Burlington Stores Buys 441,000-Sq-Ft Philadelphia Office Building
Brandywine Realty Trust has sold a major Philadelphia office building to Burlington Stores, with Greenberg Traurig advising on the deal.
Burlington Stores has acquired a 441,000-square-foot office building at 3151 Market Street in Philadelphia from Brandywine Realty Trust, according to a deal announcement released Wednesday. The transaction marks a significant commercial real estate move for the retail chain, which is expanding its physical footprint beyond traditional store formats.
Global law firm Greenberg Traurig, LLP represented Brandywine Realty Trust, a publicly traded real estate investment trust listed on the New York Stock Exchange under the ticker BDN, in the disposition. Burlington Stores trades on the NYSE under the ticker BURL.
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The property sits in a prominent corridor of Philadelphia's commercial district, and the sale reflects continued shifts in the urban office market as owners seek buyers outside the traditional office-tenant base. For Brandywine, the deal represents a divestiture of a substantial asset in its home market.
The transaction underscores broader trends reshaping commercial real estate in major American cities, where office vacancies have prompted landlords to explore alternative buyers, including retailers and institutional users, to offload large-footprint properties at a time of sustained remote-work pressure on urban office demand.
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