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March 22, 2012 /PRNewswire/ -- Brandywine Realty Trust (NYSE: BDN) announced today that it has completed the sale of a 268,240 square foot office building located in
Herndon, Virginia for
$91.1 million or
$340 per square foot. Brandywine completed the development of this property known as South Lake at Dulles Corner in
November 2008 and subsequently leased the entire building to Time Warner Cable Inc. The net sale proceeds after customary pro-rations and closing costs will be used by Brandywine for general corporate purposes.
"The sale of this property achieves our objective of maximizing value from our existing portfolio," stated
Gerard H. Sweeney, President and Chief Executive Officer of Brandywine Realty Trust. "It strengthens our balance sheet by providing additional liquidity, provides additional capital for our investment activities and demonstrates our commitment to execute key components of our 2012 business plan."
Cassidy Turley marketed the property for sale on behalf of Brandywine. The buyer is Wells Core Office Income REIT.
About Brandywine Realty Trust
Brandywine Realty Trust is one of the largest, publicly traded, full-service, integrated real estate companies in the United States. Organized as a real estate investment trust and operating in select markets, Brandywine owns, develops, manages and has ownership interests in a primarily Class A, suburban and urban office portfolio comprising 305 properties and 34.6 million square feet, including 231 properties and 25.1 million square feet owned on a consolidated basis and 52 properties and 6.5 million square feet in 18 unconsolidated real estate ventures. For more information, please visit
Certain statements in this release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, achievements or transactions of the Company and its affiliates or industry results to be materially different from any future results, performance, achievements or transactions expressed or implied by such forward-looking statements. Such risks, uncertainties and other factors relate to, among others, the Company's ability to lease vacant space and to renew or relet space under expiring leases at expected levels, the potential loss of major tenants, interest rate levels, the availability and terms of debt and equity financing, competition with other real estate companies for tenants and acquisitions, risks of real estate acquisitions, dispositions and developments, including cost overruns and construction delays, unanticipated operating costs and the effects of general and local economic and real estate conditions. Additional information or factors which could impact the Company and the forward-looking statements contained herein are included in the Company's filings with the Securities and Exchange Commission, including our Form 10-K for the year ended
December 31, 2011. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.