January 27, 2026
Nuveen Green Capital and Brandywine Realty Trust Close Largest C-PACE Financing in Pennsylvania History
$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, NY (January 27, 2026) – 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.