The deal is expected to close by the end of this year. It is subject to certain conditions, including the JV's completion of approximately $187 million of secured property financing. The properties are currently unencumbered, Jerry Sweeney, Brandywine's president and CEO, tells GlobeSt.com. "The JV identified a third-party lender that will place mortgages on the properties."

The sale represents a cap rate of about 7.4% according to GAAP and 7.2% cash, based on trailing 12-month net operating income through this Sept. 30, and a 7.9% cash yield, based on 2008 projections. Locally based Brandywine expects total proceeds of $235.2 million, which it will use to reduce debt on its unsecured revolving credit facility.

Sweeney announced this pending agreement during a third-quarter conference call in which he did not identify the partner or the properties. Of DRA, he says, "it's an opportunity to bring a great partner into the family. The co-investment vehicle will allow us to recycle capital to higher growth opportunities in our target market with a particular emphasis on our current and planned development projects." He also notes that by retaining a 20% stake and management of the portfolio, "we will share in the upside." Asked if more JVs are in the offing, he says, "it's certainly a very viable way for us to raise capital."