Wednesday, February 10, 2016

Tax breaks help, but BlackRock still in talks: Sweeney

BlackRock appreciates the tax breaks Philadelphia and Pennsylvania have offered for moving 1,000-1,500 central New Jersey jobs to West Philadelphia, but financial negotiations with landlord Brandywine Realty Trust are still ongoing, says Brandywine CEO Gerard Sweeney.

Tax breaks help, but BlackRock still in talks: Sweeney

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   Brandywine Realty Trust CEO Gerard Sweeney in his quarterly investor conference call today:
  "BlackRock is looking for a new location to house between 1,000 and 1,500 employees, which would translate to between 500,000 and 600,000 square feet...That prcess is progressing pretty quickly...
  "Blackrock, who is a current tenant at Cira One, identified Cira as a short-list location...The recent extension of the (Keystone Opportunity Improvement Zone tax) benefits through 2025 put Philadelphia and Pennsylvania in a very competitive position.
  "We are in discussions with BlackRock, but this is clearly a type of climate that both parties are mindful of the need for solid economics in the deal, a clearly-identified financial structure, and flexibility against any future near-term cost fluctuations.
  "So all these issues are really front and center in our discussions with BlackRock. In the meantime I think BlackRock continues to fully review their different locational alternatives. And I do think the situation will clarify in the next quarter or two."

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Joseph N. DiStefano
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