Wednesday, February 6, 2013

Brandywine Agrees to $121M Sale of Princeton Pike

Brandywine Realty Trust  has entered into an agreement to sell its Princeton Pike Corporate Center, an eight-building, 800,546-square-foot office park in Lawrenceville, NJ. 

The sale is expected to close in 30 days for a reported $121 million, or about $151 per square foot. As part of the sale agreement, the buyer was given a 7.5-year option to acquire Brandywine's three remaining development parcels in the park. 

The company's report identified net proceeds from the sale will be used to retire existing debt, including balances under an unsecured revolving credit facility. 

"The sale of Princeton Pike reduces New Jersey's contribution to just 5.5% of overall Company revenues and amplifies our shift to a more urban and transit-oriented portfolio with better growth characteristics," stated Gerard H. Sweeney, President and CEO of Brandywine Realty Trust. "Within our consolidated portfolio, we ended 2012 as a $97.7 million net seller, in line with our capital recycling and disposition goals.

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