Radnor, PA-based Brandywine Realty Trust announced this week that it has completed the sale of six suburban office buildings in Mount Laurel, New Jersey for $56.5 million, and secured a $130 million loan for the refinancing of One Commerce Square in Philadelphia, Pennsylvania. Terms for the sale of the 560,100 square foot portfolio was not disclosed, nor were the actual addresses of the buildings or buyer's names included in a company press release, but Brandywine did indicate that it had received $65.8 million of net proceeds and expected to use the net proceeds to fund current development commitments, reduce debt and general corporate purposes.
"The transactions reinforce our stated goals of prefunding our development pipeline and further improving our financial capacity through accelerated dispositions," stated Gerard Sweeney, President and Chief Executive Officer of Brandywine Realty Trust, in a press release last week outlining similar property sales. "The other asset sales represent our continued efforts to reduce our ownership in non-core assets and markets. As evidenced by these transactions, the current investment market remains strong and, consistent with our 2016 guidance, we anticipate additional sales between now and the first half of 2016."
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