Brandywine funded the purchase primarily with net cash proceeds from its mid-October public offering of more than two million shares of common stock. The offering raised more than $64 million.
Bay Colony is a 247,817-sf, four-building complex on 30 acres on East Swedesford Road. here, near the King of Prussia Mall and within the greater King of Prussia office market. It was constructed between 1986 and 1998 and is currently 95% leased. Among the tenants are SunGard Data Systems, Hartford Steam Boiler Co. and First Consulting Group.
The addition of Bay Colony increases Brandywine's King of Prussia portfolio to 29 office properties totaling approximately 2.4 million sf. Gerard H. Sweeney, president and CEO, says the acquisition "is a continuation of Brandywine's investment strategy to purchase high-quality, class A office properties. Funding this transaction with proceeds from our latest common stock offering allows us to continue strengthening our balance sheet while increasing Brandywine's market penetration in one of our core investment markets," he adds.
In all, the REIT owns, manages, or has an ownership interest in 281 office and industrial properties, aggregating 20.3 million sf. The properties are primarily in the Mid-Atlantic region. Brandywine has regional offices in Mt. Laurel, NJ and Richmond, VA.
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