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Brandywine Set to Sell Nearly 2M-SF Portfolio

RADNOR, PA-The REIT puts a portfolio of 32 suburban Philadelphia office buildings, valued at approximately $300 million, on the sales block.

By Marita Thomas | Updated on July 02, 2007

RADNOR, PA-Brandywine Realty Trust is marketing for sale a suburban Philadelphia office portfolio consisting of 32 buildings with an aggregate of 1.9 million sf. Ideally, the locally based REIT is seeking a joint-venture equity partnership that would acquire an 80% stake in the portfolio, while Brandywine would retain 20% and continue to manage the assets.

Jerry Sweeney, CEO, could not be reached by deadline, but a Brandywine spokeswoman confirms to GlobeSt.com that the value of the portfolio is estimated at about $300 million. The properties are primarily in the Fort Washington/Spring House, Horsham/Willow Grove submarkets and portions of Bucks County and the Lehigh Valley. The portfolio is 95% leased, according to the spokeswoman. CB Richard Ellis has been hired to handle marketing, but the spokeswoman declines to disclose the identities of the CBRE brokers who are heading the effort.

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