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Brandywine Selling Oakland Portfolio for $412M

OAKLAND, CA-The Radnor, PA-based REIT agrees to sell five properties here totaling 1.7 million sf to an affiliate of CIM Group, which put up a non-refundable deposit.

By Brian K. Miller | Updated on June 30, 2008

OAKLAND, CA-Brandywine Realty Trust has agreed to sell a 1.7 Million-sf, five-property office portfolio here to an affiliate of CIM Group for $412.5 million in cash and assumed debt. The five properties are One Kaiser Plaza (The Ordway), 1901 Harrison Street, 1333 Broadway, 2101 Webster Street and 2100 Franklin Street.

The first four properties listed were 88.7% occupied as of May 31, 2008; 2100 Franklin is a 213,000-sf, $78.5-million ground-up development that was shell completed in October and is currently vacant, according to SEC filings. The deal also includes for the buyer Brandywine’s condominium interest in a parking garage at 2353 Webster Street, an option for the CIM Group affiliate to acquire an additional asset. Bradywine in exchange will retain the right to manage and lease the property for at least one year.

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