Brandywine's Walnut Glen Goes to Prescott

DALLAS-Banking on pending new development along the North Central Expressway, Prescott Realty Group has purchased the 18-story, 464,269-sf Walnut Glen Tower, its first class A office acquisition in four years.

The locally based mixed-use investment and development firm paid Radnor, PA-based Brandywine Realty Trust an estimated $71.46 million or about $153 per sf for the 21-year-old property at 8144 Walnut Hill Lane. Prescott president Jud Pankey couldn’t be reached by GlobeSt.com’s publication deadline to learn the contract price. However, in a prepared statement Brandywine president and CEO Jerry Sweeney said Walnut Glen Tower and the 173,000-sf Bala Pointe office building in Bala Cynwyd, PA were under contract for a total price of about $98.1 million.

That number equates to about $153.94 per sf for the total 637,269 sf in the two buildings. The Bala Pointe building’s price is estimated at $26.63 million. That deal is still pending, according to area brokers familiar with the property.