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Brandywine Buys Bay Colony Park for $46M

WAYNE, PA-Fresh from its public stock offering, the Plymouth Meeting, PA-based REIT pays Lend Lease Real Estate Investments approximately $186 per sf for the 247,817-sf, four-building office complex on East Swedesford Road.

By Marita Thomas | Updated on October 28, 2003

WAYNE, PA-Plymouth Meeting, PA-based Brandywine Realty Trust acquired Bay Colony Executive Park here for a contractual price of $44.8 million, which translates to approximately $46.1 million, or about $186 per sf, with closing costs and planned capital improvements. The seller is Australia-based Lend Lease Real Estate Investments.

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.

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