynews.com

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