Brandywine Realty Snags 1919 Market In Heated Bankruptcy Auction

The 33,746-square-foot lot at 1919 Market (aka the failed Opus Condominium Tower) was very popular at the bankruptcy auction Brandywine Realty Trust attended. After some back and forth, 1919 finally ended in the victorious hands of Brandywine with a $9.3M bid. The agreement of sale between Brandywine, Bank of America and the trustee came about only after Brandywine was able to propose the best offer. Jerry Sweeney, CEO and president of Brandywine, told us that “the goal of these auctions are speed of execution, certainty to close the deal and ensuring adequate ‘coverage,’ or ability to pay debt service if the transaction doesn’t go to closing.” Brandywine had offered an increase in their deposit to satisfy two of those goals and included, according to Sweeney, “forfeiting the deposit if the deal failed.” We are excited for Brandywine’s new purchase and plans for a mixed-use development at the site. We will keep you updated on the progress.