Philadelphia-based Brandywine Realty Trust is not going to start construction on the planned third tower at Schuylkill Yards on speculation, writes Paul Schwedelson for the Philadelphia Business Journal.

The real estate company is relaunching marketing efforts for the planned East Tower that would join the two existing buildings, but it will wait until the building is at least 50 percent pre-leased before it starts construction.

“Given its significant size, given the state of the overall U.S. economy, the volatility in interest rates and uncertainty in financing, we would not start that project without a significant pre-lease and visibility on both additional leases being signed and financing certainty,” said Brandywine CEO Jerry Sweeney, “because that project is simply too big for us to take on in this kind of climate.”

The 800,000-square-foot building would have 34 floors and include 550,000 square feet of office space along with 250,000 square feet of life sciences space.

According to Sweeney, marketing is targeting financial services companies.

Waiting for lease commitments is a change from the first two towers in the Schuylkill Yards that were built on speculation.

Read more about Brandywine Realty Trust’s decision not to start construction on the planned third tower at Schuylkill Yards in the Philadelphia Business Journal.

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