Brandywine Realty Trust announced this week that it had sold a 268,240 square foot office building located in Herndon, Virginia for $91.1 million, or $340 per square foot, to Wells Core Office Income REIT. Cassidy Turley marketed the property for sale on behalf of Brandywine.
"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."
Brandywine completed the development of this property known as South Lake at Dulles Corner in November 2008, with design work from Noritake Associates, and subsequently leased the entire building to Time Warner Cable Inc. according to a NASDAQ report. Last May, citybiz real estate reported that Brandywine was looking to sell some of its Northern Virginia assets so it could target commercial properties located within the Beltway and within the District.
For more news and information visit Blumberg Capital Partners.
No comments:
Post a Comment