Terrapin Development Company (TDC), in partnership with the University of Maryland College Park, has entered into an exclusive development agreement with Brandywine Realty Trust (NYSE: BDN) to develop a world-class, mixed-use neighborhood spanning five acres within the University of Maryland’s Discovery District.
The Discovery District is the epicenter of academic, research and economic catalysts in Greater College Park. The $300+ million development project will feature 550,000 square feet of class-A innovative workspaces encompassing research, office, collaboration and retail space, plus 200-250 multifamily residential units. With seamless connections to mass transit and major roadways, and the University’s talent base, this project is designed to accelerate ventures of all kinds—from startups to Fortune 500 Company headquarters—and will serve as a natural extension of the University’s renowned research enterprise.
“This development will be transformational for the city, county and state. This new project within our Discovery District will continue to grow the University of Maryland’s position as an economic driver by bringing in thousands of additional jobs to our community, as well as creating a dynamic, place based development to serve as a gathering spot for the local community,” said Ken Ulman, President of Terrapin Development Company.
Darryll J. Pines, President of the University of Maryland continued, “The announcement of TDC’s new partnership with Brandywine ushers in the next phase of development projects that further enhance our dynamic campus community. Together, we will grow our ecosystem for innovation and technology that creates a lasting impact for the university’s students, faculty, staff and neighbors.”
The new Discovery District project’s elevated level of design and placemaking was imagined by acclaimed architects at Baltimore-based Ayers Saint Gross and Michael Vergason Landscape Architects. The master planned district will deliver a cinematic human-centric experience, establishing excellent pedestrian movement along the Baltimore Avenue corridor and campus. The created physical space will link university researchers, students and staff with private sector companies and laboratories, the project will accelerate the University’s research and discovery enterprise, providing an additional catalyst as an economic engine for the state and region. The project is adjacent to the new Purple Line, offering easy connections to the Washington DC Metro system, and has set forth many sustainability goals, including LEED classification, to responsibly develop the land. The master plan will be executed over 4 phases.
“We are delighted to partner with Terrapin Development Company to create a neighborhood of vibrant spaces. The Discovery District will deliver an unmatched convergence of talent, transit, and amplify the visionary spirit that will be the foundation for a world-class innovation ecosystem. Once complete, this project will deliver durable value to the university, business and entrepreneurial stakeholders and the region,” said Jerry Sweeney, President & CEO of Brandywine Realty Trust.
Brandywine is prioritizing a public space and placemaking strategy to serve as a tactile backdrop for the collaboration and creativity of the district. Creatively designed public spaces will further provide the fabric to knit together the elements that will define an active, engaged, and quality addition to this outstanding campus environment.
For additional details or to learn about leasing opportunities, visit www.brandywinerealty.com/discoverydistrict.
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 the Philadelphia, Austin and Washington, D.C. Markets. Organized as a real estate investment trust (REIT), we own, develop, lease and manage an urban, town center and transit-oriented portfolio comprising 173 properties and 24.4 million square feet as of September 30, 2020. 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, including the supplemental financial information, please visit www.brandywinerealty.com.
About Terrapin Development Company
Terrapin Development Company (TDC) is a joint venture real estate and economic development entity created by the University of Maryland, College Park and the University of Maryland College Park Foundation. TDC's mission is to create long term value for its members while transforming Greater College Park into a vibrant, diverse and walkable community that attracts the best faculty, staff and students, and galvanizes a culture of research and entrepreneurship. Through transformative real estate activity that holistically enhances the vision of the Greater College Park initiative, Terrapin Development Company strives to create an equitable, vibrant city built for the community, UMD faculty & students, and its entrepreneurial & research hub. www.terrapindevelopment.com
About the University of Maryland
The University of Maryland, College Park is the state's flagship university and one of the nation's preeminent public research universities. A global leader in research, entrepreneurship and innovation, the university is home to more than 40,000 students,10,000 faculty and staff, and 297 academic programs. As one of the nation’s top producers of Fulbright scholars, its faculty includes two Nobel laureates, three Pulitzer Prize winners and 58 members of the national academies. The institution has a $2.1 billion operating budget and secures more than $1 billion annually in research funding together with the University of Maryland, Baltimore. For more information about the University of Maryland, College Park, visit www.umd.edu.
