Regions West
Brandywine Completes $412.5M Oakland Portfolio Sale
Oct 8, 2008

Brandywine Realty Trust has closed on the previously announced five-office-property portfolio sale totaling approximately 1.7 million rentable square feet in Oakland, for an aggregate sales price of $412.5 million. In addition, Brandywine completed the sale of Main Street Centre, a 420,600-square-foot office building in Richmond, Va., for a sales price of $48.8 million. The net proceeds of the Richmond sale were used to pay down revolving credit indebtedness. The net proceeds of the Oakland sale will be used to pay down revolving credit indebtedness and to provide cash balances for general corporate purposes.

The Oakland portfolio sale encompasses five office properties: One Kaiser Plaza, 1901 Harrison Street, 1333 Broadway,  2101 Webster Street, and 2100 Franklin Street, the first four of which were 89.3 percent occupied, while 2100 Franklin is an unleased, recently completed, ground-up development. The sale also includes Brandywine's condominium interest in a parking garage at 2353 Webster Street. The buyer of the portfolio is an affiliate of the CIM Group.

 
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