Brandywine Realty Trust sells 5-building office complex for $65.5M

 By Paul Schwedelson – Reporter, Philadelphia Business Journal

A partnership that made a splash in the suburban Philadelphia office market a year ago has made another, purchasing Plymouth Meeting Executive Campus at a discount.

Eatontown, New Jersey-based FLD Group and New York’s Adjmi family bought the five-building Class A office complex for $65.5 million from Brandywine Realty Trust (NYSE: BDN). The campus totals 521,288 square feet, meaning the buyers paid $126 per square foot.

When it was put on the market in early 2023, industry sources estimated Plymouth Meeting Executive Campus could sell for more than $100 million.

The acquisition comes a year after the same partnership bought the five-building Bala Plaza in Bala Cynwyd for $185 million. The owners are planning a major redevelopment of the 1.1 million-square-foot office complex with residential, retail and a hotel.

Bobby Adjmi,principal of A&H Acquisitions, said there are no redevelopment plans at Plymouth Meeting Executive Campus. The five office buildings were 77% occupied when the sale closed on Sept. 26, Brandywine reported.

"We thank Brandywine for maintaining and keeping the asset in pristine condition," Adjmi said in a statement to the Business Journal. "As we look forward to rebranding and providing our clients with improved amenities and attentive service that a first class office campus deserves, we wholeheartedly expect our companies to want to grow in place with us and we welcome new business partners to join."

Adjmi said he was attracted to the portfolio's quality, occupancy and proximity to highways.

Plymouth Meeting Executive Campus spans 22 acres and was built in the mid-1980s and early '90s. Brandywine, Philadelphia’s largest office landlord, bought four of the buildings in 2002 for $67.2 million, according to filings with the U.S. Securities and Exchange Commission. It added the fifth for $9.1 million in 2012, filings show, putting the combined acquisition cost at $76.3 million.

The price paid by FLD Group and the Adjmi family is a drop of $10.8 million, or 14%, and less than what Brandywine paid for four of the five buildings more than two decades ago.

"If we go to the marketplace and the marketplace gets within that strike zone we typically will sell," Brandywine CEO Jerry Sweeney said Wednesday during the company's earnings third-quarter call, "even if we don't necessarily like where the price was versus our previous expectations, it's the right financial decision for the company."

The five buildings are:

600 W. Germantown Pike — 89,626 square feet;

610 W. Germantown Pike — 90,088 square feet;

620 W. Germantown Pike — 90,183 square feet;

630 W. Germantown Pike — 89,870 square feet;

660 W. Germantown Pike — 161,521 square feet.

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