The sale includes an 87,713-sf flex building, which has approximately 80% of office space finish, and a 40,953-sf office building. They are located on 14.7 acres.
The buildings were completed in 1988, and the total asset is currently 93% leased. According to the broker, the average asking rent rates are approximately $18 per sf, plus electric for the office space and about $11 per sf, triple net for the flex space.
The announcement was made by David Fazekas, vice president in Rreef's New York City office. Brian Fiumara, Adam Gillespie, Bob Yoshimura and Joe Hill of the Philadelphia-based Flynn Co. represented Rreef in the transaction. Brandywine was represented in house. Rreef declined to provide details, and a call to Brandywine was not returned by deadline.
San Francisco-based Rreef North America manages $37.6 billion in pension fund real estate investments and has 132 property management offices nationwide. New York City-based Rreef is an affiliate of Deutsche Asset Management, the global investment management arm of Deutsche Bank.
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