Assets Are a Tough Sell for Brandywine

RADNOR, PA-Brandywine Realty Trust is looking to sell assets, but not as many firms are looking to buy as management would like. The REIT lowered its projected asset sales for the year from $180 million to $145 million after noticing fewer companies are biting.

“The sales market remains challenging with no real velocity,” said Gerard Sweeney, Brandywine’s chief executive officer, during its second-quarter conference call. “The investment market remains in a state of flux.”

In the second quarter, Brandywine sold one property for $26.5 million, bringing its year-to-date dispositions to $36.6 million. The locally based firm, which owns just over 37 million square feet of office and industrial around the country, has an additional $85 million under contract.