Brandywine and Campus Crest Partner to Build Student Housing in University City, Philadelphia with Harrison Street as Equity

  Brandywine and Campus Crest Partner to Build Student Housing in University
  City, Philadelphia with Harrison Street as Equity Partner

         – Project to be Completed for the 2014/2015 Academic Year –

Business Wire

PHILADELPHIA & CHARLOTTE, N.C. -- February 5, 2013

Brandywine Realty Trust (NYSE: BDN), Campus Crest Communities, Inc. (NYSE:
CCG), and Harrison Street Real Estate Capital (“HSRE”) today announced a joint
venture partnership to develop a 33-story, 850-bed student housing tower at
Brandywine’s Cira South development in University City, Philadelphia. The
project, called The Grove at Cira Centre South, is being developed at 30^th
and Chestnut Streets on a site leased from the University of Pennsylvania

The Grove at Cira Centre South (Photo: Business Wire)

The Grove at Cira Centre South (Photo: Business Wire)

The Grove at Cira Centre South has a total cost of $158.5 million and will be
financed by a $97.8 million loan provided by PNC Bank, N.A., as Administrative
Agent, and Capital One, N.A., as Syndication Agent. Brandywine and Campus
Crest will each own 30.0% of the joint venture, while HSRE will own 40.0%. The
joint venture expects to attract graduate and undergraduate student residents
from the surrounding area, including students from Penn (total enrollment of
~25,000 students), Drexel University (total enrollment of ~25,500 students)
and other colleges and universities located in University City and Center City
Philadelphia. Construction has already commenced with a targeted completion
date in fall 2014; leasing is expected to begin in fall 2013.

The project will offer an attractive, upscale housing option within walking
distance to retail, residential, mass transportation and university facilities
and will feature attractively furnished units with bed-bath parity. It will
include a broad array of high-end appointments including a roof top swimming
pool, media lounge and a 24-hour fitness center. Residents will also have
access to a full concierge level providing hotel-like amenities throughout the
day including coffee service, a library technology center and first floor
retail. Ample common areas including numerous study lounges will be designed
to accommodate social and academic interaction. To foster a sense of community
and promote resident engagement, the property will regularly host a variety of
activities. A highly trained, professional staff – including a general
manager, leasing manager, community assistants and a courtesy officer for
security purposes – will serve residents. As part of the partnership
agreement, Campus Crest will act as property manager of the completed 850-bed

The tower, which will extend the Cira skyline on the western bank of the
Schuylkill, was designed by architect Erdy McHenry in consultation with Cira
master plan architect César Pelli. With guidance from the Institute for the
Built Environment and Praxis Building Solutions, the project is expected to
achieve LEED Gold certification. It is located at 2930 Chestnut Street in
University City, which derives its name from the presence of colleges,
universities, health systems and think tanks, and is the neighborhood west of
Philadelphia’s Central Business District.

The Grove at Cira Centre South combines the experience of two REITs with
complementary skill sets, which will enable the partnership to create an
industry leading project targeting the high volume of college and university
students in Philadelphia. Brandywine has extensive experience in urban,
high-rise development and deep roots in the Philadelphia market, while Campus
Crest’s industry leading, residence life focused management programs will
bring the building to life. The project also continues the HSRE and Campus
Crest relationship started in 2008.

“We look forward to further expanding our successful Cira Centre development
and shaping the Philadelphia skyline with our new partners,” said Gerard H.
Sweeney, President and Chief Executive Officer of Brandywine. “We recognized
the strong demand for graduate and undergraduate student housing in University
City and selected Campus Crest for its proven operating platform and track
record of success. Additionally, Harrison Street’s astute investment
experience and national market perspective further ensures excellent execution
and a successful investment result.”

“Brandywine is an established real estate owner, operator and developer with a
rich history of success, and we are proud they selected us as a partner for
this very prestigious project in the dynamic University City submarket of
Philadelphia, Pennsylvania. The transaction also gives us an entry into a more
urban product while managing our risk,” said Ted W. Rollins, Chief Executive
Officer of Campus Crest.

“We look forward to our continued expansion with Campus Crest, as this
represents our 18^th property investment together. We are further excited to
be part of this high quality, student housing project in University City which
includes a new partnership with Brandywine. Brandywine and Campus Crest are
industry leaders and we are proud to be affiliated with them both,” said
Christopher Merrill, Co-founder, President & CEO of Harrison Street.

Barclays served as financial advisor to Campus Crest on the transaction.

About Campus Crest Communities, Inc.

Campus Crest Communities, Inc. is a leading developer, builder, owner and
manager of high-quality, residence life focused student housing properties
located close to college campuses in targeted U.S. markets. The Company is a
self-managed, self-administered and vertically-integrated real estate
investment trust which operates all of its properties under The Grove® brand.
The Company owns interests in 39 operating student housing properties
containing approximately 20,884 beds. The Company has commenced construction
of six projects containing approximately 3,564 beds for delivery in the third
quarter of 2013. Since its inception, the Company has focused on customer
service, privacy, on-site amenities and its proprietary residence life
programs to provide college students across the United States with a higher
quality of living. Additional information can be found on the Company's
website at

About Brandywine Realty Trust

Brandywine Realty Trust is one of the largest, publicly traded, full-service,
integrated real estate companies in the United States. Organized as a real
estate investment trust and operating in select markets, Brandywine owns,
leases and manages an urban, town center and suburban office portfolio
comprising 297 properties and 34.6 million square feet, including 221
properties and 25.1 million square feet owned on a consolidated basis and 57
properties and 7.0 million square feet in 19 unconsolidated real estate
ventures all as of December 31, 2012. For more information, please visit

About Harrison Real Estate Capital, LLC

Harrison Street is a real estate private equity firm founded in 2005 that
directly and through its affiliates, has over $4.0 billion in Assets Under
Management (AUM) through commingled funds and public securities products. The
commingled funds focus exclusively on the Education, Healthcare and Storage
segments of the US real estate market. The firm currently owns approximately
$3.5 billion in real estate assets consisting of over 250 properties in 38
states including over 25,000 student housing beds, more than 6,000 senior
housing/assisted living units, over 1.4 million square feet of medical office
space, and more than 72,000 self storage units. Additionally, Harrison Street
Securities LLC currently manages over $700 million in REIT securities through
distinct long only product offerings. For more information visit

Photos/Multimedia Gallery Available:



Campus Crest Investor Relations:
Thomas Nielsen, Investor Relations
Campus Crest Media Relations:
Jason Chudoba, ICR for Campus Crest Communities
Brandywine Company / Investor Contact:
Marge Boccuti, Investor Relations
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