Prentiss and Brandywine Exchange Assets

VIENNA, VA-Prentiss Properties Trust and Brandywine Realty Trust have exchanged assets, with Prentiss taking possession of Brandywine’s Northern Virginia office portfolio. That means Prentiss now owns 657,400 sf in four office buildings and an interest in a joint venture that owns two other office buildings with approximately 451,600 sf. The buildings are Plaza 1900 at 1900 Gallows Rd. in Vienna, Oakwood Center at 11781 Lee Jackson Memorial Highway in Fairfax, Greenwood Center at 12015 Lee Jackson Memorial Highway in Fairfax, Campus Pointe at 1880 Campus Commons Dr. in Reston, 8260 Greensboro Dr. in McLean and 1676 International Dr. in McLean.

In the exchange, Brandywine took nearly all of Prentiss’ assets in Pennsylvania, New Jersey and Delaware, along with about 6.9 acres of developable land. The properties include 1.6 million sf in 30 office buildings. In addition, Prentiss has entered into a separate contract to sell a 206,000-sf office development to Brandywine, the first phase of which is currently under construction.