Brandywine Realty Trust has paid $23.2 million for the ground on which Cira Centre sits.
Amtrak sold the parcel at 2929 Arch St. to the Radnor, Pa., real estate investment trust. Brandywine declined comment on the transaction. Brandywine constructed Cira Centre, a 29-story, 731,000-square-foot office tower. The building sits in a Keystone Opportunity Zone and this transaction doesn’t effect that special designation, according to two experts on the KOZ legislation.
Amtrak limited the comments it made about the sale. Craig Schulz, spokesman for Amtrak, said Brandywine bought out a 99-year lease it had on the land on which Cira Centre sits. The rail company plans to use the capital raised by the transaction to advance a number of projects across the country, Schulz said in an email.
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