Nuveen Green Capital and Brandywine Realty Trust Close Largest C-PACE Financing in Pennsylvania History

Rhea-AI Summary

Brandywine Realty Trust (NYSE:BDN) and Nuveen Green Capital closed an $87.3 million C-PACE financing for 3151 Market Street in Philadelphia on Jan. 27, 2026, administered by the Philadelphia Energy Authority.

The package includes $30 million of capital earmarked for future tenants of the recently completed 494,530-square-foot, 12-story lab and office building in Schuylkill Yards. The deal is the largest C-PACE financing in Pennsylvania history and the first recorded for a publicly traded REIT. C-PACE proceeds will fund building envelope, lighting, HVAC and water conservation upgrades and allow Brandywine to preserve conventional debt capacity at the LEED Platinum building (certification pending).

Positive

• $87.3M C-PACE marks Pennsylvania's largest C-PACE financing
• $30M reserved for future tenants supports leasing and buildouts
• First documented C-PACE for a publicly traded REIT, broadening investor adoption
• Financing enables preservation of conventional debt capacity at 3151 Market

Negative

• None.

Key Figures

C-PACE financing size: $87.3 million Capital for future tenants: $30 million Development size: 14 acres +2 more

5 metrics

C-PACE financing size $87.3 million C-PACE financing for 3151 Market Street in Philadelphia

Capital for future tenants $30 million Portion of C-PACE earmarked for future tenants at 3151 Market

Development size 14 acres Schuylkill Yards mixed-use, transit-oriented development site

Building area 494,530 square feet Lab and office space at 3151 Market

Building height 12 stories Lab and office building at 3151 Market

Market Reality Check

Price: $2.86 Vol: Volume 3,134,201 is below...

low vol

$2.86 Last Close

Volume Volume 3,134,201 is below 20-day average of 5,477,679 ahead of this financing news. low

Technical Price at $2.91 is trading below the $3.84 200-day moving average and near the 52-week low of $2.825.

Peers on Argus

BDN fell 3.96% while several office/REIT peers like PDM (-1.3%), DEA (-1.95%), J...

BDN fell 3.96% while several office/REIT peers like PDM (-1.3%), DEA (-1.95%), JBGS (-1.23%) and PSTL (-0.11%) were also down, with PKST up 1.06%, suggesting mixed but generally soft sector trading rather than a clean sector-wide move.

Historical Context

5 past events · Latest: Jan 22 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 22	Tax distribution details	Neutral	+0.0%	Disclosure of <b>2025</b> distribution tax character and capital gain components.
Dec 10	Dividend & earnings date	Positive	+0.3%	Announced <b>$0.08</b> quarterly dividend and confirmed Q4 earnings release and call.
Oct 22	Q3 2025 earnings	Negative	-4.2%	Reported Q3 results and cut full-year <b>2025</b> FFO guidance to <b>$0.51–$0.53</b>.
Oct 03	Debt offering closed	Neutral	-1.0%	Closed <b>$300 million</b> 6.125% guaranteed notes due <b>2031</b> for debt repayment.
Sep 29	Debt offering priced	Neutral	-0.7%	Priced <b>$300 million</b> notes at 6.125% with planned use for secured debt repayment.

Pattern Detected

Recent news reactions have mostly aligned with the qualitative tone: guidance cuts and higher-rate debt coincided with negative or flat moves, while routine dividends and tax disclosures saw muted to modestly positive trading.

Recent Company History

Over the past several months, Brandywine’s news flow focused on capital structure and routine disclosures. In October 2025, Q3 results included a cut to 2025 FFO guidance to $0.51–$0.53, with the stock down about 4.16% the next day. Around the same time, the company priced and closed $300 million of 6.125% notes due 2031, with modest negative price reactions. Later releases on dividends, earnings dates, and 2025 distribution tax characteristics produced flat-to-slightly positive moves, underscoring a pattern of measured responses to non-transformational updates.

Market Pulse Summary

This announcement highlights a record $87.3 million C-PACE financing for Brandywine’s 3151 Market pr...

Analysis

This announcement highlights a record $87.3 million C-PACE financing for Brandywine’s 3151 Market project, including $30 million earmarked for future tenants in a 494,530-square-foot, LEED-oriented lab and office building. It underscores Brandywine’s focus on sustainable, transit-oriented life science assets within the 14-acre Schuylkill Yards development. In context of prior guidance cuts and recent debt issuance, investors may watch how this financing supports occupancy, cash flow stability, and capital allocation in a challenged office-REIT environment.

Key Terms

c-pace, reit, leed® platinum, hvac

4 terms

c-pace financial

"Nuveen Green Capital (NGC), a leader in sustainable commercial real estate financing solutions, and Brandywine Realty Trust (BDN) today announced the closing of $87.3 million in C-PACE financing"

A C‑PACE (Commercial Property Assessed Clean Energy) program is a way for commercial property owners to finance energy efficiency, renewable energy, or resiliency upgrades through a long‑term assessment added to the property tax bill. Think of it like a mortgage specifically for building upgrades that stays with the property and is repaid via tax installments. Investors care because C‑PACE liens affect a building’s cash flow, create a senior repayment obligation on the property, and can change credit and resale dynamics tied to long‑term cost savings and project risk.

reit financial

"the first for a publicly traded real estate investment trust (REIT) in recent history"

A real estate investment trust (REIT) is a company that owns, operates, or finances income-producing real estate, like shopping centers, apartments, or office buildings. For investors, REITs offer a way to invest in real estate without having to buy property directly, often providing regular income through dividends. They function like a mutual fund for real estate, making it easier for people to add property investments to their portfolio.

leed® platinum technical

"Refinancing the project enables Brandywine to preserve conventional debt capacity at this LEED® Platinum building (certification pending)."

LEED® Platinum is the highest level of certification from the U.S. Green Building Council for buildings that meet top standards for energy efficiency, water savings, materials, and indoor environmental quality. For investors it signals lower operating costs, stronger tenant demand and potential tax or permitting advantages—like a building earning a five‑star safety rating—that can protect value, reduce regulatory and energy risk, and improve resale or rental income.

hvac technical

"C-PACE-financed sustainability measures include upgrades to the building envelope, lighting and HVAC systems, and water conservation measures."

HVAC stands for heating, ventilation and air conditioning — the systems that control temperature, airflow and indoor air quality in buildings. Investors care because HVAC drives operating costs, energy use, tenant comfort and regulatory compliance; like the engine and insulation of a building, efficient modern systems can lower bills, reduce repair and replacement spending, and preserve property value, while outdated units can create unexpected expenses and vacancy risk.

AI-generated analysis. Not financial advice.

$87.3 Million C-PACE for 3151 Market Street in Philadelphia Marks the State's Largest C-PACE Financing and First for a Publicly Traded REIT

NEW YORK, Jan. 27, 2026 /PRNewswire/ -- Nuveen Green Capital (NGC), a leader in sustainable commercial real estate financing solutions, and Brandywine Realty Trust (BDN) today announced the closing of $87.3 million in C-PACE financing, which includes $30 million of capital for future tenants at 3151 Market Street in Schuylkill Yards, the latest addition to West Philadelphia's life sciences and mixed-use development hub. Financing is administered by the Philadelphia Energy Authority.

The transaction represents the largest C-PACE financing in Pennsylvania's history and the first for a publicly traded real estate investment trust (REIT) in recent history. This milestone demonstrates C-PACE's flexibility in working with diverse financing partners and its ability to provide innovative capital structures for various projects.

C-PACE financing positions Brandywine Realty Trust to continue executing its vision for Schuylkill Yards, a 14-acre mixed-use, transit-oriented development located in Philadelphia's University City submarket. 3151 Market is a recently completed 494,530-square-foot, 12-story lab and office building designed for flexibility, sustainability and high-performance use. Refinancing the project enables Brandywine to preserve conventional debt capacity at this LEED® Platinum building (certification pending).

Mike Doty, Senior Director of Originations at Nuveen Green Capital, said, "We were thrilled to partner with Brandywine Realty Trust on this innovative property, which will continue building momentum in this Philadelphia neighborhood while catalyzing life sciences development in the city. By utilizing C-PACE to recapitalize the project post-completion, the Sponsor will preserve liquidity while supporting sustainable building development."

"C-PACE provided the right financing at the right time for 3151 Market," said Tom Wirth, Chief Financial Officer, Brandywine Realty Trust. "Working with the Philadelphia Energy Authority affirmed our continued investment in West Philadelphia at Schuylkill Yards, and we're pleased with how this partnership with Nuveen can help our future tenants make the most of this LEED Platinum-certified building."

C-PACE-financed sustainability measures include upgrades to the building envelope, lighting and HVAC systems, and water conservation measures.

"This record-setting $87-million deal is noteworthy not only for its size. As the first C-PACE financing for a real estate investment trust, this project affirms that Philadelphia's C-PACE program is resonating with institutional owners as well as private investors," said Lisa Shulock, PEA Director of Commercial Programs. "Retroactive financing for 3151 Market reflects growing confidence in C-PACE as a flexible capital solution and signals its expanding role in today's commercial real estate market."

"The Philadelphia C-PACE financing for Schuylkill Yards supports the City's sustainability and economic development goals," said Karen Fegely, Acting Commerce Director, City of Philadelphia. "This investment affirms our shared commitment to growing Philadelphia as a world-class hub for growth industries, especially our life sciences and biotechnology sectors."

Completed and ready for occupancy, 3151 Market is Philadelphia's next-generation innovation building, meticulously designed with sustainability at its core, featuring state-of-the-art lab and office space, premier amenities, and a prime location at the center of the region's flourishing life science and tech ecosystem.

About Nuveen Green Capital
With over $5 billion originated, Nuveen Green Capital is a national leader in sustainable commercial real estate financing solutions and an affiliate of Nuveen, the $1 trillion+¹ asset manager and wholly owned subsidiary of TIAA. The company, which was founded by C-PACE industry pioneers who helped design the nation's first successful statewide C-PACE program², has grown to offer a market-leading suite of accretive CRE financing products and a full-service lending platform with all underwriting, legal, and asset management functions executed in-house. To learn more, visit: Nuveen.com/greencapital

About Brandywine Realty Trust
Brandywine Realty Trust (NYSE: BDN) is one of the largest, publicly traded, full-service, integrated real estate companies in the United States with a core focus in Philadelphia, PA and Austin, TX. Organized as a real estate investment trust (REIT), we own, develop, lease and manage an urban, town center and transit-oriented portfolio comprising 120 properties and 18.9 million square feet as of September 30, 2025. Our purpose is to shape, connect and inspire the world around us through our expertise, the relationships we foster, the communities in which we live and work, and the history we build together. For more information, please visit www.brandywinerealty.com.

About Philadelphia Energy Authority
The Philadelphia Energy Authority (PEA) is an independent municipal authority building a robust, equitable clean energy economy for Philadelphia. PEA runs the Philadelphia Energy Campaign, a $1 billion, 10-year investment in energy efficiency and clean energy projects to create 10,000 jobs. PEA has supported over $1 billion in projects and created over 8,400 jobs so far. Learn more at www.philaenergy.org.

^{1 Total assets under management (AUM) as of 1/1/2025
2 The United States Department of Energy: 2016 C-PACE Report lists the Connecticut C-PACE program as the first statewide C-PACE program in the U.S.}

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SOURCE Nuveen Green Capital

FAQ

How much C-PACE financing did Brandywine Realty Trust (BDN) secure for 3151 Market on Jan. 27, 2026?

Brandywine secured $87.3 million in C-PACE financing administered by the Philadelphia Energy Authority.

What portion of the $87.3M C-PACE for BDN's 3151 Market is allocated for future tenants?

$30 million of the financing is designated for future tenant improvements and capital needs.

Why is the 3151 Market C-PACE financing notable for Brandywine Realty Trust (BDN)?

It is the largest C-PACE deal in Pennsylvania and the first C-PACE financing documented for a publicly traded REIT.

What sustainability upgrades will the C-PACE funds support at 3151 Market (BDN)?

Funds will support upgrades to the building envelope, lighting, HVAC systems, and water conservation measures.

How does the C-PACE transaction affect Brandywine's financing flexibility for 3151 Market (BDN)?

The recapitalization is intended to preserve Brandywine's conventional debt capacity while funding sustainability and tenant capital needs.