Friday, August 27, 2010

Brandywine Realty buys stake in Commerce Square

"Brandywine Realty Trust has upped its Center City presence and taken an ownership stake in Commerce Square, a two-building complex at 20th and Market streets in Philadelphia.

Brandywine, fresh off of buying Bell Atlantic Tower from Blackstone Group, is investing $25 million to become a 25 percent limited partner in both of the office buildings with Thomas Properties Group Inc. (NASDAQ: TPGI) The buildings, at 41 stories each, total 1.9 million square feet. The buildings were constructed by Thomas Properties, which had been the sole owner of the towers until now. Brandywine is based in Radnor and Thomas is based in Los Angeles and owns several office properties throughout the region.

The investment by Brandywine (NYSE:BDN) will be used to upgrade the buildings’ operating systems, common areas and other tenant amenities, as well as other projects that will strive to have the buildings reach LEED designation. Commerce Square is currently over 89 percent leased. Closing of the transaction is scheduled for the fourth quarter."

Read more: Brandywine Realty buys stake in Commerce Square - Philadelphia Business Journal

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.